News by subject: Bond/Stock Rating

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...

KBRA assigns preliminary ratings to three classes of notes issued by Sunrun Julius Issuer 2023-2. The transaction is collateralized by a diversified pool of 57,731 leases and Power Purchase Agreements (PPAs) associated with residential solar...

KBRA assigns preliminary ratings to five classes of notes issued by NMEF Funding 2023-A, LLC (NMEF 2023-A), an equipment ABS. NMEF 2023-A represents North Mill Equipment Finance LLC's (North Mill) seventh equipment ABS. North Mill is an independent...

On July 27, 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 Tupelo, Mississippi-based Renasant Corporation ("the company"). In addition, KBRA affirmed the...

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of Gulf Guaranty Life Insurance Company (Gulf Guaranty Life) (Flowood,...

KBRA assigns preliminary ratings to five classes of notes issued by Carvana Auto Receivables Trust 2023-N3 ("CRVNA 2023-N3"), an auto loan ABS transaction. Initial credit enhancement levels for CRNVA 2023-N3 range from 53.25% for the Class A notes to...

AM Best has downgraded the Financial Strength Rating to B+ (Good) from B++ (Good) and the Long-Term Issuer Credit Rating to "bbb-" (Good) from "bbb" (Good) of Health Alliance Medical Plans, Inc. and its wholly owned subsidiary, Health...

AM Best has upgraded the Financial Strength Rating to B++ (Good) from B+ (Good) and the Long-Term Issuer Credit Rating to "bbb" (Good) from "bbb-" (Good) of Golden Tree Reinsurance Limited (Golden Tree) (Bermuda). The outlook of these Credit Ratings...

On June 20, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, the preferred stock rating of BB+, and the short-term debt rating of K3 for Hauppauge, New York-based Dime Community Bancshares, Inc....

On August 2, 2023, KBRA downgraded the ratings for Bankwell Financial Group, Inc. ("Bankwell" or "the company"), including the senior unsecured debt rating to BBB- from BBB and the subordinated debt rating to BB+ from BBB-, while affirming the...

KBRA assigns preliminary ratings to six classes of mortgage pass-through notes from Verus Securitization Trust 2023-6 (VERUS 2023-6), a $655.8 million non-prime RMBS transaction. The underlying collateral, comprising 1,256 residential mortgages, is...

KBRA is pleased to announce the assignment of preliminary ratings to four classes of FREMF Series 2023-K159 mortgage pass-through certificates and three classes of Freddie-Mac structured pass-through certificates (SPCs), Series K-159. FREMF 2023-K159...

KBRA releases research on KBRA-rated commercial mortgage-backed securities (CMBS), Freddie Mac, commercial real estate collateralized loan obligation (CRE CLO), and single-family rental (SFR) exposure to Hurricane Idalia. Hurricane Idalia struck...

KBRA UK (KBRA) assigns preliminary ratings to eight classes of notes and one of loans issued by RRE 16 Loan Management DAC, a cash flow collateralised loan obligation (CLO) backed primarily by a diversified portfolio of Euro-denominated corporate...

On August 9, 2023, KBRA affirmed the senior unsecured debt rating of A-, the subordinated debt rating of BBB+, and the short-term debt rating of K2 for Wilmington, Delaware based WSFS Financial Corporation ("the company"). In addition, KBRA affirmed...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Rembrandt Insurance Company, Ltd. (Rembrandt) (Bermuda), a captive (re)insurer of Vitol Holding B.V. (Vitol), a group...

AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "bbb" (Good) from "bbb+" (Good), as well as affirmed the Financial Strength Rating of B++ (Good) and assigned the Philippines National Scale Rating (NSR) of aa+.PH...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of China Shipowners Mutual Assurance Association (China P&I or the Club) (China). The outlook of these Credit Ratings...

AM Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good), the Long-Term Issuer Credit Rating to "a-" (Excellent) from "bbb+" (Good) and the Mexico National Scale Rating (NSR) to "aaa.MX" (Exceptional) from "aa+.MX"...

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" (Excellent) of California Physicians' Service (d/b/a...

KBRA assigns ratings to 44 classes of mortgage pass-through notes from GS Mortgage-Backed Securities Trust 2023-PJ4 (GSMBS 2023-PJ4). The transaction is backed by primarily prime jumbo mortgages with an aggregate principal balance of approximately...

AM Best has upgraded the Financial Strength Rating (FSR) to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "a" (Excellent) from "a-" (Excellent) of Hospitals Insurance Company, Inc. (HIC) (New York, NY)....

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 the life/health subsidiaries of Wilton Re Ltd. (Nova Scotia, Canada), collectively known as...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Singapore Reinsurance Corporation Limited (Singapore Re) (Singapore). The outlook of these Credit Ratings (ratings) is...

AM Best has maintained the under review with negative implications status for the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) of Stillwater Insurance Company (SIC)...

KBRA releases research that assesses the expected impacts of the end of student loan forbearance on consumer credit. While KBRA expects this to act as an economic headwind to consumer credit fundamentals, we do not anticipate widespread credit...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a+" (Excellent) of The Toa Reinsurance Company, Limited (Toa Re) (Japan) and its subsidiaries, The Toa Reinsurance Company of America (TRA)...

KBRA Europe (KBRA) assigns a preliminary rating to the Class A notes issued by Bumper NL 2023-1 B.V., a Dutch operating auto lease transaction. Credit enhancement consists of subordination, excess spread and cash reserves. Bumper NL 2023-1 will be...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Macau Insurance Company Limited (MIC) (Macau). The outlook of these Credit Ratings (ratings) is stable. The ratings...

KBRA releases research in response to potential RMBS exposure of our rated universe of residential mortgage-backed securities (RMBS) to the unfolding events surrounding Hurricane Idalia, which made landfall in the Gulf Coast of Florida on August 30...

The demand for health reinsurance solutions in the United States and globally continues to grow amid expensive new treatments and therapies, as well as pressure on capital associated with government business, according to a new AM Best report. The...

KBRA is pleased to announce the assignment of ratings to 18 classes of BMO 2023-C6, a $604.4 million CMBS conduit transaction collateralized by 32 commercial mortgage loans secured by 138 properties. The collateral properties are located throughout...

KBRA assigns preliminary ratings to a term bond issued by New York State Energy Research and Development Authority Residential Clean Energy and Energy Efficiency Financing Green Revenue Bonds, Series 2023A ("NYSERDA 2023A"), a consumer solar loan and...

AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a+" (Excellent) of the key life/health subsidiaries of Globe Life Inc. (Globe Life) (headquartered in McKinney, TX)...