News by subject: Bond/Stock Rating

On July 26, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Rancho Cordova, CA-based Five Star Bancorp ("the company"). In addition, KBRA affirmed the...

On August 11, 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 Tyler, Texas-based Southside Bancshares, Inc. ("the company"). KBRA also affirmed the deposit...

AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) of Great Midwest Insurance Company (GMIC), Houston Specialty Insurance...

AM Best has assigned a Preliminary Credit Assessment (PCA) to Indigo Risk Retention Group Inc. (Indigo RRG) (Charleston, SC) with a Financial Strength Assessment of A- pca (Excellent) and a Long-Term Issuer Credit Assessment of "a-" pca (Excellent)....

KBRA assigns preliminary ratings to two classes of notes issued by Monroe Capital Income Plus ABS Funding II, LLC ("MCIP II"), a securitization backed by a portfolio of recurring revenue and middle market corporate loans. MCIP II is a $251.15...

KBRA is pleased to announce the assignment of ratings to four classes of FREMF Series 2023-K752 mortgage pass-through certificates and three classes of Freddie-Mac structured pass-through certificates (SPCs), Series K-752. FREMF 2023-K752 is a $947.8...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of StarStone Insurance Bermuda Limited (SIBL) (Bermuda) and StarStone Insurance SE (SISE) (Liechtenstein). The outlook of...

AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of "a-" (Excellent) of the property/casualty subsidiaries and affiliated insurance companies of Kemper Corporation...

KBRA announces the assignment of ratings to four classes of GSMS 2023-SHIP, a CMBS single-borrower securitization. The collateral for the transaction is a $1.035 billion non-recourse, first lien mortgage loan originated by Goldman Sachs Bank USA....

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Emirates Insurance Company P.J.S.C. (EIC) (United Arab Emirates). The outlook of these Credit Ratings (ratings) is...

KBRA assigns ratings to one class of mortgage-backed notes from FASST 2023-S3, a $460.2 million reverse mortgage transaction. 61.5% of the transaction comprises newly originated loans/participations which have not previously been securitized while...

KBRA assigns ratings to 34 classes of mortgage pass-through notes from GCAT 2023-INV1 Trust. The transaction is backed by primarily non-owner occupied properties and loans that were underwritten to agency guidelines. The pool comprises 952...

KBRA assigns ratings to seven classes of notes issued by LAD Auto Receivables Trust 2023-3 ("LADAR 2023-3"), an auto loan ABS transaction. LADAR 2023-3 represents the fifth overall ABS securitization for Driveway Finance Corporation ("DFC" or the...

KBRA assigns ratings to 55 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2023-3 (SEMT 2023-3), a $338.5 million prime RMBS transaction. The pool consists predominately of fully amortizing fixed rate mortgages with 30-year...

KBRA affirms Seaspan Corporation's (Seaspan, or the "Company") BB+ issuer rating and the BB+ rating on Seaspan's $750 million senior unsecured notes due August 2029 (the "unsecured Notes"). KBRA also affirms the BBB ratings of Seaspan's $250 million...

KBRA affirms the BB+ issuer rating of Atlas Corp. (Atlas, or the "Company"), a global asset management company based in Vancouver, BC, focused on assets in the maritime sector, energy sector and other infrastructure verticals. The rating Outlook is...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Foundation Life (NZ) Limited (FLNZ) (New Zealand). The outlook of these Credit Ratings (ratings) is stable. The...

AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of "a-" (Excellent) of American Equity Investment Life Insurance Company and its...

KBRA assigns ratings to four classes of notes (five tranches) issued by OneMain Financial Issuance Trust 2023-2 ("OMFIT 2023-2"), a consumer loan asset-backed securities transaction. OMFIT 2023-2 issued four classes of notes (five tranches)...

On June 22, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Iowa City, Iowa-based MidWestOne Financial Group, Inc. ("MidWestOne" or "the company"). In...

AM Best has downgraded the Financial Strength Rating (FSR) to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to "a-" (Excellent) from "a" (Excellent) of the property/casualty (P/C) subsidiaries of United...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a" (Excellent) of Toyota Motor Insurance Company (TMIC) (Cedar Rapids, IA). The outlook of these Credit Ratings (ratings) is stable. The...

KBRA UK (KBRA) releases a report that explores the expectations and confidence among European corporate managers in the current economic environment. Challenges to corporate managers including the rapid rise in inflation, supply issues, and increased...

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of "bbb" (Good) of DPL Insurance Limited (DPL) (New...

AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Polskie Towarzystwo Reasekuracji S.A. (Polish Re) (Poland). The...

KBRA UK (KBRA) releases a report that explores the expectations and confidence among European corporate managers in the current economic environment. Challenges to corporate managers including the rapid rise in inflation, supply issues, and increased...

KBRA assigns ratings to five classes of notes (seven tranches) issued by Flagship Credit Auto Trust 2023-3 ("FCAT 2023-3"), an asset-backed securitization collateralized by a pool of auto loans. FCAT 2023-3 issued five classes of notes (seven...

Invitation Homes Inc. ("Invitation Homes" or the "Company"), announced today that Fitch Ratings ("Fitch") revised its rating outlook for the Company to ?Positive' from ?Stable' and affirmed the Company's ratings, including the ?BBB' Long-Term Issuer...

KBRA assigns preliminary ratings to 48 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...

AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICRs) to "a+" (Excellent) from "a" (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of the members of Northbridge Financial Corporation (Northbridge),...

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 BCBSM, Inc., d/b/a Blue Cross Blue Shield of Minnesota (BCBSMN), and its subsidiary, HMO...

AM Best has downgraded the Financial Strength Rating (FSR) to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bb-" (Fair) from "bb+" (Fair) of EFU General Insurance Limited (EFUG) (Pakistan). The outlook of the FSR...

On 8 August 2023, KBRA Europe (KBRA) upgraded the deposit and senior unsecured debt ratings to A+ from A and affirmed the short-term deposit and debt ratings of K1 for Barclays Bank PLC, a subsidiary of Barclays PLC (LON: BARC) ("Barclays"), an...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+" (Good) of Korea P&I Club (KP&I or the Club) (South Korea). 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. "'World's...

On July 28, 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 Englewood Cliffs, New Jersey-based ConnectOne Bancorp, Inc....

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 Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ), and its subsidiary, Christian Fidelity...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) of AmFirst Insurance Company (AmFirst) (Oklahoma City, OK), AmFirst Life Insurance Company, I.I. (San Juan, Puerto Rico),...

Even as U.S. crop insurance premiums reached a record high in 2022 to $21.5 billion, the segment recorded an underwriting loss due to challenging growing conditions amid widespread drought, according to a new AM Best report. The federal Multi-Peril...

AM Best has downgraded the Financial Strength Rating (FSR) to B (Fair) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "bb+" (Fair) from "a-" (Excellent) of Germania Farm Mutual Insurance Association and its...

KBRA assigns preliminary ratings to three classes of notes issued by Sunnova Helios XII Issuer, LLC Solar Loan Backed Notes, Series 2023-B ("Sunnova 2023-B"), a $242.7 million residential solar loan ABS transaction. The transaction is...

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 K3 for Aurora, Illinois based Old Second Bancorp, Inc. ("the company"). In addition, KBRA affirmed the...

KBRA is pleased to announce the assignment of preliminary ratings to four classes of FREMF Series 2023-K752 mortgage pass-through certificates and three classes of Freddie-Mac structured pass-through certificates (SPCs), Series K-752. FREMF 2023-K752...

KBRA releases research regarding WeWork Inc.'s (WeWork) exposure in KBRA-rated CMBS and commercial real estate collateralized loan obligation (CRE CLO) transactions. The largest global provider of coworking space released its Q2 2023 report on...

On July 21, 2023, KBRA affirmed the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Clearfield, Pennsylvania-based CNB Financial Corporation ("the company"). In addition, KBRA...

KBRA Credit Profile (KCP), a division of KBRA Analytics, has been closely following WeWork's impact on CMBS credit quality since before the company's scuttled IPO in 2019 and has identified 43 properties?$6.8 billion by allocated loan amount...

AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of "bbb" (Good) of Trean Insurance Group, Inc (Trean). The outlook of the Credit Rating is stable. Concurrently, AM Best has withdrawn the public Long-Term ICR of Trean per the...

KBRA assigns preliminary ratings to four classes of notes (five tranches) issued by OneMain Financial Issuance Trust 2023-2 ("OMFIT 2023-2"), a consumer loan asset-backed securities transaction. OMFIT 2023-2 will issue four classes of notes (five...

AM Best is revising its outlook on Peru's insurance market to stable from negative, citing a turnaround in profitability and business generation in troubled segments such as life and health, in addition to the resilience of the country's economy and...

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 Active Capital Reinsurance, Ltd. (Active Re) (Barbados). The outlook of these...