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01 Sep 2010
The Canadian banking system outperformed most developed-country banking systems during the 2007-2009 credit crisis, but the expansion of their capital markets platforms, particularly outside Canada, is not without risk. The banks' performance, coupled with the oligopolistic structure of the Canadian system, has allowed them to maintain very high ratings. Nevertheless, the mature domestic market raises a strategic challenge with regards to growth, and the void left by the retrenchment of many global investment banks represents one avenue for growth and revenue diversification. For bank bondholders, this growth in capital markets activity creates a significant amount of incremental risk … Full Report | Press Release
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30 Aug 2010
Published each Monday morning, the WCO keeps you informed on all things related to the global credit markets -- including news & analysis, market review & outlook, key rating changes, research highlights, our economists' global macroeconomic views, financial outlooks from around the world, and the week's economic releases... Full Report
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27 Aug 2010
A second quarter increase in excess supply suggests that the U.S. housing market has a substantial number of unwanted homes and that the house price correction is not yet over. Also discussed: how senior bond holders of six Chevy Chase transactions benefit from a change in servicer, the correspondence between loan modifications and delinquency performance, the continuing stabilization of RMBS, and the U.S. Treasury’s new Hardest Hit Fund... Full Report
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26 Aug 2010
Our assessment of 440 bonds issued in the Americas and Europe from 2008 through June 2010 shows that those companies that used light covenants generally had sufficient cash and cash flow to allow them to negotiate relaxed loan covenants. European high-yield issuers were more likely to have a debt incurrence covenant than American issuers. Bonds that were rated B1 or below never use an investment-grade package in 2008 and rarely, did so in 2009 and 2010... Full Report l Press Release
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25 Aug 2010
Sales to business and government fleets have been key supports to U.S. vehicle sales this year, but these will flag in the coming months. With the economic recovery at risk of stalling, vehicle sales overall may falter. Also discussed: the rating volatility of auto loan ABS subordinate securities, the continued improvement of credit card performance as indicated by our indexes, the limited return of the monoline-guaranteed transactions, and assessing dilution risk in floorplan ABS… Full Report
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30 Aug 2010
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30 Aug 2010
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30 Aug 2010
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24 Aug 2010
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31 Aug 2010
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Since its creation in 2002, Moody's Accounting Specialist Group has worked alongside Moody's credit analysts to incorporate accounting, financial reporting and internal control practices more systematically into the credit rating process. The group publishes research comments on issues within its area of expertise which Moody’s believes impact rated issuers’ credit quality. The group also conducts training for Moody’s analysts on relevant financial reporting, accounting and internal control issues which impact ratings. The Accounting Specialist Group is part of broader initiative to bring specialized expertise to Moody’s credit rating process. Along with specialists in accounting, financial reporting and internal controls, Moody’s Enhanced Analytic Group also has specialists with expertise in corporate governance; risk management; and complex financial instruments.
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Since its creation in 2003, Moody's Corporate Governance Group has worked alongside Moody's credit analysts to incorporate governance more systematically into the credit rating process. The Group also focuses on analyst education on corporate governance, and periodically publishes special comments on particular governance issues.
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Bond investors have become increasingly concerned about event risk and the absence of meaningful covenant protections in bond indentures, which leaves them exposed to potential credit losses. Moody's Covenant Quality Assessment (CQA) service provides an informed opinion of Covenant Quality, helping you make better decisions and saving you time.
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This topic contains the latest information from Moody's on its assessments of the financial guarantors, including recent press releases, analysis, methodology, and ratings information on securities wrapped, or insured, by these guarantors.
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Moody’s bank rating methodology considers two important features of a bank’s credit risk: (i) its intrinsic, or stand-alone strength, and (2) the likelihood it will receive financial support from outside entities to avoid default.
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