Full-Year 2024 U.S. Corporate Rating Actions Tracker
Jan 22, 2025 -… Household durables CCC/Negative CCC+/Negative 501 to 750 12/13/2024 Empire Today LLC Distributors CCC+/Negative SD/-- 1,001 to 1,250 12/13/2024 Hudson River Trading LLC Capital markets BB/Stable BB-/Positive Top 250 12/11/2024 Amer Sports Company Leisure products BB/Watch Pos BB/Stable 751 to 1,000 12/11/2024 Altice France S.A. Diversified telecommunication services CCC/Developing CCC+/Developing Top 250 12/11/2024 Empire Today LLC Distributors SD/-- CCC/Negative 1,001 to 1,250 12/11/2024 Twilio Inc. …
Credit FAQ: Potential Global Linear TV Network Spinoffs Face Significant Challenges Amid Secular Declines And Dis-Synergies
Jan 22, 2025 -… Breadth and depth within key markets: It's not just the number of markets in which the Cable SpinCo operates that's important in our assessment, but also we consider the audience viewing market share in key markets including the largest advertising markets (i.e., U.S., U.K., Germany, France, Brazil, Canada, Australia, and India). Viewing market share is important because it provides companies some strength in negotiating both carriage agreements with distributors and attracting key advertisers who want to reach the largest and broadest audiences. …
Weekly European CLO Update
Jan 22, 2025 -… EUR300 mil 3.125% callable nts due 01/01/2028 2 3,500,000.00 2(75%) 4(40%) Jan 17, 2025 AIR FRANCE-KLM S.A. EUR750 mil 1.875% nts due 01/16/2025 1 1,200,000.00 NR 3(65%) Jan 17, 2025 UFC HOLDINGS LLC US$3.047 bil fltg rate first lien term B-3 bank ln due 04/29/2026 1 898,733.83 NR 2(70%) Jan 16, 2025 ALTICE FINANCING S.A. …
Issuer Ranking: EMEA Utilities Issuers Ranked Strongest To Weakest
Jan 22, 2025 -… BBB+ Stable bbb+ Strong Significant Low Medial Comparable rating analysis (+1) Dascoli, Andres Vattenfall AB* BBB+ Stable bbb Strong Intermediate Very low Standard Financial policy (-1) Annas, Daniel AB Ignitis Group* BBB+ Stable bbb Satisfactory Intermediate Intermediate Medial Gottliebova, Renata Fortum Oyj* BBB+ Stable bbb Satisfactory Intermediate Very low Standard Comparable rating analysis (+1) Karlsson, Per Edison SpA BBB Positive bbb+ Satisfactory Modest Intermediate Standard Annas, Daniel Electricite de France S.A.* BBB Positive bb- Satisfactory Aggressive Low Standard Comparable rating analysis (-1) Dubois-Pelerin, Emmanuel Endesa S.A. …
Instant Insights: Key Takeaways From Our Research
Jan 21, 2025 -… Outlook 2025: Credit Stability Amid Market Turbulence 12/06/2024 Public finance Canada 75 Subnational Government Outlook 2025: Canadian LRG Revenues Will Play Catchup To Meet Higher Operating Costs And Stabilize Debt Growth 01/16/2025 Public finance China 76 China's Upper-Tier Local Governments Are Not Immune From Debt Buildup At Lower-Tiers 01/16/2025 Public finance Developed markets 77 Subnational Government Outlook 2025: Developed Markets: Regional Differences Intensify 01/16/2025 Public finance Emerging markets 78 Subnational Government Outlook 2025: Emerging Markets: Borrowing Will Rise On Funding Needs And Capex 01/16/2025 Public finance France 79 France Brief: New Finance Law Shouldn't Significantly Affect LRG Ratings 01/06/2025 Public finance Germany 80 Subnational Government Outlook 2025: Germany: Weak Growth Will Maintain Budgetary Pressure And Require New Borrowing 01/16/2025 Public finance Global 81 Subnational Government Outlook 2025: Anticipating A Year Of Change 01/16/2025 Public finance Global 82 Subnational Government Outlook 2025: Borrowings Are Still On The Rise 01/16/2025 Public finance Global 83 Subnational Government Outlook 2025: Capital Expenditure Shows Signs Of Slowing 01/16/2025 Public finance Global 84 Non-U.S. …
