News by subject: Bond/Stock Rating

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

KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of BBCMS 2024-5C25, an $886.4 million CMBS conduit transaction collateralized by 33 commercial mortgage loans secured by 38 properties. The collateral properties are...

Columbia Threadneedle Investments today announced that the Columbia Ultra Short Term Bond Fund is celebrating its 20-year anniversary. Since inception, the fund has generated consistent long-term performance and provided daily NAV stability with...

Janus International Group, Inc. ("Janus"), a leading provider of access control technologies and building product solutions for the self-storage, commercial, and industrial sectors, today announced it has received an upgrade to its credit rating by...

KBRA assigns a long-term rating of AA- with a Stable Outlook to the City of Chicago Second Lien Wastewater Transmission Revenue Bonds, Refunding Series 2024A. The long-term rating reflects the Wastewater System's strong financial flexibility,...

KBRA assigns preliminary ratings to two classes of notes for SEB Funding LLC (the Issuer), Series 2024-1 (SEB 2024- 1), a whole business securitization. SEB 2024-1 represents the Issuer's second securitization from its master trust. The Series 2021-1...

KBRA assigns preliminary ratings to three classes of notes from ME Funding, LLC (the Issuer), Series 2024-1 (Massage Envy 2024-1), a whole business securitization (WBS). In conjunction with the anticipated rating assignment, KBRA expects to withdraw...

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 Arch Reinsurance Ltd. (Arch) (Bermuda) and its strategic affiliates. Concurrently, AM Best has...

KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of Benchmark 2024-V6, a $1.1 billion CMBS conduit transaction collateralized by 37 commercial mortgage loans secured by 62 properties. The collateral properties are...

KBRA assigns a long-term rating of AAA with a Stable Outlook to the Dormitory Authority of the State of New York (DASNY) State Personal Income Tax Revenue Bonds (General Purpose): Series 2024A-1(Tax-Exempt); Series 2024A-2 (Tax-Exempt); and, Series...

KBRA is pleased to announce the assignment of preliminary ratings to 18 classes of BMO 2024-C8, a $683.4 million CMBS conduit transaction collateralized by 52 commercial mortgage loans secured by 65 properties. The collateral properties are located...

Credit Rating (rating) downgrades on U.S. property/casualty insurance companies rose to 55 in 2023 compared with 30 in the previous year given the challenging conditions in the personal lines segment, according to a new AM Best special report. The...

AM Best has placed under review with negative implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of "a-" (Excellent) of The Pie Insurance Company (Columbus, OH) and its pooled affiliate, Pie Casualty...

The March issue of Best's Review looks at increased investments in delegated underwriting authority enterprises (DUAE) and the growth of managing general agents (MGA): "Private Equity Pouring Into DUAE Market as Investors Seek Liquidity, Growth"...

AM Best has removed under review with positive implications and upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating to "a-" (Excellent) from "bbb" (Good) of Triple-S Propiedad, Inc. (TSP)...

KBRA assigns a long-term rating of A with a Stable Outlook to the City of Chicago, IL Chicago Midway Airport: Senior Lien Airport Revenue Refunding Bonds, Series 2024A (AMT); and, Senior Lien Airport Revenue Refunding Bonds, Series 2024B (Non-AMT)....

KBRA assigns preliminary ratings to seven classes of mortgage-backed notes from OBX 2024-HYB2 Trust, a prime RMBS transaction comprising 857 seasoned hybrid adjustable-rate mortgages (ARMs) with an aggregate principal balance of $397.8 million. The...

KBRA assigns a rating of BBB to T. Rowe Price OHA Select Private Credit Fund's ("OCREDIT" or "the company") $300 million 7.77% senior unsecured notes due March 7, 2029. The rating Outlook is Stable. The proceeds will be used to partially repay...

KBRA assigns preliminary ratings to 24 classes from Freddie Mac Structured Agency Credit Risk (STACR®) REMIC 2024-HQA1 Notes, Freddie Mac STACR REMIC Trust 2024-HQA1 (STACR 2024-HQA1), a credit risk sharing transaction with a total note offering of...

KBRA assigns preliminary ratings to four classes of notes issued by ACHV ABS Trust 2024-1PL ("ACHV 2024-1PL"), a $200.63 million consumer loan asset-backed securities transaction. The preliminary ratings reflect initial credit enhancement levels of...

AM Best has affirmed the Financial Strength Rating (FSR) of A++ (Superior), the Long-Term Issuer Credit Rating (Long-Term ICR) of "aa+" (Superior) and the Mexico National Scale Rating of "aaa.MX" (Exceptional) of Seguros Monterrey New York Life, S.A....

KBRA assigns preliminary ratings to two classes (three tranches) of notes that will be issued from Brex Commercial Charge Card Master Trust, Series 2024-1 ("Brex 2024-1"), a corporate charge card asset backed securities transaction issued out of the...

AM Best has assigned a Financial Strength Rating of B++ (Good) and a Long-Term Issuer Credit Rating of "bbb+" (Good) to Lone Peak Insurance Company (Lone Peak) (South Jordan, Utah). The outlook assigned to these Credit Ratings (ratings) is stable....

AM Best has revised the outlook to stable from negative for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B (Fair) and the Long-Term ICR of "bb+" (Fair) of Middle East Insurance Company Plc...

AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of "a+" (Excellent) of Sooner Insurance Company (Sooner) (Colchester, VT). The outlook of these Credit Ratings (ratings) is stable. The...

AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb" (Good) of the Joint-Stock Company Subsidiary of Halyk Bank of Kazakhstan Halyk Insurance Company (Halyk Insurance) (Kazakhstan). The...

AM Best has removed from under review with negative implications and affirmed 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 assigns a rating of BBB to Goldman Sachs BDC, Inc.'s ("GSBD" or "the company") $400 million 6.375% senior unsecured notes due March 11, 2027. The rating outlook is Stable. The proceeds will be used to repay borrowings under the company's bank...

KBRA assigns a long-term rating of AA with a Stable Outlook to the Metropolitan Transportation Authority (MTA) Transportation Revenue Refunding Green Bonds, Series 2024A (Climate Bond Certified). Concurrently, KBRA affirms the long-term rating of AA...

AM Best has commented that the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of "a-" (Excellent) of StarStone Specialty Insurance Company and StarStone National Insurance Company, both...

KBRA assigns preliminary ratings to five classes of notes (eight tranches) issued by Carvana Auto Receivables Trust 2024-P1 ("CRVNA 2024-P1"), a prime auto loan ABS transaction. The transaction has initial hard credit enhancement levels ranging from...

Severe weather-related losses, stubborn inflation and upward reinsurance pricing drove the U.S. property/casualty (P/C) sector's net underwriting loss to a 10-year high of $38 billion in 2023, according to a new AM Best report. The annual Review &...

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 Rating of "a-" (Excellent) of American Inter-Fidelity Exchange (AIFE) (Merrillville, IN). 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 American Southern Insurance Company (Topeka, KS) and its wholly owned and 100% reinsured...

KBRA expects to rate Goldman Sachs BDC, Inc.'s ("GSBD" or "the company") issuance of senior unsecured notes BBB. The rating outlook is Stable. The proceeds will be used to repay borrowings under the company's bank revolving credit facility. Key...

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 members of The Progressive Corporation (Progressive) (Mayfield Village, OH) [NYSE: PGR]....

KBRA assigns preliminary ratings to eight classes of notes issued by Pagaya AI Debt Trust 2024-3 ("PAID 2024-3"), a consumer loan ABS transaction. PAID 2024-3 has initial credit enhancement levels of 61.20% for the Class A notes to 7.30% for the...

KBRA assigns short-term ratings of K1+ to the Metropolitan Transportation Authority (MTA) Payroll Mobility Tax (PMT) Bond Anticipation Notes, Series 2024A (Federally Taxable), and the Triborough Bridge and Tunnel Authority (TBTA) PMT Bond...

KBRA UK (KBRA) assigns preliminary ratings to seven classes of notes and one of loans issued by RRE 18 Loan Management DAC, a cash flow collateralised loan obligation (CLO) backed primarily by a diversified portfolio of Euro-denominated corporate...

AM Best has assigned a Long-Term Issue Credit Rating of "a+" (Excellent) to Chubb INA Holdings Inc. (Chubb) (Delaware) recently announced $1.0 billion issuance of 5.00% senior unsecured notes due 2034. The notes are guaranteed by Chubb Limited. The...

KBRA assigns preliminary ratings to four classes of notes (seven tranches) issued by GreenState Auto Receivables Trust 2024-1 ("GRNST 2024-1"), a prime auto loan ABS transaction. GRNST 2024-1 is the inaugural 144A offering of auto loan ABS for...

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 Rating of "a-" (Excellent) of Kentucky Associated General Contractors Self Insurers' Fund (KYAGC or...

KBRA releases a report on the outlook of North American liquefied natural gas (LNG). The North American LNG export market is poised to continue to benefit from low-cost feed gas, competitive liquefaction fees, and other market fundamentals that make...

MyMD Pharmaceuticals, Inc.® ("MyMD" or "the Company"), a clinical stage biopharmaceutical company committed to developing novel therapies for age-related diseases, autoimmune and inflammatory conditions, today announced that it received notice from...

KBRA assigns preliminary ratings to one class of notes from Hardee's Funding LLC, Carl's Jr. Funding LLC, Series 2024-1 (CKE 2024-1, or Series 2024-1 Notes) a whole business securitization (WBS). In conjunction with the issuance of Series 2024-1,...

KBRA assigns a preliminary rating to one class of notes issued by BHG Securitization Trust 2024-1CON ("BHG 2024-1"), an asset-backed securitization collateralized by a pool of unsecured consumer loans ("Consumer Loans"). BHG 2024-1 will issue five...

KBRA releases research discussing how the nationwide shift to remote or hybrid work coupled with the downsizing of tech sector employment and, in some urban centers, oversupply of commercial real estate, have contributed to record commercial office...

Independence Realty Trust, Inc. ("IRT" or the "Company") announced today that the Company received an investment grade rating from Fitch Ratings ("Fitch"). Fitch has assigned a Long-Term Issuer Default Rating of ?BBB' to IRT with a stable outlook....

D-Wave Quantum Inc. ("D-Wave"), a leader in commercial quantum computing systems, software, and services, today announced it has regained compliance with the New York Stock Exchange ("NYSE") continued listing standard for minimum share price under...

AM Best has removed from under review with negative implications and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of "bbb-" (Good) of Premier Insurance Company Limited (Premier) (Gibraltar). The outlook...