Fitch Ratings

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

Retrieved on: 
Tuesday, August 22, 2023
Commercial Building & Real Estate, Construction & Property, REIT, Oak, Fitch Ratings, Security (finance), Securities and Exchange Commission (Philippines), AAA, NYSE, Real estate, Bank

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
Finance, Other Construction & Property, Professional Services, Residential Building & Real Estate, Construction & Property, Fitch Ratings, Growth, Invitation, NYSE, Invitation Homes, Fitch, Security (finance), Bank

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
IDR, Rentis railway station, ICR, The Elevation Group, Tree, Overalls, Policy, SME, QOQ, USD, 2Q, Sale, Government, Eurobond, EBITDA, COVID-19, Investment, FX, Motivation, Fitch Ratings, ESG, CO2, Security (finance), Film industry, Bank, Lithium, Cryptocurrency, Renewable energy, EU, African, Fitch, EUR

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
Communication, Senior, Education, Face, Marketing, Strategic planning, Public expenditure, Acquisition, Series, Fitch Ratings, Knowledge, Management, Security (finance)

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
Transfer, Moody's Investors Service, Share repurchase, Line of credit, Revenue recognition, NAV, Equity, Treasury, Acquisition, Investment, Capital, SBA, DRIP, IRR, External commercial borrowing, UTI, First, Deutsche Bank, State Board of Administration of Florida, I-45, Primary Dealer Credit Facility, Growth, Security (finance), FDA, Credit, Common, Exercise, Credit Accumulation and Transfer Scheme, Trust, Fintech, Note, Small Business Administration, SOFR, Securities and Exchange Commission (Nigeria), Sale, Small business, Fitch Ratings, SBIC, Debenture, Airline, Bank, Renewable energy, Holding company, Real estate, Life insurance, Cryptocurrency, Fitch

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
Fleet Management, Software, Insurance, Data Analytics, Automotive, Data Management, Professional Services, Technology, Fitch Ratings, FMCSA, Risk assessment, Transport, Benchmarking, Accident, Safety, Risk management, Free Idel-Ural

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
Insurance, Fitch Ratings, Tokio Marine HCC, Tokio Marine, Culture, HCC

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
Transfer, Insurance, Share repurchase, Fannie Mae, NIW, Persistent, bioaccumulative and toxic substances, Fitch, Delinquent, Genworth Financial, BBB, Freddie Mac, Webcast, Fitch Ratings, Growth, Bermuda, Bermuda Monetary Authority, GSE, Video game, Security (finance), Reinsurance, Bank, Holding company

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).

With Close of Fourth PDP Wellbore Securitization, Raisa Energy’s Total PDP Wellbore Securitizations Now Exceed $1 Billion

Retrieved on: 
Tuesday, July 18, 2023
Fintech, Energy, Professional Services, Oil, Gas, Fitch Ratings, Guggenheim Partners, PDP, Natural gas, Cryptocurrency

Raisa Energy LLC (“Raisa” or “the company”) today announced that it has successfully closed its fourth securitization of proved-developed-producing (“PDP”) wellbores.

Key Points: 
  • Raisa Energy LLC (“Raisa” or “the company”) today announced that it has successfully closed its fourth securitization of proved-developed-producing (“PDP”) wellbores.
  • Raisa has now surpassed a cumulative total of $1 billion of gross proceeds since it opened the Oil and Gas Securitization market in 2019.
  • Overall, the company has securitized ~13,000 wellbores under ~100 operators, located in ~60 counties across ten states.
  • Raisa’s fourth securitization of PDP wellbores has also achieved the highest investment grade rating assigned to a PDP oil and gas securitization by Fitch Ratings.

Fitch Ratings Affirms 'A' Ratings, 'Stable' Outlook for The Doctors Company

Retrieved on: 
Monday, July 17, 2023
TDC Holding A/S, Fitch Ratings, The Doctors Company, Insurance, Fitch

NAPA, Calif., July 17, 2023 /PRNewswire/ -- Fitch Ratings has affirmed its "A" (Strong) Insurer Financial Strength ratings for The Doctors Company, the nation's largest physician-owned medical malpractice insurer and part of TDC Group.

Key Points: 
  • NAPA, Calif., July 17, 2023 /PRNewswire/ -- Fitch Ratings has affirmed its "A" (Strong) Insurer Financial Strength ratings for The Doctors Company, the nation's largest physician-owned medical malpractice insurer and part of TDC Group.
  • Fitch noted that the ratings are based on a very strong statutory capital position and sufficient loss reserve levels.
  • Fitch further stated that The Doctors Company has a strong business profile as the nation's number-two writer in medical professional liability insurance.
  • The "A" with "Stable Outlook" ratings include:
    The Doctors Company Risk Retention Group, a Reciprocal Exchange
    "These ratings from Fitch reflect the strength and stability of The Doctors Company," said Marco Vanderlaan, Chief Financial Officer, The Doctors Company and TDC Group.