News by subject: Bond/Stock Rating

AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of "a" (Excellent) on the $846 million (of which $550 million remained outstanding as of March 31, 2023), 6.00% variable funding credit-linked note (note), due July 1, 2038, issued...

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 ELCO Mutual Life and Annuity (ELCO) (Lake Bluff, IL). The outlook of the Credit Ratings...

Thanks to the responsible management of its finances and resources, the Metropolitan Water District of Southern California has once again received excellent credit ratings from the nation's top rating agencies. Following recent rating actions by S&P...

KBRA assigns preliminary ratings to 65 classes from Connecticut Avenue Securities, Series 2023-R05 (CAS 2023-R05), a credit risk sharing transaction with a total note offering of $738,197,000. The pool is characterized by loans with original...

Publicly traded U.S. health insurance companies posted a 9% increase in net income to $40 billion in 2022, even as utilization has reverted to, and in some regions, exceeded pre-pandemic levels, according to a new AM Best report. The Best's Special...

SoundHound AI, Inc. , a global leader in voice artificial intelligence, announced today that as part of the 2023 annual reconstitution of the Russell indexes, the company has been selected to be included in the Russell 2000® and broad-market Russell...

KBRA affirms the deposit and senior unsecured debt ratings of A-, the subordinated debt rating of BBB+, and the short-term deposit and debt ratings of K2 for Portsmouth, Virginia-based TowneBank . The Outlook for all long-term ratings is revised to...

KBRA assigns preliminary ratings to two classes of notes issued by Golub Capital Partners ABS Funding 2023-1 (GCPAF 2023-1), a securitization backed by a portfolio of recurring revenue and middle market corporate loans. GCPAF 2023-1 is an...

AM Best has downgraded the Financial Strength Rating to A-(Excellent) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "a-" (Excellent) from "a" (Excellent) of New York Schools Insurance Reciprocal (NYSIR) (Uniondale, NY)....

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

AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Trinidad & Tobago Insurance Limited (TATIL) (Trinidad and...

KBRA assigns preliminary ratings to five classes of Tricon Residential 2023-SFR1 (TCN 2023-SFR1) single-family rental pass-through certificates. TCN 2023-SFR1 is a single-borrower, single-family rental (SFR) securitization that will be...

AM Best has downgraded the Long-Term Issuer Credit Ratings (ICR) to "ccc" (Weak) from "ccc+" (Weak) and affirmed the Financial Strength Rating (FSR) of C (Weak) of Health Insurance Plan of Greater New York (HIP), EmblemHealth Insurance Company (EIC),...

KBRA assigns a AA+ rating with a Stable Outlook to the Travis County Hospital District, TX Certificates of Obligation, Series 2023A (Limited Tax) and Taxable Series 2023B (Limited Tax). The Certificates are payable from receipts of a separate,...

Despite contending with economic headwinds and the related challenges, Latin America's insurance market remains sound with premium levels nearing those last seen in 2019, according to a new AM Best report. The Best's Special Report, "Tighter...

KBRA announces the assignment of preliminary ratings to six classes of DATA 2023-CNTR, a CMBS single-borrower securitization. The collateral for the transaction is a $450.0 million non-recourse, first lien mortgage loan that is expected to be...

KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Green Bay, Wisconsin based Nicolet Bankshares, Inc. ("Nicolet" or "the company"). In addition, KBRA affirms the...

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 property/casualty subsidiaries of The Hanover Insurance Group, Inc. [NYSE: THG], which are...

Moody's Investors Service has recognized the improved financial strength of the California Housing Finance Agency by upgrading CalHFA's Issuer Rating to "Aa2." It is the highest rating in Agency history and is among the top ratings that Moody's...

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

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

KBRA assigns preliminary ratings to three classes of notes from TierPoint Issuer, LLC and TierPoint Co-Issuer, LLC Series 2023-1 and Series 2023-2, a data center securitization that is primarily collateralized by fee ownership and leasehold interests...

KBRA affirms 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 addition, KBRA affirms...

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Rating of "aa-" (Superior) of United Overseas Insurance Limited (UOI) (Singapore). The outlook of these Credit Ratings (ratings) is stable. The...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of AmTrust Assicurazioni S.p.A. (AmTrust Assicurazioni) (Italy). The outlook of these Credit Ratings (ratings) is stable....

KBRA affirms 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 affirms the deposit and senior unsecured debt...

KBRA assigns preliminary ratings to 7 classes of mortgage-backed notes from JP Morgan Mortgage Trust 2023-HE1 (JPMMT 2023-HE1), a $186.4 million RMBS transaction sponsored by J.P. Morgan Mortgage Acquisition Corp. (J.P. Morgan). The transaction...