Insurance Industry And Country Risk Assessment Update: January 2025
Jan 20, 2025 -… Table 1 Property/Casualty Insurance Industry And Country Risk Assessments On Jan. 20, 2025 Country risk Industry risk IICRA Argentina Very high High Very high Australia Very low Low Low Austria Low Low Low Azerbaijan High Moderately high High Belgium Low Moderately low Intermediate Brazil Moderately high Moderately low Moderately high Canada Very low Moderately low Low China Moderately high Moderately low Intermediate* Colombia Moderately high Moderately high Moderately high Czech Republic Intermediate Moderately low Intermediate Denmark Very low Low Low Finland Very low Low Low France Low Moderately low Intermediate Germany Very low Moderately low Low Hong Kong Low Moderately low Low* Ireland Low Moderately high Intermediate Israel Intermediate Moderately low Intermediate Italy Intermediate Low Intermediate Japan Low Moderately high Intermediate Jordan Moderately high Moderately high Moderately high Kazakhstan High Moderately low Moderately high* Kenya High High High Korea Low Moderately low Intermediate Kuwait Moderately high Moderately low Intermediate* Malaysia Intermediate Moderately low Intermediate Mexico Moderately high Moderately low Intermediate* Netherlands Very low Moderately low Low New Zealand Low Moderately low Intermediate Norway Very low Low Low Poland Moderately high Moderately low Moderately high Portugal Intermediate Moderately low Intermediate Qatar Intermediate Low Intermediate Saudi Arabia Moderately high Moderately low Intermediate* Singapore Very low Low Low Slovenia Intermediate Moderately low Intermediate South Africa Moderately high Moderately low Moderately high Spain Intermediate Low Low* Sweden Very low Low Low Switzerland Very low Low Very low* Taiwan Intermediate Low Intermediate Thailand Moderately high Moderately low Intermediate* Turkey High Moderately high High United Arab Emirates Intermediate Low Intermediate U.K. ...Table 2 Life Insurance Industry And Country Risk Assessments On Jan. 20, 2025 Country risk Industry risk IICRA Australia Very low Moderately low Low Austria Low Moderately high Intermediate Belgium Low Moderately high Intermediate Brazil Moderately high Low Intermediate Canada Very low Moderately low Very low* China Moderately high Moderately low Intermediate* Colombia Moderately high Moderately low Moderately high Czech Republic Intermediate Moderately Low Intermediate Denmark Very low Moderately high Intermediate Finland Very low Moderately high Intermediate France Low Moderately low Low* Germany Very low Moderately high Intermediate Hong Kong Low Low Low Israel Intermediate Moderately low Intermediate Italy Intermediate Moderately low Intermediate Japan Low Moderately low Intermediate Kazakhstan High Moderately low Moderately high* Korea Low Moderately high Intermediate Malaysia Intermediate Low Intermediate Mexico Moderately high Low Intermediate Netherlands Very low Moderately high Intermediate New Zealand Low Low Low Norway Very low Moderately high Intermediate Poland Moderately high Moderately high Moderately high Portugal Intermediate Moderately low Intermediate Singapore Very low Low Low Slovenia Intermediate Moderately low Intermediate South Africa Moderately high Moderately low Moderately high Spain Intermediate Low Intermediate Sweden Very low Moderately high Intermediate Switzerland Very low Moderately low Low Taiwan Intermediate Moderately high Moderately high Thailand Moderately high Moderately low Intermediate* U.K. …
