Kroll Bond Rating Agency

KBRA Publishes Report for the Tower Hill Insurance Group of Companies

Retrieved on: 
Wednesday, June 24, 2020
Finance, Banking, Professional services, Other Professional Services, Insurance, Economy, Finance, Money, Types of insurance, Insurance industry, Insurance, Reinsurance, Kroll Bond Rating Agency, Sampo Group

On June 17, 2020, Kroll Bond Rating Agency (KBRA) assigned the following insurance financial strength ratings (IFSR) to the insurance subsidiaries of the Tower Hill Insurance Group (Tower Hill): A- to Tower Hill Prime Insurance Company (TH Prime); BBB+ to Tower Hill Preferred Insurance Company; and BBB+ to Tower Hill Signature Insurance Company (TH Signature).

Key Points: 
  • On June 17, 2020, Kroll Bond Rating Agency (KBRA) assigned the following insurance financial strength ratings (IFSR) to the insurance subsidiaries of the Tower Hill Insurance Group (Tower Hill): A- to Tower Hill Prime Insurance Company (TH Prime); BBB+ to Tower Hill Preferred Insurance Company; and BBB+ to Tower Hill Signature Insurance Company (TH Signature).
  • Tower Hill is a privately owned organization comprised of three Florida-domiciled direct writers, an affiliate offshore reinsurer, a managing general agency (MGA), and two claims services companies.
  • Tower Hill is one of Floridas largest residential property insurers with approximately 6% market share.
  • Tower Hills ratings reflect its well-integrated operating model, solid capitalization, sound catastrophe management, and broad distribution relationships across various channels.

KBRA Assigns Ratings to MidWestOne Financial Group, Inc.

Retrieved on: 
Wednesday, June 24, 2020
Banking, Other Professional Services, Professional services, Finance, Finance, Money, Economy, Credit, Kroll Bond Rating Agency, Structured finance, Bond credit rating, Unsecured debt, Credit rating agency, Subordinated debt, Tranche, Debt

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Iowa City, Iowa-based MidWestOne Financial Group, Inc. (NASDAQ: MOFG) (MidWestOne or the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Iowa City, Iowa-based MidWestOne Financial Group, Inc. (NASDAQ: MOFG) (MidWestOne or the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for its subsidiary, MidWestOne Bank.
  • KBRA positively views the diversification efforts in recent yearswith management effectively expanding its footprint, business lines, and loan book through M&A and team lift outs.
  • However, KBRA notes that earnings have benefited from a considerable amount of purchase accounting accretion income (contributing 37 bps to NIM in 2019).

KBRA Assigns Ratings to Olympic Bancorp, Inc.

Retrieved on: 
Monday, June 22, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Credit, Kroll Bond Rating Agency, Bond credit rating, Nationally recognized statistical rating organization, Credit rating agency, Unsecured debt, Credit rating, Subordinated debt, Debt

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Port Orchard, Washington based Olympic Bancorp, Inc. (OBI, Olympic or the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 for Port Orchard, Washington based Olympic Bancorp, Inc. (OBI, Olympic or the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 for Kitsap Bank, the lead subsidiary.
  • The companys ratings are constrained by a spread-reliant revenue stream with fee income sources generally contributing less than 20% of total revenues.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.

KBRA Assigns Ratings to Banner Corporation

Retrieved on: 
Monday, June 22, 2020
Consulting, Banking, Professional services, Finance, Finance, Money, Economy, Credit, Debt, Kroll Bond Rating Agency, Credit rating agency, Unsecured debt, Subordinated debt, Bond credit rating, Banner Bank, Subordination

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 for Walla Walla, Washington-based Banner Corporation (NASDAQ: BANR) (the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB+, a subordinated debt rating of BBB, and a short-term debt rating of K2 for Walla Walla, Washington-based Banner Corporation (NASDAQ: BANR) (the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of A-, a subordinated debt rating of BBB+, and short-term deposit and debt ratings of K2 for Banner Bank, the lead subsidiary.
  • The ratings are supported by BANRs highly experienced management team that executes a higher touch commercially oriented banking model over a reasonably broad geographic footprint.
  • KBRA continues to monitor the potential direct and indirect effects of the coronavirus on the banking sector, among others.

KBRA Releases Report Assigning AAA Rating with Stable Outlook to Texas Transportation Commission State of Texas General Obligation Mobility Fund Refunding Bonds, Series 2020

Retrieved on: 
Friday, June 19, 2020
Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Credit rating, Credit risk, Nationally recognized statistical rating organization, Kroll Bond Rating Agency, KBRA, Bond credit rating, Bond, General obligation bond

On June 18, 2020, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AAA with a Stable Outlook to Texas Transportation Commission State of Texas General Obligation Mobility Fund Refunding Bonds, Series 2020.

