Fitch Ratings

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

Retrieved on: 
Friday, September 1, 2023

Virtus Convertible & Income Fund II (NYSE: NCZ) announced today that it has declared a $0.34375 per share cash distribution payable on September 29, 2023 to Series A cumulative preferred shareholders of record on September 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 September 29, 2023 to Series A cumulative preferred shareholders of record on September 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 will be callable at any time at the liquidation value of $25.00 per share plus accrued dividends from and after the expiration of a five-year non-call period on September 11, 2023.

Streamline Innovations Expands Growth Capital Commitment to Meet Rising Demand for Emissions Solutions

Retrieved on: 
Wednesday, August 30, 2023

Many alternative treatment solutions result in hazardous or toxic byproducts that require special handling.

Key Points: 
  • Many alternative treatment solutions result in hazardous or toxic byproducts that require special handling.
  • Importantly, Streamline VALKYRIE solutions handle variability in gas flow rates and temperatures, providing RNG producers a robust method for upgrading raw biogas to commercial, pipeline quality RNG.
  • “We successfully deployed the original capital commitments to expand our lease fleet and increase our responsiveness to growing customer demand.
  • Since our initial investment in Streamline, they have achieved substantial growth with over 40 H2S treating units deployed today.”

Angel Oak Mortgage REIT, Inc. Reduces Funding Costs and Boosts Liquidity with Participation in $260.6 million Securitization

Retrieved on: 
Tuesday, August 22, 2023

Similar to this year’s AOMT 2023-1 securitization, AOMR participated in AOMT 2023-5 alongside other Angel Oak entities.

Key Points: 
  • Similar to this year’s AOMT 2023-1 securitization, AOMR participated in AOMT 2023-5 alongside other Angel Oak entities.
  • “AOMT 2023-5 builds upon the positive momentum of June’s AOMT 2023-4 securitization, the earnings impact of which had not yet been demonstrated in our Q2 results.
  • This is expected to continue to increase as newly-originated loans are purchased with capital released from the securitization.
  • AOMR contributed loans with a scheduled unpaid principal balance of $93.8 million, against which it carried $63.5 million of debt on its highest-cost loan financing facility.

Fitch Revises Invitation Homes’ Rating Outlook to ‘Positive’ from ‘Stable’

Retrieved on: 
Thursday, August 17, 2023

Invitation Homes Inc. (NYSE: INVH) (“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 Default Ratings.

Key Points: 
  • Invitation Homes Inc. (NYSE: INVH) (“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 Default Ratings.
  • In its public announcement on the matter, Fitch cited its “positive outlook revision considers [the Company’s] balance sheet and capital access strength” and noted that “such access positions the Company well for opportunistic transactions and cushion in addressing upcoming maturities.
  • This is possible with Invitation Homes’ relationships with builders, joint venture partnerships and capital recycling program that provide for a variety of funding avenues and future growth opportunities.”

EQS-News: Eleving Group S.A.: Steady portfolio growth while maintaining excellent profitability

Retrieved on: 
Wednesday, August 9, 2023

In early July, Eleving Group announced that it had obtained1 EC Finance Group through the integration and combination of both companies’ equity amounts.

Key Points: 
  • In early July, Eleving Group announced that it had obtained1 EC Finance Group through the integration and combination of both companies’ equity amounts.
  • Stable net portfolio of EUR 295.1 mln; Eleving Vehicle Finance and Eleving Consumer Finance accounted for EUR 223.9 mln and EUR 71.2 mln, respectively.
  • As a result, the Group sustained a steady net loan portfolio while its key performance and efficiency indicators kept improving.
  • Additionally, Eleving Group successfully absorbed negative impacts from its portfolio write-down in Ukraine and scale-down in Belarus, which indicates the overall quality of the Group’s portfolio and its high cash generation capabilities.

Ziegler Prices $59,925,000 Financing For Ohio Living 2023

Retrieved on: 
Tuesday, August 8, 2023

CHICAGO, Aug. 8, 2023 /PRNewswire-PRWeb/ -- Ziegler, a specialty investment bank, is pleased to announce the successful pricing of Ohio Living's Series 2023 Bonds.

Key Points: 
  • CHICAGO, Aug. 8, 2023 /PRNewswire-PRWeb/ -- Ziegler, a specialty investment bank, is pleased to announce the successful pricing of Ohio Living's Series 2023 Bonds.
  • Ohio Living is a not-for-profit senior living organization founded in 1922 that owns and operates 12 communities located throughout the state of Ohio.
  • According to the 2022 LeadingAge Ziegler 200 publication, Ohio Living is the second largest nonprofit senior living provider in Ohio and the 22nd largest nonprofit senior living provider in the nation, based on the number of senior living units.
  • Tom Meyers, Senior Managing Director, Ziegler Senior Living Finance added, "Ziegler is pleased to have the opportunity to serve its long-term client Ohio Living once again.