Default, Transition, and Recovery: Europe And The U.S. Undermine 2024 Drop In Global Corporate Defaults
Jan 17, 2025 -… Telecommunications SD CC Distressed exchange Mar. 29, 2024 La Financiere Atalian SAS France Consumer products D CC Distressed exchange Apr. 1, 2024 Wom S.A. ...Consumer products SD CCC- Distressed exchange Jul. 26, 2024 Atos SE France High technology SD CCC- Missed payments Jul. 29, 2024 Quincy Health LLC U.S. …
Stablecoin Stability Assessment: EURC
Jan 17, 2025 -… Issued by Circle Internet Financial Europe SAS (Circle France), EURC is redeemable for euros 1:1. Download…
Credit FAQ: G7 Bond Market Developments With A Spotlight On Gilts
Jan 16, 2025 -… Moreover, rapidly narrowing corporate profit margins in Germany and France also suggest lower pricing power in the corporate sector (though at the same time mortgage demand in Europe is on the rise) and hence downward pressure on inflation. ...For example, amid elevated inflation in 2022, HMT paid 4.3% of GDP on interest payments alone versus 2.5% in the U.S., 1.9% in France, and 4.1% in Italy. As inflation eased in 2023 and 2024, the U.K.'...This is a considerably faster pass-through than in eurozone sovereigns, such as France with 0.1-0.2 ppts. What Implications Do Higher Rates Have For Other G7 Governments' Fiscal Plans? …
EMEA ABS And RMBS Counterparty Monitor Q4 2024
Jan 15, 2025 -… . - BNP Paribas Bank account provider Cars Alliance Auto Leases France V 2023-1 - BNP Paribas Derivative Dowson 2022-1 PLC - BNP Paribas Derivative Dowson 2022-2 PLC - BNP Paribas Derivative Dowson 2024-1 PLC - BNP Paribas Derivative Finance Ireland Auto Receivables No. 1 DAC - BNP Paribas Bank account provider HVL Bolzano 2 S.r.l. - BNP Paribas Bank account provider KOROMO S.A., Compartment 3 - BNP Paribas Bank account provider MASTER CREDIT CARDS PASS COMPARTMENT FRANCE - BNP Paribas Bank account provider Pixel 2021 - BNP Paribas Derivative Pixel 2021 - BNP Paribas Nonderivative Pixel 2021 - BNP Paribas Bank account provider RevoCar 2019-2 UG (haftungsbeschrankt) 2019-2 BNP Paribas Bank account provider SCF Rahoituspalvelut IX DAC - BNP Paribas Bank account provider SCF Rahoituspalvelut X DAC - BNP Paribas Bank account provider TitriSocram 2024 - BNP Paribas Leasing Solutions Derivative Pixel 2021 - BNP Paribas Leasing Solutions Nonderivative Pixel 2021 - BNP Paribas S.A. ...Thetis Finance No. 2 Credit Agricole Corporate and Investment Bank Derivative Asset-Backed European Securitisation Transaction Twenty-Two Srl - Credit Agricole Corporate and Investment Bank Derivative Cars Alliance Auto Leases France V 2023-1 - Credit Agricole Corporate and Investment Bank Derivative Driver UK Master S.A., Compartment 6 - Credit Agricole Corporate and Investment Bank Derivative MASTER CREDIT CARDS PASS COMPARTMENT FRANCE - Credit Agricole Corporate and Investment Bank Derivative Posillipo Finance II S.r.l. 2007-1 Credit Agricole Corporate and Investment Bank Derivative Private Driver Italia 2024-1 S.r.l - Credit Agricole Corporate and Investment Bank Derivative ROOF AT S.A. Compartment 2021 Credit Agricole Corporate and Investment Bank Derivative VCL Master Residual Value S.A., Compartment 2 - Credit Industriel et Commercial Bank account provider Cars Alliance Auto Leases France V 2023-1 - Credit Suisse International Derivative Posillipo Finance II S.r.l. 2007-1 CreditPlus Bank Derivative Retail Automotive CP Germany 2021 UG - CreditPlus Bank Nonderivative Retail Automotive CP Germany 2021 UG - Deutsche Bank AG Bank account provider VCL Multi-Compartment S.A., Compartment VCL 42 - DIAC S.A. …
