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  • 27 March, 2015

    Moody's: Quebec remains on track to return to balance

    Moody's Investors Service notes that the Province of Quebec continues to follow its plan first announced last year of returning to balanced budgets in 2015/16. As outlined in the province's recently released 2015/16 Budget, Quebec forecasts a deficit of CAD2.35 billion for 2014/15, and a balanced budget for 2015/16... Read More
  • 29 July, 2014

    Inside Canada Newsletter

    Moody’s is committed to providing the highest quality rating agency service to the Canadian market, and we encourage you to send your feedback or suggestions regarding this Inside Canada newsletter.. Read More

            Moody’s Investors Service has been providing Canada’s investors and issuers with the highest quality rating service since 1901. Today, Moody’s rates more than 300 Canadian corporate, structured, and public finance issuers.

            Moody’s Toronto-based analysts cover a variety of Industry sectors including financial institutions, media and telecommunications, oil and gas, power and gas utilities and pipelines, paper and forest products, sub-sovereign governments, project & infrastructure finance and structured finance.

            Moody’s provides Canadian fixed income professionals with a variety of products and services, including credit analyses, regular analyst briefings, seminars, conferences, and one-on-one meetings. Moody’s experience — both locally and globally — means that products and services are tailored to meet its customers’ needs while at the same time ensuring internationally consistent ratings. 

            Moody’s Canada PIPEDA Privacy Policy

            This tab contains ratings and research information regarding Canadian Structured Finance.

            Moody’s Canadian Structured Finance List provides ratings information on Canadian ABCP, ABS, CMBS, Covered Bonds and RMBS. This list is updated monthly:
            Canadian Structured Finance List

            Canadian Asset-Backed Commercial Paper:
            Inside the Canadian ABCP Market: 2Q2014
            Inside the Canadian ABCP Market: 1Q2014
            Inside the Canadian ABCP Market: 4Q2013
            Inside the Canadian ABCP Market: 3Q2013

            Moody’s Outlook for Canadian Structured Finance:
            Canadian ABS and Covered Bonds: 2014 Outlook

            Moody’s Rating Methodologies for Canadian Structured Finance:
            Moody’s Approach to Rating Asset-Backed Commercial Paper
            Moody’s Approach to Rating Trade Receivables Backed Transactions  
            Moody’s Approach To Rating Credit Card Receivables-Backed Securities
            Moody’s Approach to Rating Auto Lease Securitizations
            Moody’s Approach to Rating U.S. Floorplan ABS Securities
            Moody’s Approach to Rating Fleet Lease-Backed ABS
            Moody's Global Approach to Rating Rental Car ABS and Rental Truck ABS
            Moody's Approach to Rating Canadian CMBS
            Approach to Assessing Swap Counterparties in Structured Finance Cash Flow Transactions
            Moody's Approach to Rating ABS Backed by Equipment Leases and Loans
            Moody's Approach to Rating Auto Loan-Backed ABS
            Moody's Approach to Rating Covered Bonds
            Current ratings news and relevant research items on Canadian structured finance are available on the link below:
            Canadian Structured Finance Research Reports

            Global Structured Finance Publications:
            Global ABCP Outlook
            ABCP Market At A Glance
            Global Covered Bonds: 2014 Outlook
            Global Rating Methodologies

            Structured Finance Analyst Contact Information:

              Canadian Structured Finance Team

            Michael Buzanis
            Vice President, Senior Credit Officer

            Richard Hunt
            Vice President, Senior Analyst

            Raymond Lai
            Assistant Vice President, Analyst

            Simba Murahwi
            Associate Analyst

            Zicheng Aaron Guo
            Associate Analyst

              Canadian ABCP

            Everett Rutan
            Senior Vice President

            Lisa Singman
            Vice President, Senior Credit Officer

            Canadian Covered Bonds

            Todd Swanson
            Vice President, Senior Analyst
            Canadian Structured Finance

            William Black
            Managing Director – Structured Finance
































            This tab contains ratings and comprehensive research information regarding Canadian high yield issuers and Moody’s corporate speculative grade analysis.

