Fitch Ratings

New York Life’s Industry-Leading Financial Strength Ratings Affirmed by All Major Ratings Agencies

Retrieved on: 
Monday, December 18, 2023
Other Professional Services, Professional Services, Insurance, Finance, Fitch Ratings, Overalls, AA, High, AAA

New York Life, America’s largest mutual life insurer1, today announced that major ratings agencies Standard & Poor’s, Fitch Ratings, A.M. Best, and Moody’s Investors Service have all affirmed New York Life as maintaining the highest possible ratings for financial strength.

Key Points: 
  • New York Life, America’s largest mutual life insurer1, today announced that major ratings agencies Standard & Poor’s, Fitch Ratings, A.M. Best, and Moody’s Investors Service have all affirmed New York Life as maintaining the highest possible ratings for financial strength.
  • New York Life continues to maintain the highest financial strength ratings currently awarded to any insurer by all four of the major rating agencies, out of all life insurers operating in the United States today.
  • In October, Fitch Ratings and A.M. Best affirmed New York Life’s financial strength rating of AAA and A++, respectively – each firm’s top possible rating.
  • Moody’s Investors Services affirmed New York Life’s financial strength of Aaa, the agency’s top rating, in November.

Angel Oak Capital Advisors Hires Institutional CRE Veteran, Sumit Sasidharan, to Lead and Expand Commercial Real Estate Lending and Vehicle Launches

Retrieved on: 
Tuesday, December 5, 2023
Professional Services, Commercial Building & Real Estate, Finance, Construction & Property, Asset Management, Banking, Angel, Fitch Ratings, Head, CRE, Public policy, CMBS, University, Dislocation, Angel Oak, Sasidharan, Annaly Capital Management, Ares Management, Financial services

Angel Oak Capital Advisors LLC , an investment management firm that specializes in value-driven structured credit, has proudly announced the hiring of Sumit Sasidharan to serve as its head of commercial real estate.

Key Points: 
  • Angel Oak Capital Advisors LLC , an investment management firm that specializes in value-driven structured credit, has proudly announced the hiring of Sumit Sasidharan to serve as its head of commercial real estate.
  • Sasidharan will lead the firm’s CRE platform, focusing primarily on growing Angel Oak’s CRE fund offerings at an institutional level while also managing and expanding the firm’s permanent and bridge-loan financing solutions.
  • In addition to overseeing approximately $300 million in CRE loans under Angel Oak’s existing lending platform and various private strategies, Sasidharan will continue Angel Oak’s active presence in the commercial mortgage-backed securities market.
  • He also intends to explore new strategies aimed at raising capital that will be deployed opportunistically in the debt and equity CRE markets in 2024 and beyond.

Fitch Group Completes Acquisition of Bixby

Retrieved on: 
Monday, December 4, 2023
Finance, Data Analytics, Consulting, Banking, Professional Services, Acquisition, Fitch Ratings, Research, News, Bankruptcy, Covenant, Security (finance)

Fitch Group, a global leader in financial information services owned by Hearst, today announced that it has completed the acquisition of all the remaining stock it does not own of Bixby Research and Analytics (“Bixby”), a leading provider of credit information on private syndicated loan issuers.

Key Points: 
  • Fitch Group, a global leader in financial information services owned by Hearst, today announced that it has completed the acquisition of all the remaining stock it does not own of Bixby Research and Analytics (“Bixby”), a leading provider of credit information on private syndicated loan issuers.
  • Earlier this year Fitch Ventures, the equity investment arm of Fitch Group, led Bixby’s Series A round.
  • Bixby, founded by Brian Conroy, will become a wholly-owned subsidiary of Fitch Solutions and will be managed by CreditSights .
  • Ted Niedermayer, President of Fitch Solutions, said: “The acquisition of Bixby is a natural next step as we continue to prioritize our leveraged finance offerings.

Virtus Convertible & Income Fund II Announces Quarterly Distribution: 5.500% Series A Cumulative Preferred Shares

Retrieved on: 
Friday, December 1, 2023
Professional Services, Finance, NCZ, NYSE, Fitch Ratings, Airline

Virtus Convertible & Income Fund II (NYSE: NCZ) announced today that it has declared a $0.34375 per share cash distribution payable on December 29, 2023 to Series A cumulative preferred shareholders of record on December 11, 2023.

Key Points: 
  • Virtus Convertible & Income Fund II (NYSE: NCZ) announced today that it has declared a $0.34375 per share cash distribution payable on December 29, 2023 to Series A cumulative preferred shareholders of record on December 11, 2023.
  • The Series A Cumulative Preferred Shares, which trade on the New York Stock Exchange under the symbol NCZ PR A, are rated “A” by Fitch Ratings and have an annual dividend rate of $1.375 per share.
  • The 4,360,000 Series A Cumulative Preferred Shares were issued September 11, 2018 at $25.00 per share and pay distributions quarterly.
  • The Series A Cumulative Preferred Shares are now callable at any time at the liquidation value of $25.00 per share plus accrued dividends.

Virtus Convertible & Income Fund Announces Quarterly Distribution: 5.625% Series A Cumulative Preferred Shares

Retrieved on: 
Friday, December 1, 2023
Professional Services, Finance, NYSE, Fitch Ratings, NCV, Life insurance, Cryptocurrency

Virtus Convertible & Income Fund (NYSE: NCV) announced today that it has declared a $0.3515625 per share cash distribution payable on December 29, 2023 to Series A cumulative preferred shareholders of record on December 11, 2023.