Full-Year 2024 U.S. Corporate Rating Actions Tracker
Jan 22, 2025 -… Household durables CCC/Negative CCC+/Negative 501 to 750 12/13/2024 Empire Today LLC Distributors CCC+/Negative SD/-- 1,001 to 1,250 12/13/2024 Hudson River Trading LLC Capital markets BB/Stable BB-/Positive Top 250 12/11/2024 Amer Sports Company Leisure products BB/Watch Pos BB/Stable 751 to 1,000 12/11/2024 Altice France S.A. Diversified telecommunication services CCC/Developing CCC+/Developing Top 250 12/11/2024 Empire Today LLC Distributors SD/-- CCC/Negative 1,001 to 1,250 12/11/2024 Twilio Inc. …
Credit FAQ: Potential Global Linear TV Network Spinoffs Face Significant Challenges Amid Secular Declines And Dis-Synergies
Jan 22, 2025 -… Breadth and depth within key markets: It's not just the number of markets in which the Cable SpinCo operates that's important in our assessment, but also we consider the audience viewing market share in key markets including the largest advertising markets (i.e., U.S., U.K., Germany, France, Brazil, Canada, Australia, and India). Viewing market share is important because it provides companies some strength in negotiating both carriage agreements with distributors and attracting key advertisers who want to reach the largest and broadest audiences. …
Weekly European CLO Update
Jan 22, 2025 -… EUR300 mil 3.125% callable nts due 01/01/2028 2 3,500,000.00 2(75%) 4(40%) Jan 17, 2025 AIR FRANCE-KLM S.A. EUR750 mil 1.875% nts due 01/16/2025 1 1,200,000.00 NR 3(65%) Jan 17, 2025 UFC HOLDINGS LLC US$3.047 bil fltg rate first lien term B-3 bank ln due 04/29/2026 1 898,733.83 NR 2(70%) Jan 16, 2025 ALTICE FINANCING S.A. …
Issuer Ranking: EMEA Utilities Issuers Ranked Strongest To Weakest
Jan 22, 2025 -… BBB+ Stable bbb+ Strong Significant Low Medial Comparable rating analysis (+1) Dascoli, Andres Vattenfall AB* BBB+ Stable bbb Strong Intermediate Very low Standard Financial policy (-1) Annas, Daniel AB Ignitis Group* BBB+ Stable bbb Satisfactory Intermediate Intermediate Medial Gottliebova, Renata Fortum Oyj* BBB+ Stable bbb Satisfactory Intermediate Very low Standard Comparable rating analysis (+1) Karlsson, Per Edison SpA BBB Positive bbb+ Satisfactory Modest Intermediate Standard Annas, Daniel Electricite de France S.A.* BBB Positive bb- Satisfactory Aggressive Low Standard Comparable rating analysis (-1) Dubois-Pelerin, Emmanuel Endesa S.A. …
Instant Insights: Key Takeaways From Our Research
Jan 21, 2025 -… Outlook 2025: Credit Stability Amid Market Turbulence 12/06/2024 Public finance Canada 75 Subnational Government Outlook 2025: Canadian LRG Revenues Will Play Catchup To Meet Higher Operating Costs And Stabilize Debt Growth 01/16/2025 Public finance China 76 China's Upper-Tier Local Governments Are Not Immune From Debt Buildup At Lower-Tiers 01/16/2025 Public finance Developed markets 77 Subnational Government Outlook 2025: Developed Markets: Regional Differences Intensify 01/16/2025 Public finance Emerging markets 78 Subnational Government Outlook 2025: Emerging Markets: Borrowing Will Rise On Funding Needs And Capex 01/16/2025 Public finance France 79 France Brief: New Finance Law Shouldn't Significantly Affect LRG Ratings 01/06/2025 Public finance Germany 80 Subnational Government Outlook 2025: Germany: Weak Growth Will Maintain Budgetary Pressure And Require New Borrowing 01/16/2025 Public finance Global 81 Subnational Government Outlook 2025: Anticipating A Year Of Change 01/16/2025 Public finance Global 82 Subnational Government Outlook 2025: Borrowings Are Still On The Rise 01/16/2025 Public finance Global 83 Subnational Government Outlook 2025: Capital Expenditure Shows Signs Of Slowing 01/16/2025 Public finance Global 84 Non-U.S. …
