Showing posts with label Moody's. Show all posts
Showing posts with label Moody's. Show all posts
Thursday, March 16, 2023
Saturday, October 29, 2016
Rating Action: Moody's Affirms Aa3 LOC-backed Adventist Healthcare, Inc. MD's Variable Rate Revenue Bonds, Series 2005A
Global Credit Research - 25 Oct 2016
New York, October 25, 2016 -- Moody's Investors Service has affirmed the Aa3 long-term joint support letter of credit-backed rating of Maryland Health & Higher Educational Facilities Authority, Revenue Bonds (Adventist HealthCare, Inc. Project), Series 2005A (the Bonds). The short-term VMIG 1 rating assigned to the Bonds remains unchanged.
RATINGS RATIONALE
Moody's review of the long-term joint default analysis (JDA) rating of the Bonds resulted from Moody's downgrade of Adventist HealthCare, Inc.'s (AHC) rating to Baa3 from Baa2 on October 17, 2016. For more information on that rating action please see the rating update report published on such date.
The Bonds are supported by an irrevocable direct pay letter of credit provided by MUFG Union Bank, N.A. (the Bank). The long-term rating of the Bonds continues to be based on JDA, which reflects Moody's approach to rating jointly supported transactions. The JDA rating is based on (a) the long-term Counterparty Risk Assessment (CR Assessment) of the Bank as provider of the letter of credit, (b) the underlying rating of the Bonds, and (c) the structure and legal protections of the transaction which provide for timely debt service payments to investors.
Factors that Could Lead to an Upgrade
-Moody's upgrades the long-term CR Assessment of the Bank or the long-term underlying rating of the Bonds.
-The short-term rating upgrade is not applicable.
Factors that Could Lead to a Downgrade
-Moody's downgrades the long-term CR Assessment of the Bank or the long-term underlying rating of the Bonds.
-Moody's assessment of the default dependence between the Bank and AHC increases.
-Moody's downgrades the short-term CR Assessment of the Bank.
METHODOLOGY
The principal methodology used in this rating was Rating Transactions Based on the Credit Substitution Approach: Letter of Credit backed, Insured and Guaranteed Debts published in December 2015. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.
Randy Matlosz
Analyst
Public Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Joann Hempel
VP - Senior Credit Officer
Public Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Adventist HealthCare, Inc., MD
Saturday, March 08, 2014
MASTER OF ARTS IN SPIRITUAL FORMATION AND DISCIPLESHIP
The 60-credit-hour Master of Arts in Spiritual Formation and Discipleship degree shapes you to counsel others effectively in various servant leadership roles. Designed for the university or Bible college graduate, this program will foster your own spiritual growth so that God may work through you to meet the spiritual needs of others.
Practice spiritual disciplines, and learn to shepherd, exhort, and guide God's people. Through a foundation of Bible, systematic theology, and spiritual formation courses, you'll be prepared to diagnose the spiritual condition of others and engage in soul care and discipleship.
Degree Distinctives
- Experience personal transformation through the Word of God.
- Develop spiritual disciplines and grow in sanctification.
- Prepare to carefully assess and address the spiritual condition of others.
- Articulate biblical perspectives and explain the essentials of the Christian faith.
- Gain understanding of spiritual warfare and world religions.
- Learn to lean on the Holy Spirit as you relate to others and compassionately minister to their needs.
- Develop field experience under guided supervision through an internship (three credit hours).
- Shepherd, exhort and guide God's people to spiritual maturity.
This Degree Available at:
MTS Chicago
MTS - Michigan
Source
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Thursday, June 21, 2012
Moody's downgrades 15 major banks
21 June 2012 Last updated at 18:12 ET
Citigroup and HSBC were among the banks downgraded
The credit ratings agency Moody's has downgraded 15 banks and financial institutions.
UK banks downgraded include Royal Bank of Scotland, Barclays and HSBC.
