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Moody's Rating
Definitions |
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Moody's Short-Term
Ratings |
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Moody's short-term ratings are opinions of the ability of issuers to
honor senior financial obligations and contracts. Such obligations
generally have an original maturity not exceeding one year, unless
explicitly noted. |
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Moody's employs the following designations, all judged to
be investment grade, to indicate the relative repayment ability of
rated issuers: |
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Prime-1 |
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Issuers rated Prime-1 (or supporting institutions) have
a superior ability for repayment of senior short-term
debt obligations. Pirme-1 repayment ability will often
be evidenced by many of the following characteristics: |
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Leading market positions in well-established industries. |
High rates of return on funds employed. |
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Conservative capitalization structure with moderate reliance on
debt and ample asset protection. |
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Broad margins in earnings coverage of fixed financial charges and
high internal cash generation. |
Well-established access to a range of financial markets and assured
sources of alternate liquidity. |
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Prime-2 |
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Issuers (or supporting institutions) rated Prime-2 have
a strong ability to repay senior short-term debt
obligations. |
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Prime-3 |
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Issuers (supporting institutions) rated Prime-3 have an
acceptable ability for repayment of senior short-term
obligations. The effect of industry characteristics and
market compositions may be more pronounced. Variability
in earnings and profitability may result in changes in
the level of debt-protection measurements and may
require relatively high financial leverage. Adequate
alternate liquidity is maintained. |
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Not Prime |
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Issuers rated Not Prime do not fall within any of the
Prime rating categories. |
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Speculative Grade Liquidity Ratings |
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Moody's Speculative Grade Liquidity ratings are opinions
of an issuer's relative ability to generate cash from internal
resources and the availability of external sources of committed
financing, in relation to its cash obligations over the coming 12
months. Speculative Grade Liquidity ratings will consider the
likelihood that committed sources of financing will remain
available. Other forms of liquidity support will be evaluated and
consideration will be given to the likelihood that these sources
will be available during the coming 12 months. Speculative Grade
Liquidity ratings are assigned to speculative grade issuers that are
by definition Not-Prime issuers. |
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SGL-1 |
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Issuers rated SGL-1 possess very good liquidity. They
are most likely to have the capacity to meet their
obligations over the coming 12 months through internal
resources without relying on external sources of
committed financing. |
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This will normally be evidenced by many of the
characteristics cited above, but to a lesser degree.
Earnings trends and coverage ratios, while sound, may be
more subject to variation. Capitalization
characteristics, while still appropriate, may be more
affected by external conditions. Ample alternate
liquidity is maintained. |
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SGL-2 |
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Issuers rated SGL-2 possess good liquidity. They are
likely to meet their obligations over the coming 12
months through internal resources but may rely on
external sources of committed financing. The issuer's
ability to access committed sources of financing is
highly likely based on Moody's evaluation of near-term
covenant compliance. |
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SGL-3 |
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Issuers rated SGL-3 possess adequate liquidity. They are
expected to rely on external sources of committed
financing. Based on Moody's evaluation of near-term
covenant compliance, there is only a modest cushion, and
the issuer may require covenant relief in order to
maintain orderly access to funding lines. |
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SGL-4 |
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Issuers rated SGL-4 possess weak liquidity, they rely on
external sources of financing and the availability of
that financing is in Moody's opinion, highly uncertain. |
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Highlights |
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Contact Securitization Company - 7th...
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MERIS (Middle East Ratings & Investors Service) Affirms the National Scale Ratings (NSR) to the Seventh Multiple-Tranches Asset-Backed Securitization Bond...
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More..
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Contact Securitization Company - 6th...
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MERIS (Middle East Rating & Investors Service) Affirms The National Scale Ratings (NSR) to the 6th Multiple-Tranche Asset-Backed Securitization Bond...
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More..
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Structured Finance Presentation |
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A structured finance security is a security backed by a pool of assets (underlying assets) such as real estate, trade receivables, marketable ... |
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More.. |
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Financial markets should be
efficient and fair to all market
participants. Credit rating agencies
play an important information role
in these markets. Moody’s Investors
Service (“Moody’s”) provides
opinions in the form of credit
ratings and related ... |
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More.. |
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