Insurance Industry And Country Risk Assessment Update: January 2025
Jan 20, 2025 -… Table 1 Property/Casualty Insurance Industry And Country Risk Assessments On Jan. 20, 2025 Country risk Industry risk IICRA Argentina Very high High Very high Australia Very low Low Low Austria Low Low Low Azerbaijan High Moderately high High Belgium Low Moderately low Intermediate Brazil Moderately high Moderately low Moderately high Canada Very low Moderately low Low China Moderately high Moderately low Intermediate* Colombia Moderately high Moderately high Moderately high Czech Republic Intermediate Moderately low Intermediate Denmark Very low Low Low Finland Very low Low Low France Low Moderately low Intermediate Germany Very low Moderately low Low Hong Kong Low Moderately low Low* Ireland Low Moderately high Intermediate Israel Intermediate Moderately low Intermediate Italy Intermediate Low Intermediate Japan Low Moderately high Intermediate Jordan Moderately high Moderately high Moderately high Kazakhstan High Moderately low Moderately high* Kenya High High High Korea Low Moderately low Intermediate Kuwait Moderately high Moderately low Intermediate* Malaysia Intermediate Moderately low Intermediate Mexico Moderately high Moderately low Intermediate* Netherlands Very low Moderately low Low New Zealand Low Moderately low Intermediate Norway Very low Low Low Poland Moderately high Moderately low Moderately high Portugal Intermediate Moderately low Intermediate Qatar Intermediate Low Intermediate Saudi Arabia Moderately high Moderately low Intermediate* Singapore Very low Low Low Slovenia Intermediate Moderately low Intermediate South Africa Moderately high Moderately low Moderately high Spain Intermediate Low Low* Sweden Very low Low Low Switzerland Very low Low Very low* Taiwan Intermediate Low Intermediate Thailand Moderately high Moderately low Intermediate* Turkey High Moderately high High United Arab Emirates Intermediate Low Intermediate U.K. ...Table 2 Life Insurance Industry And Country Risk Assessments On Jan. 20, 2025 Country risk Industry risk IICRA Australia Very low Moderately low Low Austria Low Moderately high Intermediate Belgium Low Moderately high Intermediate Brazil Moderately high Low Intermediate Canada Very low Moderately low Very low* China Moderately high Moderately low Intermediate* Colombia Moderately high Moderately low Moderately high Czech Republic Intermediate Moderately Low Intermediate Denmark Very low Moderately high Intermediate Finland Very low Moderately high Intermediate France Low Moderately low Low* Germany Very low Moderately high Intermediate Hong Kong Low Low Low Israel Intermediate Moderately low Intermediate Italy Intermediate Moderately low Intermediate Japan Low Moderately low Intermediate Kazakhstan High Moderately low Moderately high* Korea Low Moderately high Intermediate Malaysia Intermediate Low Intermediate Mexico Moderately high Low Intermediate Netherlands Very low Moderately high Intermediate New Zealand Low Low Low Norway Very low Moderately high Intermediate Poland Moderately high Moderately high Moderately high Portugal Intermediate Moderately low Intermediate Singapore Very low Low Low Slovenia Intermediate Moderately low Intermediate South Africa Moderately high Moderately low Moderately high Spain Intermediate Low Intermediate Sweden Very low Moderately high Intermediate Switzerland Very low Moderately low Low Taiwan Intermediate Moderately high Moderately high Thailand Moderately high Moderately low Intermediate* U.K. …