In the US, Bank of America, Citigroup, Goldman Sachs and JP Morgan are among those marked down.
BBC business editor Robert Peston reported on Tuesday that the downgrades were coming and said that banks were concerned as it may make it harder for them to borrow money commercially.
"All of the banks affected by today's actions have significant exposure to the volatility and risk of outsized losses inherent to capital markets activities," Moody's global banking managing director Greg Bauer said in the agency's statement.
The other institutions that have been downgraded are Credit Suisse, UBS, BNP Paribas, Credit Agricole, Societe Generale, Deutsche Bank, Royal Bank of Canada and Morgan Stanley.
Moody's said it recognised, "the clear intent of governments around the world to reduce support for creditors", but added that they had not yet put the frameworks in place that would allow them to let banks fail.
Some of the banks were put on negative outlook, which is a warning that they could be downgraded again later, on the basis that governments may eventually manage to withdraw their support.
The most interesting thing about the Moody's analysis is that it, in effect, creates three new categories of global banks, the banking equivalent of the Premier League, the Championship and League One”
Robert Peston
Business editor
In a statement, RBS responded to its downgrade saying: "The group disagrees with Moody's ratings change which the group feels is backward-looking and does not give adequate credit for the substantial improvements the group has made to its balance sheet, funding and risk profile."
The BBC's Scotland business editor Douglas Fraser tweeted: "Cost of RBS downgrade by Moody's: having to post an estimated extra £9bn in collateral for its debts."
Of the banks downgraded, four were cut by one notch on Moody's ranking scale, 10 by two notches and one, Credit Suisse, by three notches.
"The biggest surprise is the three-notch downgrade of Credit Suisse, which no one was looking for," said Mark Grant, managing director of Southwest Securities.
Tuesday, April 13, 2010
No room for error on U.S. debt
By Colin Barr, senior writer
March 16, 2010: 6:06 AM ET
NEW YORK (Fortune) -- The United States isn't in jeopardy of losing its gold-plated credit rating, though by one measure America is closer to the ratings-downgrade danger zone than Spain.
That's according to credit rating agency Moody's. In a quarterly report about sovereign debt, Moody's analysts wrote that despite market worries about rising government debt levels, there is "no imminent rating pressure" for the United States and other big governments carrying its highest triple-A rating.
But the report added that these governments' margin for error "has in all cases substantially diminished," thanks to a weak outlook for economic growth and enormous debt loads taken on to quell the financial meltdown of 2008-2009.
Cutting back on public spending too soon risks a double-dip recession, Moody's said, while leaving stimulus measures in place too long could lead to a sharp rise in interest rates "with more abrupt rating consequences a possibility."
What's more, governments that wish to avoid credit downgrades may need to implement harsh and potentially unpopular policies. The Moody's analysts, led by London-based managing director Pierre Cailleteau, wrote that "preserving debt affordability ... will invariably require fiscal adjustments of a magnitude that, in some cases, will test social cohesion."
Nor can big developed countries expect to export their way to health on the back of booms in emerging markets such as India and China. "Demand from the emerging world undoubtedly provides some support, but cannot on its own compensate for weak domestic demand," Moody's said.
In the case of the United States, interest payments on general government debt -- combining the federal government with the states -- could rise above 10% of revenue by 2013, according to the report.
That's the level at which the rating agency typically considers a downgrade. Moody's said debt affordability is the key factor to consider in ratings decisions, because debt costs are apt to constrain policymakers.
The report notes that U.S. debt service costs could rise from around 7% in 2009 to 11% in 2013 under Moody's baseline scenario, which calls for a muted economic recovery and a moderate interest-rate shock.
In this forecast, Moody's analysts expect the yield on the five-year Treasury to be above 4% by 2012, a level it hasn't reached since the end of 2007. It was around 2.4% Monday.
U.S. debt service costs are higher in 2013 under the Moody's assumptions than in any of the other major triple-A-rated governments -- the United Kingdom, Germany, France and Spain.