            Moody’s  Canadian High Yield Toolkit is updated weekly , providing comprehensive information on more than 80 Canadian domiciled speculative-grade rated issuers. The Toolkit includes links to each issuer’s ratings and research page on and presents Long-Term Ratings, Speculative-Grade Liquidity Ratings, as well as Covenant Quality Assessment information:
            Moody's Canadian High Yield Toolkit

            Moody's covenant quality snapshots deliver succinct analysis of the strengths and weaknesses of a bond's protection package. The User’s Guide to Moody’s Covenant Quality Snapshots is intended to help readers of snapshots make full use of their summaries and analyses:
            A User’s Guide to Moody’s Covenant Quality Snapshots
            Moody’s Covenant Quality Snapshots for Canadian Issuers
            Moody’s Pre-Closing Loan Covenant Quality Snapshots

            Moody’s has analyzed and assessed the covenant quality of about one thousand bonds that were issued over the past two years globally. The following report includes a company-by-company comparison of Canadian high yield bonds’ covenant strength based on Moody’s Covenant Quality Assessments:
            Canadian Corporations: Canadian High-Yield Bonds Continue to Offer More Protection Than US Issues
            Canadian High-Yield Bonds Offer More Investor Protection Than US Bonds

            The following report summarizes how Moody’s rates and analyzes nonfinancial speculative-grade issuers in the Canadian market:
            High Yield Insights for Canadian Investors

            Moody’s systematically monitors, assesses and reports on speculative-grade issuers’ liquidity through its Speculative-Grade Liquidity Ratings (SGL):
            Speculative-Grade Liquidity Ratings: Component Scores Provide Liquidity Insight
            Moody’s Speculative-Grade Liquidity ratings factor in four components of liquidity:

            1. internal sources of cash
            2. committed external sources of cash
            3. ability to comply with covenants
            4. other sources of liquidity, including the issuer’s ability to sell assets to raise cash

            The list below provides the Component Scores of Moody’s Speculative-Grade Liquidity Ratings:
            SGL Ratings & Component Score List   

            At 1,000 defaults, Moody’s recoveries database highlights the importance of debt structure and the normalcy of the latest default cycle:
            Moody's Ultimate Recovery Database

            The primary rating methodologies for the application of Moody’s Loss Given Default (LGD) Methodology for non-financial companies:
            Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA/Probability of Default Ratings and Loss Given Default Assessments for Low Rated Non-Financial Companies in the US, Canada and EMEA Region

            Current rating news and relevant research items on corporate speculative grade analysis and Canadian corporate high yield issuers are available on the link below:
            High Yield Research Reports

            This tab contains ratings and research information regarding Maple Bond issuers for the Canadian Domestic Market.

            The Maple Bond Issuer List is updated monthly, and provides links to each issuer’s ratings and research page on

            Maple Bond Issuer List

            Industry Research and Rating Methodologies related to Maple Bond issuers are included on the link below:

            Maple Bond Research Reports

            In the course of the rating process, a Moody’s analyst:

            • Gathers information sufficient to evaluate risk to investors who might own or buy a given security,

            • Develops a conclusion in committee on the appropriate rating,

            • Monitors the security on an ongoing basis to determine whether the rating should be changed, and

            • Informs the marketplace of Moody's actions.

            The rating process involves an active, ongoing dialogue between the issuer and Moody's analysts. Once published, Moody's ratings are continuously monitored and updated through dialogues and regular meetings, during which issuers are encouraged to raise any concerns and present all materials that are pertinent to the analysis.


            If an issuer is new to Moody's, the rating process begins with an introductory meeting or teleconference call. The purpose of this initial discussion is to introduce Moody's rating process and methodology, and to provide additional information regarding the specific sorts of data that will be most useful in developing an understanding of the organization. Our goal is to be as transparent as possible, and to ensure that issuers understand Moody's rating methodology and process.

            For more information, please reference the complete How to Get Rated.

            Moody's Rating Scale



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