News by subject: Bond/Stock Rating

U.S. life/annuity (L/A) insurers increased their holdings in mortgage loans by 8% in 2022, reaching $691.2 billion, according to a new AM Best report. The Best's Market Segment Report, "Continued Shifts in US Life/Annuity Insurers' Mortgage Loan...

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Seguros Suramericana S.A. (Sura) (Panama). These Credit Ratings...

On September 20, 2023, KBRA assigned a long-term rating of AA- to the Metropolitan Pier and Exposition Authority (Illinois) McCormick Place Expansion Project Refunding Bonds, Series 2023A and McCormick Place Expansion Project Refunding Bonds, Series...

AM Best has placed under review with positive implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) of CattRe S.A. (CattRe) (Luxembourg). Concurrently, AM Best has...

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to "a" (Excellent) from "a-" (Excellent) for the members of Ally Insurance Group (Ally Insurance). The members include...

On September 19, 2023, KBRA assigned long-term ratings of AA with Positive Outlooks to the Chicago Park District's General Obligation Limited Tax Park Bonds Series 2023B; General Obligation Limited Tax Refunding Bonds, Series 2023C; General...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Maxseguros EPM Ltd. (Maxseguros) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. The ratings...

In the last 90 days, Best's Review readers have been most interested in the following stories: "Top 20 Global Brokers ? 2023 Edition" ranks global brokers by 2022 total revenue and describes industry developments and company activity. "Market...

KBRA assigns preliminary ratings to 18 classes of mortgage pass-through certificates from J.P. Morgan Mortgage Trust 2023-8 (JPMMT 2023-8). The pool comprises 472 first-lien, fixed rate residential mortgage loans with an aggregate principal balance...

Achieving consistently strong underwriting returns has been a historical challenge for MENA reinsurers, however, recent market conditions favour the region's reinsurers, according to a new AM Best report. The Best's Market Segment Report, "MENA...

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" (Excellent) for the members of ReAlign Insurance Group (ReAlign)...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a+" (Excellent) of Blue Cross (Asia-Pacific) Insurance Limited (Blue Cross or the company) (Hong Kong). The outlook of these Credit Ratings...

AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and Long-Term ICRs of "a+" (Excellent) of the members of NCMIC Group...

KBRA assigns ratings to eight classes of notes issued by Pagaya AI Debt Trust 2023-6 ("PAID 2023-6"), a consumer loan ABS transaction. PAID 2023-6 has initial credit enhancement levels of 59.15% for the Class A notes to 7.70% for the Class E notes....

KBRA assigns preliminary ratings to four classes of notes issued by Foundation Finance Trust 2023-2 ("FFIN 2023-2"), an asset-backed securitization collateralized by unsecured consumer loans primarily used for home improvements. FFIN 2023-2 will...

KBRA assigns preliminary ratings to five classes of notes (eight tranches) issued by Carvana Auto Receivables Trust 2023-P4 ("CRVNA 2023-P4"), a prime auto loan ABS transaction. The transaction has initial hard credit enhancement levels ranging from...

KBRA assigns preliminary ratings to six classes of mortgage-backed notes from OBX 2023-NQM7 Trust (OBX 2023-NQM7), a $411.1 million non-prime RMBS transaction. The underlying collateral, comprising 878 residential mortgages, is characterized by a...

KBRA assigns preliminary ratings to six classes of mortgage pass-through notes from GCAT 2023-NQM3 Trust, a $406.4 million non-prime RMBS transaction. The underlying collateral, comprising 869 residential mortgages, is characterized by a significant...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of COSCO SHIPPING Captive Insurance Co., Ltd. (COSCO SHIPPING Captive) (China). The outlook of these Credit Ratings...

KBRA assigns preliminary ratings to five classes of notes issued by Prosper Marketplace Issuance Trust, Series 2023-1 ("PMIT 2023-1"), a $251.464 million consumer loan ABS transaction. The ratings reflect initial credit enhancement levels of 40.50%...

KBRA assigns preliminary ratings to five classes of Progress Residential 2023-SFR2 (Progress 2023-SFR2) single-family rental pass-through certificates. Progress 2023-SFR2 is a single-borrower, single-family rental (SFR) securitization that will be...

KBRA assigns preliminary ratings to five classes of notes issued by Octane Receivables Trust 2023-3 ("OCTL 2023-3"), a powersports equipment loan ABS transaction. OCTL 2023-3 will issue five classes of notes totaling $380.00 million. The...

AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating to "a" (Excellent) from "a-" (Excellent) of Antilles Insurance Company (Antilles) (San Juan, PR). The outlook of these...

AM Best has assigned a Financial Strength Rating of A-(Excellent) and a Long-Term Issuer Credit Rating of "a-" (Excellent) to Atlantic Capital Life Assurance Company (ACLAC) (Atlanta, GA), a wholly owned subsidiary of Bankers Fidelity Life Insurance...