Moody's cautioned that debt service costs alone don't drive the decision, and noted the key role of politics in driving longer-term fiscal policies. The analysts said it would only downgrade a triple-A government's debt if analysts "concluded that the government was unable and/or unwilling to quickly reverse the deterioration it has incurred."
Accordingly, Spain continues to carry Moody's highest rating in spite of its inclusion in a Wall Street epithet for fiscally challenged countries around Europe's periphery, the PIIGS (Portugal, Italy, Ireland, Greece, Spain). Spanish government finances have been hammered by the collapse of a major housing bubble and unemployment is near 20%.
The rating agency acknowledged that "Spain's debt affordability has already deteriorated significantly and is expected to deteriorate further," to a level near the point at which Moody's might consider a downgrade to double-A.
But it said Spanish deficit-reduction plans are "already reasonably well formulated" and the ratings firm doesn't expect to downgrade Spain's debt.
NEW YORK (Fortune) -- The United States isn't in jeopardy of losing its gold-plated credit rating, though by one measure America is closer to the ratings-downgrade danger zone than Spain.
That's according to credit rating agency Moody's. In a quarterly report about sovereign debt, Moody's analysts wrote that despite market worries about rising government debt levels, there is "no imminent rating pressure" for the United States and other big governments carrying its highest triple-A rating.
But the report added that these governments' margin for error "has in all cases substantially diminished," thanks to a weak outlook for economic growth and enormous debt loads taken on to quell the financial meltdown of 2008-2009.
Cutting back on public spending too soon risks a double-dip recession, Moody's said, while leaving stimulus measures in place too long could lead to a sharp rise in interest rates "with more abrupt rating consequences a possibility."
What's more, governments that wish to avoid credit downgrades may need to implement harsh and potentially unpopular policies. The Moody's analysts, led by London-based managing director Pierre Cailleteau, wrote that "preserving debt affordability ... will invariably require fiscal adjustments of a magnitude that, in some cases, will test social cohesion."
Nor can big developed countries expect to export their way to health on the back of booms in emerging markets such as India and China. "Demand from the emerging world undoubtedly provides some support, but cannot on its own compensate for weak domestic demand," Moody's said.
In the case of the United States, interest payments on general government debt -- combining the federal government with the states -- could rise above 10% of revenue by 2013, according to the report.
That's the level at which the rating agency typically considers a downgrade. Moody's said debt affordability is the key factor to consider in ratings decisions, because debt costs are apt to constrain policymakers.
The report notes that U.S. debt service costs could rise from around 7% in 2009 to 11% in 2013 under Moody's baseline scenario, which calls for a muted economic recovery and a moderate interest-rate shock.
In this forecast, Moody's analysts expect the yield on the five-year Treasury to be above 4% by 2012, a level it hasn't reached since the end of 2007. It was around 2.4% Monday.
U.S. debt service costs are higher in 2013 under the Moody's assumptions than in any of the other major triple-A-rated governments -- the United Kingdom, Germany, France and Spain.
Moody's cautioned that debt service costs alone don't drive the decision, and noted the key role of politics in driving longer-term fiscal policies. The analysts said it would only downgrade a triple-A government's debt if analysts "concluded that the government was unable and/or unwilling to quickly reverse the deterioration it has incurred."
Accordingly, Spain continues to carry Moody's highest rating in spite of its inclusion in a Wall Street epithet for fiscally challenged countries around Europe's periphery, the PIIGS (Portugal, Italy, Ireland, Greece, Spain). Spanish government finances have been hammered by the collapse of a major housing bubble and unemployment is near 20%.
The rating agency acknowledged that "Spain's debt affordability has already deteriorated significantly and is expected to deteriorate further," to a level near the point at which Moody's might consider a downgrade to double-A.
But it said Spanish deficit-reduction plans are "already reasonably well formulated" and the ratings firm doesn't expect to downgrade Spain's debt.
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