Capital Southwest Announces Financial Results for First Fiscal Quarter Ended June 30, 2023 and Announces Increase in Total Dividends to $0.62 per share for the Quarter Ended September 30, 2023

Retrieved on: 
Monday, August 7, 2023

For the quarter ended June 30, 2023, Capital Southwest reported total investment income of $40.4 million, compared to $37.2 million in the prior quarter.

Key Points: 
  • For the quarter ended June 30, 2023, Capital Southwest reported total investment income of $40.4 million, compared to $37.2 million in the prior quarter.
  • For the quarter ended June 30, 2023, total operating expenses (excluding interest expense) were $5.7 million, compared to $5.6 million in the prior quarter.
  • For the quarter ended June 30, 2023, interest expense was $9.7 million as compared to $8.8 million in the prior quarter.
  • Capital Southwest has scheduled a conference call on Tuesday, August 8, 2023, at 11:00 a.m. Eastern Time to discuss the first quarter 2024 financial results.

Idelic Introduces New Safety Suite Platform For Insurers

Retrieved on: 
Thursday, August 3, 2023

Idelic, a leading provider of advanced commercial driver performance management solutions, is proud to announce the launch of its first-to-market Safety Suite Platform for Insurers.

Key Points: 
  • Idelic, a leading provider of advanced commercial driver performance management solutions, is proud to announce the launch of its first-to-market Safety Suite Platform for Insurers.
  • However, with Idelic's Safety Suite Platform, insurers now have access to a timely and comprehensive solution to transform their risk assessment practices.
  • Idelic's Safety Suite Platform empowers insurers with a wealth of fleet performance data, including telematics, cameras, FMCSA, accidents, claims, and training consolidated into a single view.
  • For insurers looking to take control of improving profitability and transform their risk assessment practices, Idelic's Safety Suite Platform for Insurers is the ultimate solution.

Fitch Affirms Tokio Marine HCC’s Insurance Company Ratings Of ‘AA-’ With Stable Outlook

Retrieved on: 
Wednesday, August 2, 2023

HOUSTON, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Tokio Marine HCC (TMHCC), headquartered in Houston, Texas, today announced that Fitch Ratings has affirmed the ‘AA-’ (Very Strong) Insurer Financial Strength (IFS) Ratings for its insurance company subsidiaries and the ‘A’ Long-Term Issuer Default Rating for HCC Insurance Holdings, Inc.

Key Points: 
  • HOUSTON, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Tokio Marine HCC (TMHCC), headquartered in Houston, Texas, today announced that Fitch Ratings has affirmed the ‘AA-’ (Very Strong) Insurer Financial Strength (IFS) Ratings for its insurance company subsidiaries and the ‘A’ Long-Term Issuer Default Rating for HCC Insurance Holdings, Inc.
  • The outlook for all of Fitch’s ratings is Stable.
  • “At Tokio Marine HCC, we are delighted with Fitch’s affirmation of our ‘AA-’ financial strength ratings which reflects our consistently profitable results, strong underwriting culture, leadership in specialty insurance markets and solid capital position,” said Susan Rivera, Tokio Marine HCC’s Chief Executive Officer.
  • These IFS Ratings apply to the following insurance company subsidiaries:

Enact Reports Second Quarter 2023 Results

Retrieved on: 
Tuesday, August 1, 2023

RALEIGH, N.C., Aug. 01, 2023 (GLOBE NEWSWIRE) -- Enact Holdings, Inc. (Nasdaq: ACT) today announced financial results for the second quarter of 2023.

Key Points: 
  • Net earned premium yield was down from the first quarter of 2023 and the second quarter of 2022, as a result of the continued lapse of older, higher priced policies and lower single premium cancellations as compared to the second quarter of 2022.
  • Losses incurred for the second quarter of 2023 were $(4) million and the loss ratio was (2)%, compared to $(11) million and (5)%, respectively, in the first quarter of 2023 and $(62) million and (26)%, respectively, in the second quarter of 2022.
  • This compares to first quarter 2023 results of 16.8% and 16.7%, respectively, and to second quarter 2022 results of 20.1% and 20.2%, respectively.
  • Enact will discuss second quarter financial results in a conference call tomorrow, Wednesday, August 2, 2023, at 8:00 a.m. (Eastern).