Fitch Ratings

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

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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.

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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

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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.

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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

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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.

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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

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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.

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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.

Crescent Energy Announces Rating Agency Upgrade

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Tuesday, July 11, 2023

Oil, Gas, Energy, Fitch Ratings, Crescent, BB, NYSE, Security (finance), Cryptocurrency

Crescent Energy Company (NYSE: CRGY) today announced that its credit ratings were upgraded by S&P.

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Crescent Energy Company (NYSE: CRGY) today announced that its credit ratings were upgraded by S&P.
Crescent’s credit ratings were also upgraded by Moody’s earlier this year.
Standard & Poor's Global Ratings upgraded Crescent’s issuer credit rating to B+ and its senior unsecured notes rating to BB- with a stable outlook earlier today;
Moody’s Investors Services upgraded Crescent’s corporate rating to Ba3 and its senior unsecured notes rating to B1 with a stable outlook in January of 2023; and
Fitch Ratings maintains Crescent’s issuer credit rating at B+ and its senior unsecured notes rating at BB- with a stable outlook.
Crescent CEO David Rockecharlie said, “We are pleased that the rating agencies have recognized the strength of our business and our consistent execution since entering the bond market just over two years ago.

Fitch Upgrades Planet Home Lending, LLC Primary and Special Servicer Rankings

Retrieved on:

Tuesday, July 11, 2023

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MERIDEN, Conn., July 11, 2023 /PRNewswire/ -- Planet Home Lending, LLC, a leading mortgage loan primary and special servicer, announced that Fitch Ratings has upgraded Planet Home Lending's Primary Subprime Servicer rating to RPS2- and its Special Servicer rating to RSS2-. Previously, the ratings were RPS3+ and RSS3+.

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MERIDEN, Conn., July 11, 2023 /PRNewswire/ -- Planet Home Lending, LLC , a leading mortgage loan primary and special servicer, announced that Fitch Ratings has upgraded Planet Home Lending's Primary Subprime Servicer rating to RPS2- and its Special Servicer rating to RSS2-.
Previously, the ratings were RPS3+ and RSS3+.
In its review , Fitch highlighted Planet's risk and compliance management, continually improving performance metrics, and effective technology.
Financial strength of Planet Financial Group, Planet Home Lending's parent
Competitive performance measured against industry benchmarks for cash management, investor reporting, customer experience, escrow administration, home retention and default administration

EQS-News: Eleving Group S.A.: Fitch Affirms Eleving Group at 'B-'; Outlook Stable

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Thursday, June 29, 2023

Fitch Ratings - Frankfurt am Main - 28 Jun 2023: Fitch Ratings has affirmed Eleving Group's Long-Term Issuer Default Rating (IDR) at 'B-', with a Stable Outlook.

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Fitch Ratings - Frankfurt am Main - 28 Jun 2023: Fitch Ratings has affirmed Eleving Group's Long-Term Issuer Default Rating (IDR) at 'B-', with a Stable Outlook.
Fitch views the current leverage level as commensurate with Eleving's business model and credit risk exposure.
Fitch expects the generation of new impaired loans will remain below 10% in 2023 (8% in 2022, 11% in 2021).
Strong Profitability Reflects Risk Appetite: Eleving's profitability reflects its high-risk, high-yield business model and should remain stable in 2023.

Metropolitan earns excellent credit ratings from top three rating agencies

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Tuesday, June 27, 2023

Public Policy, Government, Other Natural Resources, State, Local, Utilities, Energy, Natural Resources, S&P, Fitch Ratings, Metropolitan Water District of Southern California, Climate change, AAA, Water resources, Investment, Water, Face, Renewable energy, Metropolitan

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.

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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 of AAA/stable and Moody’s of Aa1/stable for Metropolitan's recent $258.4 million Series 2023A revenue bond transaction, Fitch Ratings announced last week a AA+/stable rating for Metropolitan.
The ratings reflect the continued strength of Metropolitan’s underlying financials and investor confidence in the agency’s comprehensive long-term strategy for the management of the region’s water resources, in response to drought and climate change.
“These high credit ratings not only position us favorably for future business activities and investments, but also support the credit ratings of our member agencies.”
The rating agencies cited Metropolitan’s manageable annual rate increases; responsible financial practices to handle annual volatility in water sales; and smart investments in storage, demand management and new supplies like recycled water to address variable precipitation.

Angel Oak Mortgage REIT, Inc. Prices $284.5 million Securitization, Accelerates Execution of Growth Strategy

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Tuesday, June 27, 2023

Professional Services, Other Construction & Property, Finance, Construction & Property, REIT, Banking, Oak, Acquisition, AAA, Fitch Ratings, Security (finance), FICO, NYSE, Real estate, Bank

With the capital released from the securitization, AOMR intends to accelerate purchases of current market coupon loans.

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With the capital released from the securitization, AOMR intends to accelerate purchases of current market coupon loans.
This press release contains certain forward-looking statements that are subject to various risks and uncertainties, including, without limitation, statements relating to the performance of the Company’s investments.
Except as required by applicable law, neither the Company nor any other person assumes responsibility for the accuracy and completeness of the forward‐looking statements.
The Company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit On Behalf Of First Republic Bank Investors

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Friday, June 23, 2023

Glancy Prongay & Murray LLP (“GPM”), announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California, Case No.

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Glancy Prongay & Murray LLP (“GPM”), announces that it has filed a class action lawsuit in the United States District Court for the Northern District of California, Case No.
3:23-cv-03096, on behalf of persons and entities that purchased or otherwise acquired First Republic Bank (“First Republic” or the “Company”) (OTC: FRCB ) securities, or sold put options, between January 14, 2021 and April 27, 2023, inclusive (the “Class Period”).
Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).
Investors are hereby notified that they have until June 23, 2023 to move the Court to serve as lead plaintiff in this action.