CBRE Group, Inc. (the "Company") today announced the pricing of the offering of $1 billion in aggregate principal amount of 5.950% Senior Notes due 2034 (the "Notes"). The Notes will have an interest rate of 5.950% per annum and are being issued at...

KBRA is pleased to announce the assignment of preliminary ratings to four classes of FREMF Series 2023-K157 mortgage pass-through certificates and three classes of Freddie-Mac structured pass-through certificates (SPCs), Series K-157. FREMF 2023-K157...

KBRA affirms 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. ("Dime" or "the...

KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Lowell, Massachusetts based Enterprise Bancorp, Inc. . Moreover, KBRA affirms the deposit and senior unsecured debt...

KBRA assigns preliminary ratings to three classes of notes issued by Upstart Securitization Trust 2023-2 ("UPST 2023-2"), a $174.021 million consumer loan ABS. UPST 2023-2 will include a $75 million prefunding period and will have an expected...

KBRA is pleased to announce the assignment of preliminary ratings to 36 classes of BANK5 2023-5YR2, a $675.1 million CMBS conduit transaction collateralized by 20 commercial mortgage loans secured by 35 properties. The collateral properties are...

KBRA affirms the senior unsecured debt rating of BBB, the subordinated debt rating of BBB-, and the short-term debt rating of K3 for Nashville, Tennessee-based FB Financial Corporation. . In addition, KBRA affirms the deposit and senior unsecured...

KBRA assigns preliminary ratings to four classes of notes issued by Avant Loans Funding Trust 2023-REV1 ("AVNT 2023-REV1"), a $200 million consumer loan asset backed security transaction. The preliminary ratings reflect initial credit enhancement...

KBRA assigns a rating of ?AAA' for Senior Notes and ?AA-' to the Mandatory Redeemable Preferred Shares ("MRPS") issued by abrdn Asia-Pacific Income Fund, Inc. ("FAX" or the "Fund"). The Fund is registered under the Investment Company Act of 1940...

AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to "bbb" (Good) from "bbb+" (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Farmers Mutual of Tennessee (Farmers Mutual) (Knoxville, TN). The outlook...

AM Best has removed from under review with negative implications and 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 Universal North America Insurance...

AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" (Excellent) of Al Ahleia Insurance Company S.A.K.P. (Al Ahleia) (Kuwait). The outlook of these Credit Ratings (ratings) is stable....

KBRA releases its Business Development Company Ratings Compendium, which looks at results for the quarter ended March 31, 2023, as well as recent industry developments. KBRA believes that despite recent headwinds, including a potential recession and...

AM Best has affirmed the Financial Strength Ratings (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a" (Excellent) of Aspen Insurance UK Limited (AIUK) (United Kingdom), Aspen Bermuda Limited (ABL) (Bermuda), Aspen...

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 Ratings of "a" (Excellent) of Allegany Co-op Insurance Company (Cuba, NY) and Conemaugh Valley Mutual...

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 Asian Reinsurance Corporation (Asian Re) (Thailand). These Credit Ratings...

KBRA is pleased to announce the assignment of preliminary ratings to 16 classes of BBCMS 2023-C20, an $825.2 million CMBS conduit transaction collateralized by 32 commercial mortgage loans secured by 146 properties. The collateral properties are...

KBRA assigns preliminary ratings to four classes of Series 2023-1 Notes ("CPC 2023-1") issued by CPC Asset Securitization II, LLC. CPC Asset Securitization II, LLC will issue four classes of Series 2023-1 Notes, (collectively, the "Notes" or "Series...

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of "a-" (Excellent) to the new $400 million, 6.00% senior unsecured notes due Sept. 15, 2033, recently issued by Reinsurance Group of America, Incorporated (RGA) (Chesterfield, MO)...

KBRA Credit Profile (KCP), a division of KBRA Analytics, releases its Day 3 recap of the CRE Finance Council (CREFC) June Conference 2023. The day comprised three sessions focused on loan servicing, including challenges the industry is facing in the...

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 primary life insurance subsidiaries of Protective Live Corporation (headquartered in...

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 rated insurance subsidiaries of Aviva plc (Aviva) (United Kingdom). AM Best also has affirmed...

KBRA releases research that examines the impact of terminal reference rates at 6%, 6.5%, and 7% on its private credit assessment portfolio. In a report published in October 2022, we concluded that up to 16% of companies in a portfolio of roughly...