Key Points: 
  • Virtus Convertible & Income Fund (NYSE: NCV) announced today that it has declared a $0.3515625 per share cash distribution payable on December 29, 2023 to Series A cumulative preferred shareholders of record on December 11, 2023.
  • The Series A Cumulative Preferred Shares, which trade on the New York Stock Exchange under the symbol NCV PR A, are rated “A” by Fitch Ratings and have an annual dividend rate of $1.40625 per share.
  • The 4,000,000 Series A Cumulative Preferred Shares were issued September 20, 2018 at $25.00 per share and pay distributions quarterly.
  • The Series A Cumulative Preferred Shares are now callable at any time at the liquidation value of $25.00 per share plus accrued dividends.

Fitch Ratings and Moody’s Upgrade Westinghouse Credit Ratings

Retrieved on: 
Monday, November 27, 2023
Nuclear, Energy, Utilities, S&P Global, EBITDA, Westinghouse, Fitch, Westinghouse Electric Company, Fitch Ratings, The Electric Company

Westinghouse Electric Company announced upgraded credit ratings from Moody’s Investors Service and Fitch Ratings and revised Positive Outlook from S&P Global.

Key Points: 
  • Westinghouse Electric Company announced upgraded credit ratings from Moody’s Investors Service and Fitch Ratings and revised Positive Outlook from S&P Global.
  • The credit agencies cited Westinghouse’s strong competitive position, growing book of customer orders, EBITDA performance and favorable industry tailwinds in raising their ratings.
  • Fitch Ratings upgraded the company’s Issuer Default Ratings from B to B+.
  • S&P Global Ratings affirmed its B issuer credit for Westinghouse and revised the outlook from stable to positive.

Global Times: China rebukes Moody's credit outlook cut, saying concerns over growth prospects 'unnecessary'

Retrieved on: 
Wednesday, December 6, 2023
Moody's Investors Service, Policy, Fitch Ratings, Central Economic Work Conference, GDP, IMF, Conference, Credit, Real-time, Growth, Global Times, MOF, Renewable energy, Security (finance), Cryptocurrency, Rare-earth element

China's economy is expected to continue to recover in the fourth quarter and will remain an important engine for global growth.

Key Points: 
  • China's economy is expected to continue to recover in the fourth quarter and will remain an important engine for global growth.
  • Moody's concerns about China's economic growth prospects and fiscal sustainability are unnecessary," the official said.
  • In fact, from another perspective, the move reflects that international institutions are still expecting high-speed growth from China, Tian told the Global Times on Tuesday.
  • Also on Tuesday, China Chengxin Credit Rating Group said that it has maintained China's sovereign credit rating AA+g, with stable rating outlook.

Arbor's Servicer Ratings Affirmed and Positive Outlook Rating Assigned by Fitch

Retrieved on: 
Wednesday, November 29, 2023
Arbor, Fitch Ratings, CSS3, Commercial, Public utility, Fitch

NEW YORK, Nov. 29, 2023 /PRNewswire/ -- Fitch Ratings has reaffirmed Arbor Multifamily Lending, LLC's (Arbor) commercial primary and special servicer ratings, further solidifying Arbor's position as a trusted partner in the multifamily lending industry. Concurrently, they have assigned a Positive Outlook to each rating, reflecting an unwavering commitment to excellence and innovation.

Key Points: 
  • NEW YORK, Nov. 29, 2023 /PRNewswire/ -- Fitch Ratings has reaffirmed Arbor Multifamily Lending, LLC's (Arbor) commercial primary and special servicer ratings, further solidifying Arbor's position as a trusted partner in the multifamily lending industry.
  • Concurrently, they have assigned a Positive Outlook to each rating, reflecting an unwavering commitment to excellence and innovation.
  • Commercial primary servicer rating at 'CPS2'; Outlook Positive;
    Commercial special servicer rating at 'CSS3+'; Outlook Positive.
  • – Fitch Ratings
    Read more from Fitch about the key rating drivers behind this announcement.

Unum Group receives credit ratings upgrades from Fitch Ratings based on strong financial position

Retrieved on: 
Tuesday, November 28, 2023
BBB, Fitch, NYSE, LTC, Fitch Ratings, Unum, CFO, UNM

CHATTANOOGA, Tenn., Nov. 28, 2023 /PRNewswire/ -- Unum Group (NYSE: UNM) announced today that its financial strength and debt ratings have been upgraded by Fitch Ratings.

Key Points: 
  • CHATTANOOGA, Tenn., Nov. 28, 2023 /PRNewswire/ -- Unum Group (NYSE: UNM) announced today that its financial strength and debt ratings have been upgraded by Fitch Ratings.
  • "We are proud of this acknowledgment of our strong financial position and consistent operational execution," said Unum Group EVP and CFO, Steve Zabel.
  • Fitch Ratings publishes credit ratings that are forward-looking opinions on the relative ability of an entity or obligation to meet financial commitments.
  • The Fitch Ratings upgrades follow the August 2023 A.M. Best announcement of credit rating upgrades of Unum Group.

Weatherford Announces Fitch Credit Rating of ‘B+’

Retrieved on: 
Monday, October 30, 2023
Fitch Ratings, Weatherford International, WFRD, Fitch, Bank

HOUSTON, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced Fitch Ratings (“Fitch”) has initiated a credit rating of ‘B+’ with Stable Outlook.

Key Points: 
  • HOUSTON, Oct. 30, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) today announced Fitch Ratings (“Fitch”) has initiated a credit rating of ‘B+’ with Stable Outlook.
  • The credit rating reflects Weatherford’s diversification, size, scale, improving margin profile, and debt-focused capital allocation.
  • Girish Saligram, President and Chief Executive Officer of Weatherford, commented, “We are pleased with the positive rating and re-engagement with Fitch.
  • The rating is reflective of the continuous improvements we have made in our operating performance and balance sheet, resulting from our focus on generating sustainable profitability and cash flow.”