Credit rating agency

KBRA Downgrades One Class and Affirms All Other Classes of UBS 2012-C1

Monday, March 30, 2020 - 9:40pm

Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates to B- (sf) from B (sf).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) downgrades the Class F certificates to B- (sf) from B (sf).
  • In addition, a Real Estate Owned (REO) asset was disposed of since last review, resulting in a $5.4 million principal loss.
  • The specially serviced loan and four watchlist loans (15.8%) have been identified as KBRA Loans of Concern (K-LOCs).
  • The KBRA Debt Service Coverage (KDSC) of 1.24x has decreased from 1.47x at last review and 1.50x at securitization.

KBRA Releases Research – Coronavirus (COVID-19): Why CECL Should Not Be Delayed

Monday, March 30, 2020 - 5:36pm

Only banks that adopt CECL are entitled to shield regulatory capital for the initial impact of adoption through a phase-in option that was finalized last year.

Key Points: 
  • Only banks that adopt CECL are entitled to shield regulatory capital for the initial impact of adoption through a phase-in option that was finalized last year.
  • Banks that adhere to the old accounting method could potentially see a sharper hit to their regulatory capital than banks that now choose to adopt CECL.
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) with the European Securities and Markets Authority (ESMA).

KBRA Releases Research – Coronavirus (COVID-19): Investment Funds Weathering the Storm … For Now

Thursday, March 26, 2020 - 8:53pm

Kroll Bond Rating Agency (KBRA) releases research that examines the impact of the new coronavirus (COVID-19) on the investment funds sector.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases research that examines the impact of the new coronavirus (COVID-19) on the investment funds sector.
  • Although KBRAs outlook for the global investment fund sector remains stable, we expect that some asset managers and strategies will experience stress due to this prolonged economic slowdown.
  • Additionally, when an investment fund utilizes leverage, there are multiple transactional and structural features that serve as mitigants to the potential impact of this market volatility.
  • KBRA will continue to actively monitor all of its outstanding ratings and remains in constant dialogue with issuers and market participants.

AM Best Revises Outlooks to Negative for McMillan-Warner Mutual Insurance Company

Thursday, March 26, 2020 - 12:38pm

AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of bbb of McMillan-Warner Mutual Insurance Company (MWM) (Marshfield, WI).

Key Points: 
  • AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of bbb of McMillan-Warner Mutual Insurance Company (MWM) (Marshfield, WI).
  • The negative outlooks reflect MWMs continued volatility in underwriting performance, which has occasionally impacted growth in policyholders surplus.
  • Recent management initiatives such as enhanced loss control efforts and tightened underwriting standards have improved underwriting results in typical years.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

KBRA Releases Research – Coronavirus (COVID-19): Global Insurance Update

Tuesday, March 24, 2020 - 8:59pm

Kroll Bond Rating Agency (KBRA) releases updated views about COVID-19s implications for the global insurance sector.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases updated views about COVID-19s implications for the global insurance sector.
  • In this report, KBRA updates our previous views on the implications of the COVID-19 crisis for the life and property and casualty (P&C) insurance subsectors.
  • We also provide a summary of certain topics that have developed since our previous reports and give a brief outlook.
  • KBRA notes that the situation is developing rapidly and what is unthinkable today could become tomorrows reality.

KBRA Releases Research – Coronavirus (COVID-19): U.S. BSL CLOs’ At-Risk Sector Exposure Takes Shape

Tuesday, March 24, 2020 - 4:59pm

Kroll Bond Rating Agency (KBRA) releases a report which details U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) exposure in sectors that, in KBRAs opinion, are the most at risk due to the coronavirus (COVID-19) pandemic.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases a report which details U.S. broadly syndicated loan (BSL) collateralized loan obligation (CLO) exposure in sectors that, in KBRAs opinion, are the most at risk due to the coronavirus (COVID-19) pandemic.
  • As the virus has implications for a multitude of issuers across a wide swathe of corporate sectors, KBRA is assessing the potential impact on CLOs.
  • The transactions are generally collateralized by portfolios of leveraged loans that are diversified across corporate sectors.
  • KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.

AM Best Launches Dedicated Access to Ongoing Pandemic-Related Insurance Industry Analysis

Friday, March 20, 2020 - 5:41pm

AM Best has launched dedicated access to its analytical updates on the COVID-19 virus outbreak.

Key Points: 
  • AM Best has launched dedicated access to its analytical updates on the COVID-19 virus outbreak.
  • This web page ( www.ambest.com/about/coronavirus.html ) will be updated regularly with insurance industry-specific commentary related to the ongoing pandemic and video discussions with members of AM Bests analytic teams about the unfolding situation.
  • To date, AM Best has issued 10 announcements since late January on the wide-ranging impact of the coronavirus outbreak, most with accompanying video discussions.
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

U.S. Major Networks & Issuers Market: Analysis, Performance & Trends (2015-2025) - ResearchAndMarkets.com

Friday, March 20, 2020 - 12:19pm

The "U.S. Major Networks & Issuers Market Analysis, Performance & Trends - Quarterly Review (2015-2019) and Annual Historical & Forecast (2015-2025)" report has been added to ResearchAndMarkets.com's offering.

Key Points: 
  • The "U.S. Major Networks & Issuers Market Analysis, Performance & Trends - Quarterly Review (2015-2019) and Annual Historical & Forecast (2015-2025)" report has been added to ResearchAndMarkets.com's offering.
  • The report carefully examines the historical performance patterns on a quarter-by-quarter basis for the past five years.
  • The report primarily covers a wide range of peer group performance metrics for the four major U.S.-based payment card networks, four largest U.S. bank payment card portfolios, and the two hybrid network/issuers.
  • Gross Dollar Volume
    Part 07 - Four Largest U.S. Credit/Charge Card Issuers U.S. Purchase Dollar Volume
    Part 08 - Four Largest U.S. Credit/Charge Card Issuers U.S. End-of-Period Outstandings
    Part 09 - Four Largest U.S. Credit/Charge Card Issuers U.S.

KBRA Releases Research – Coronavirus (COVID-19): KBRA’s Corporate Credit Playbook

Thursday, March 19, 2020 - 1:56pm

Kroll Bond Rating Agency (KBRA) releases research which examines the coronavirus (COVID-19) impact on corporate credit.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) releases research which examines the coronavirus (COVID-19) impact on corporate credit.
  • The pandemic has severely impacted the global economy and financial risk profile of many corporate debt issuers.
  • KBRA believes the slowdown in economic activity will translate into the lowest growth in global GDP in over 30 years, as world economies deal with shuttered businesses and regional quarantines.
  • The impact of these aggressive population isolation strategies will be widespread, and many companies could experience financial distress.

AM Best Revises Issuer Credit Rating Outlook to Positive for The Farmers Fire Insurance Company

Wednesday, March 18, 2020 - 8:48pm

AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of bbb of The Farmers Fire Insurance Company (Farmers) (York, PA).

Key Points: 
  • AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Rating (Long-Term ICR) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICR of bbb of The Farmers Fire Insurance Company (Farmers) (York, PA).
  • The revision in the Long-Term ICR outlook to positive reflects improved operating performance in recent years driven by managements underwriting initiatives that have stabilized results.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Bests Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.