KBRA is pleased to announce the assignment of preliminary ratings to 14 classes of BANK5 2023-5YR3, an $886.1 million CMBS conduit transaction collateralized by 36 commercial mortgage loans secured by 65 properties. The collateral properties are...

Phoenix Holdings Ltd., a leading Israel-based insurance, asset management, and financials group ("Phoenix"), announced that global rating agency S&P has awarded its subsidiary Phoenix Insurance an international rating of A- with a stable outlook....

AM Best has revised the outlook to negative from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of "a+" (Excellent) for members of Ohio Mutual...

KBRA assigns ratings to four classes of notes issued by Research-Driven Pagaya Motor Asset Trust 2023-3 and Research-Driven Pagaya Motor Trust 2023-3 ("RPM 2023-3"), a consumer loan ABS transaction. RPM 2023-3 has initial credit enhancement levels of...

The U.S. property/casualty (P/C) industry recorded a $24.5 billion net underwriting loss in the first half of 2023, nearly eclipsing the $26.5 billion in total losses recorded for all of 2022, according to a new AM Best report. These preliminary...

On August 25, 2023, KBRA affirmed the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Westerly, Rhode Island-based Washington Trust Bancorp, Inc. ("the company"). KBRA also affirmed...

KBRA UK (KBRA) assigns preliminary ratings to two classes of notes issued by Driver UK Multi-Compartment S.A., acting for and on behalf of its Compartment Driver UK seven (Driver UK 7), a United Kingdom retail auto loan receivables ABS transaction....

Despite a sharp increase in catastrophe losses outside their home markets and a challenging investment environment, major Asia-Pacific reinsurance companies still managed to deliver strong year-over-year net premium growth of 8.1% in 2022, according...

On June 21, 2023, KBRA affirmed the senior unsecured debt rating of BBB+, the subordinated debt rating of BBB, and the short-term debt rating of K2 for Walla Walla, Washington-based Banner Corporation . In addition, KBRA affirmed the deposit and...

KBRA is pleased to announce the assignment of preliminary ratings to 14 classes of BBCMS 2023-C21, a $679.3 million CMBS conduit transaction collateralized by 32 commercial mortgage loans secured by 152 properties. The collateral properties are...

KBRA assigns a preliminary rating to four classes of notes issued by Gracie Point International Funding 2023-1, LLC, Series 2023-1. Gracie Point, formed in February 2010, is in the business of financing life insurance policy premium payments....

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of B++ (Good), as well as downgraded the Long-Term Issuer Credit Rating to "bbb" (Good) from "bbb+" (Good) and the Mexico National Scale...

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "aa-" (Superior) of Renaissance Reinsurance Ltd. (RenaissanceRe), Renaissance Reinsurance U.S. Inc. (Maryland),...

AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "aa-" (Superior) of Top Layer Reinsurance Ltd. (Top Layer) (Bermuda). The outlook of these Credit Ratings (ratings) is...

KBRA assigns preliminary ratings to 12 classes of mortgage-backed notes from RCKT Mortgage Trust 2023-CES2 (RCKT 2023-CES2), a $305.5 million RMBS transaction co-sponsored by Woodward Capital Management LLC and FirstKey Mortgage, LLC. The collateral...

AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term ICRs of "aa" (Superior) of Swiss Reinsurance Company...

KBRA releases an updated report that tracks several reported metrics within recurring revenue loan (RRL) securitizations. The report is an update to our May analysis. In this report, KBRA continues to track several key metrics sourced from...

KBRA releases research covering the KBRA-rated private credit ABS universe. Given the growing volume and significance of private credit ABS, KBRA sought to shed light on the transactions by sharing the rationale for private credit ABS, the...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Ping An Health Insurance Company of China, Ltd. (Ping An Health) (China). The outlook of these Credit Ratings (ratings)...

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" (Good) of National Unity Insurance Company (National Unity) (San Antonio, TX). The...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Co-operative Life Limited (Co-op Life) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. The ratings...

AM Best has affirmed the Performance Assessment (assessment) of PA-2 (Excellent) of Delta Insurance New Zealand Limited (New Zealand) and Delta Underwriting Private Limited (Singapore). The companies are assessed on a consolidated basis under their...

KBRA assigns preliminary ratings to 24 classes of mortgage pass-through certificates from Morgan Stanley Residential Mortgage Loan Trust 2023-INV1 (MSRM 2023-INV1). The transaction consists of 1,035 residential mortgages with an aggregate principal...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" (Excellent) of the operating subsidiaries of AXIS Capital Holdings Limited (Pembroke, Bermuda), collectively referred...

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Ratings of "bbb+" (Good) of National Farm Life Insurance Company (National Farm Life) (Fort Worth, TX)....

KBRA assigns issuer and senior unsecured debt ratings of BBB- to Monroe Capital Income Plus Corporation ("MCIP" or "the company"). The rating Outlook is Stable. The ratings and Stable Outlook are supported by MCIP's ties to Monroe Capital LLC's...