Default, Transition, and Recovery: Europe And The U.S. Undermine 2024 Drop In Global Corporate Defaults
Jan 17, 2025 -… Telecommunications SD CC Distressed exchange Mar. 29, 2024 La Financiere Atalian SAS France Consumer products D CC Distressed exchange Apr. 1, 2024 Wom S.A. ...Consumer products SD CCC- Distressed exchange Jul. 26, 2024 Atos SE France High technology SD CCC- Missed payments Jul. 29, 2024 Quincy Health LLC U.S. …
Stablecoin Stability Assessment: EURC
Jan 17, 2025 -… Issued by Circle Internet Financial Europe SAS (Circle France), EURC is redeemable for euros 1:1. Download…
Credit FAQ: G7 Bond Market Developments With A Spotlight On Gilts
Jan 16, 2025 -… Moreover, rapidly narrowing corporate profit margins in Germany and France also suggest lower pricing power in the corporate sector (though at the same time mortgage demand in Europe is on the rise) and hence downward pressure on inflation. ...For example, amid elevated inflation in 2022, HMT paid 4.3% of GDP on interest payments alone versus 2.5% in the U.S., 1.9% in France, and 4.1% in Italy. As inflation eased in 2023 and 2024, the U.K.'...This is a considerably faster pass-through than in eurozone sovereigns, such as France with 0.1-0.2 ppts. What Implications Do Higher Rates Have For Other G7 Governments' Fiscal Plans? …
EMEA ABS And RMBS Counterparty Monitor Q4 2024
Jan 15, 2025 -… . - BNP Paribas Bank account provider Cars Alliance Auto Leases France V 2023-1 - BNP Paribas Derivative Dowson 2022-1 PLC - BNP Paribas Derivative Dowson 2022-2 PLC - BNP Paribas Derivative Dowson 2024-1 PLC - BNP Paribas Derivative Finance Ireland Auto Receivables No. 1 DAC - BNP Paribas Bank account provider HVL Bolzano 2 S.r.l. - BNP Paribas Bank account provider KOROMO S.A., Compartment 3 - BNP Paribas Bank account provider MASTER CREDIT CARDS PASS COMPARTMENT FRANCE - BNP Paribas Bank account provider Pixel 2021 - BNP Paribas Derivative Pixel 2021 - BNP Paribas Nonderivative Pixel 2021 - BNP Paribas Bank account provider RevoCar 2019-2 UG (haftungsbeschrankt) 2019-2 BNP Paribas Bank account provider SCF Rahoituspalvelut IX DAC - BNP Paribas Bank account provider SCF Rahoituspalvelut X DAC - BNP Paribas Bank account provider TitriSocram 2024 - BNP Paribas Leasing Solutions Derivative Pixel 2021 - BNP Paribas Leasing Solutions Nonderivative Pixel 2021 - BNP Paribas S.A. ...Thetis Finance No. 2 Credit Agricole Corporate and Investment Bank Derivative Asset-Backed European Securitisation Transaction Twenty-Two Srl - Credit Agricole Corporate and Investment Bank Derivative Cars Alliance Auto Leases France V 2023-1 - Credit Agricole Corporate and Investment Bank Derivative Driver UK Master S.A., Compartment 6 - Credit Agricole Corporate and Investment Bank Derivative MASTER CREDIT CARDS PASS COMPARTMENT FRANCE - Credit Agricole Corporate and Investment Bank Derivative Posillipo Finance II S.r.l. 2007-1 Credit Agricole Corporate and Investment Bank Derivative Private Driver Italia 2024-1 S.r.l - Credit Agricole Corporate and Investment Bank Derivative ROOF AT S.A. Compartment 2021 Credit Agricole Corporate and Investment Bank Derivative VCL Master Residual Value S.A., Compartment 2 - Credit Industriel et Commercial Bank account provider Cars Alliance Auto Leases France V 2023-1 - Credit Suisse International Derivative Posillipo Finance II S.r.l. 2007-1 CreditPlus Bank Derivative Retail Automotive CP Germany 2021 UG - CreditPlus Bank Nonderivative Retail Automotive CP Germany 2021 UG - Deutsche Bank AG Bank account provider VCL Multi-Compartment S.A., Compartment VCL 42 - DIAC S.A. …