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MOODY'S CORPORATION (MCO)
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Rating Action: Moody's assigns definitive ratings to BCC Funding XIV LLC Notes

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02/22/2018 | 02:27pm CET

Moody's Investors Service (Moody's) has assigned definitive ratings to the notes issued by BCC Funding XIV LLC Series 2018-1 (BCC 2018-1).

This is Balboa Capital Corporation's (BCC) first transaction of the year. The notes are backed by a pool of small and mid-ticket equipment loans and leases primarily originated by BCC, who is also the servicer and administrator for the transaction.

The complete rating actions are as follows:

Issuer: BCC Funding XIV LLC, Series 2018-1

$140,447,000, 2.96%, Equipment Contract Backed Notes, Series 2018-1, Class A-2, Definitive Rating Assigned Aa2 (sf)

$20,376,000, 3.39%, Equipment Contract Backed Notes, Series 2018-1, Class B, Definitive Rating Assigned A1 (sf)

$11,745,000, 3.62%, Equipment Contract Backed Notes, Series 2018-1, Class C, Definitive Rating Assigned Baa2 (sf)

$13,442,000, 4.61%, Equipment Contract Backed Notes, Series 2018-1, Class D, Definitive Rating Assigned Ba2 (sf)

$6,934,000, 6.00%, Equipment Contract Backed Notes, Series 2018-1, Class E, Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The ratings are based on the quality of the underlying equipment contract pool and its expected performance, the strength of the capital structure, and the experience and expertise of BCC as the servicer.

Moody's median cumulative net loss expectation for the BCC 2018-1 collateral pool is 3.75%, 25 basis points higher than the initial net loss expectation for the 2016-1 pool. Moody's based its cumulative net loss expectation for the BCC 2018-1 transaction on its analysis of the credit quality of the underlying collateral; the historical performance of similar collateral originated by BCC, including securitization performance and managed portfolio performance, which has exhibited higher net loss realization in both the 2015 and 2016 vintages; the ability of BCC to perform the servicing functions; and its current expectations for the macroeconomic environment during the life of the transaction.

The Class A-2, Class B, Class C, Class D, and Class E notes benefit from 25.90%, 18.70%, 14.55%, 9.80%, and 7.35% of hard credit enhancement respectively. Hard credit enhancement available to support the notes consists of overcollateralization of 5.85%, a non-declining reserve account of 1.50%, and subordination. The notes may also benefit from excess spread.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was 'Moody's Approach to Rating ABS Backed by Equipment Leases and Loans' published in December 2015. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

Factors that would lead to an upgrade or downgrade of the ratings:

Up

Moody's could upgrade the ratings on the notes if levels of credit protection are greater than necessary to protect investors against current expectations of loss. Moody's updated expectations of loss may be better than its original expectations because of lower frequency of default by the underlying obligors or appreciation in the value of the equipment that secure the obligor's promise of payment. As the primary drivers of performance, positive changes in the US macro economy and the performance of various sectors where the lessees operate could also affect the ratings.

Down

Moody's could downgrade the ratings of the notes if levels of credit protection are insufficient to protect investors against current expectations of loss. Moody's updated expectations of loss may be worse than its original expectations because of higher frequency of default by the underlying obligors of the contracts or a greater than expected deterioration in the value of the equipment that secure the obligor's promise of payment. As the primary drivers of performance, negative changes in the US macro economy could also affect Moody's ratings. Other reasons for worse performance than Moody's expectations could include poor servicing, error on the part of transaction parties, lack of transactional governance and fraud.

Additional research including a pre-sale report for this transaction is available at www.moodys.com.

REGULATORY DISCLOSURES

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions of the disclosure form.

Further information on the representations and warranties and enforcement mechanisms available to investors are available on http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBS_1112766

The analysis includes an assessment of collateral characteristics and performance to determine the expected collateral loss or a range of expected collateral losses or cash flows to the rated instruments. As a second step, Moody's estimates expected collateral losses or cash flows using a quantitative tool that takes into account credit enhancement, loss allocation and other structural features, to derive the expected loss for each rated instrument.

Moody's quantitative analysis entails an evaluation of scenarios that stress factors contributing to sensitivity of ratings and take into account the likelihood of severe collateral losses or impaired cash flows.

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 credit rating action on the support provider and in relation to each particular credit 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 credit rating action, and whose ratings may change as a result of this credit 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.

Gideon Lubin

Asst Vice President - Analyst

Structured Finance Group

Moody's Investors Service, Inc.

250 Greenwich Street

New York, NY 10007

U.S.A.

JOURNALISTS: 1 212 553 0376

Client Service: 1 212 553 1653

Tracy Rice

VP - Senior Credit Officer

Structured Finance Group

JOURNALISTS: 1 212 553 0376

Client Service: 1 212 553 1653

Releasing Office:

Moody's Investors Service, Inc.

250 Greenwich Street

New York, NY 10007

U.S.A.

JOURNALISTS: 1 212 553 0376

Client Service: 1 212 553 1653

(C) 2018 Electronic News Publishing, source ENP Newswire

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Financials ($)
Sales 2018 4 708 M
EBIT 2018 2 083 M
Net income 2018 1 436 M
Debt 2018 3 864 M
Yield 2018 1,04%
P/E ratio 2018 22,44
P/E ratio 2019 20,65
EV / Sales 2018 7,60x
EV / Sales 2019 7,12x
Capitalization 31 895 M
Chart MOODY'S CORPORATION
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Moody's Corporation Technical Analysis Chart | MCO | US6153691059 | 4-Traders
Technical analysis trends MOODY'S CORPORATION
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Average target price 174 $
Spread / Average Target 4,0%
EPS Revisions
Managers
NameTitle
Raymond W. McDaniel President, Chief Executive Officer & Director
Henry K. McKinnell Chairman
Tony Stoupas Chief Information Officer & Senior Vice President
Basil L. Anderson Independent Director
Ewald Kist Independent Director
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