Key Points: 
  • On June 18, 2020, Kroll Bond Rating Agency (KBRA) assigned a long-term rating of AAA with a Stable Outlook to Texas Transportation Commission State of Texas General Obligation Mobility Fund Refunding Bonds, Series 2020.
  • Concurrently, KBRA affirmed the long-term rating of AAA and Stable Outlook on the Commissions State of Texas Highway Improvement General Obligation Bonds as well as the State of Texas General Obligation Bonds.
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.
  • 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 Europe Releases Research – ESG Policies to the Fore in Ireland’s New Programme for Government

Retrieved on: 
Thursday, June 18, 2020
Other Professional Services, Professional services, Insurance, Finance, Finance, Money, Economy, Credit rating agencies, Kroll Bond Rating Agency, Nationally recognized statistical rating organization, Bond credit rating, Prospectus, Shelf registration, Asset-backed security, Security

Environmental, Social and Governance (ESG) Considerations by Sector: Sovereigns

Key Points: 
  • Environmental, Social and Governance (ESG) Considerations by Sector: Sovereigns
    KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO.
  • In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus.
  • 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).
  • Kroll Bond Rating Agency Europe is located at 6-8 College Green, Dublin 2, Ireland.

KBRA Assigns Preliminary Ratings to New Residential Mortgage Loan Trust 2020-NQM2 (NRMLT 2020-NQM2)

Retrieved on: 
Wednesday, June 17, 2020
Banking, Finance, Finance, Money, Kroll Bond Rating Agency, Economy, RMBS, Mortgage servicer, Mortgage loan, Structured finance, Mortgage-backed security, United States housing bubble

Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to six classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2020-NQM2 (NRMLT 2020-NQM2), a $159.9 million non-prime RMBS transaction.

Key Points: 
  • Kroll Bond Rating Agency, Inc. (KBRA) assigns preliminary ratings to six classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2020-NQM2 (NRMLT 2020-NQM2), a $159.9 million non-prime RMBS transaction.
  • NRMLT 2020-NQM2 is sponsored by New Residential Investment Corp. (NYSE: NRZ).
  • All of the underlying mortgages (100.0% of the pool) were originated, directly or via correspondent, by NewRez LLC, a subsidiary of NRZ.
  • In addition, all loans will be serviced by NewRez LLC d/b/a Shellpoint Mortgage Servicing.

KBRA Assigns Issuer Rating of BBB to Cantor Fitzgerald, L.P.

Retrieved on: 
Wednesday, June 17, 2020
Banking, Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Kroll Bond Rating Agency, Bond credit rating, Standard & Poor's, KBRA, Bond, Cantor Fitzgerald

Kroll Bond Rating Agency (KBRA) assigns an issuer rating of BBB for New York, NY-based and privately held Cantor Fitzgerald, L.P. (Cantor or the firm).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns an issuer rating of BBB for New York, NY-based and privately held Cantor Fitzgerald, L.P. (Cantor or the firm).
  • KBRA evaluates the firms liquidity management policies and practices as a source of strength to the rating.
  • KBRA acknowledges that exposure to the cyclical real estate sector from its consolidation of KBRA BBB- rated Newmark Group (NASDAQ: NMRK) comprises a significant portion of revenues.
  • 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 Assigns Issuer Rating of BBB to BGC Partners, Inc.

Retrieved on: 
Wednesday, June 17, 2020
Professional services, Finance, Finance, Money, Economy, Credit rating agencies, Kroll Bond Rating Agency, Nationally recognized statistical rating organization, Bond credit rating, BGC Partners, CRA

Kroll Bond Rating Agency (KBRA) assigns an issuer rating of BBB for New York, NY-based BGC Partners, Inc. (NASDAQ: BGCP) (BGC or the company) The Outlook for the rating is Stable.

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns an issuer rating of BBB for New York, NY-based BGC Partners, Inc. (NASDAQ: BGCP) (BGC or the company) The Outlook for the rating is Stable.
  • Profitability, while reasonably stable, is low for the rating, owing to historically high compensation expense (cash and non-cash).
  • KBRA is a full-service credit rating agency registered as an NRSRO with the U.S. Securities and Exchange Commission.
  • 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 Assigns Ratings to FB Financial Corporation

Retrieved on: 
Wednesday, June 17, 2020
Consulting, Banking, Professional services, Finance, Finance, Money, Economy, Credit, Debt, Kroll Bond Rating Agency, Bond credit rating, Credit rating agency, Unsecured debt, Subordinated debt

Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 to Nashville, TN based FB Financial Corporation (NYSE: FBK) (FB Financial or the company).

Key Points: 
  • Kroll Bond Rating Agency (KBRA) assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 to Nashville, TN based FB Financial Corporation (NYSE: FBK) (FB Financial or the company).
  • In addition, KBRA assigns deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 to its subsidiary, FirstBank.
  • A conservative approach to capital management following its IPO in 2016, which has driven a TCE measure that recently tracked at +9%, is also additive to the ratings.
  • The ratings are also supported by a defensible position in key operating markets, including the sixth largest deposit market share in TN.