Millstone Construction Trust Credit Rating

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Date	Document Type	Title	Source
15 Oct 2019	Outlook	Construction - Global: Outlook remains stable; infrastructure drives revenue growth, new orders	Moody's Investors Service
10 Oct 2019	Sector In-Depth	Covenants — Asia: Chinese bonds bring Q3 covenant quality scores to second-weakest level on record	Moody's Investors Service
18 Sep 2019	Sector Comment	August: Asian High-Yield Market Pulse	Moody's Investors Service
17 Sep 2019	Compilation	Renminbi Bonds Monitor: September 2019	Moody's Investors Service
10 Sep 2019	Sector In-Depth	Engineering & Construction – North America: Fixed-price contracts create more risk than reward for E&C companies	Moody's Investors Service
05 Sep 2019	Sector In-Depth	Rated corporates – Australia: Financial results signal credit profiles are likely to be broadly stable in fiscal 2020	Moody's Investors Service
03 Sep 2019	Sector Comment	High-yield bond covenants – China: Credit facility carve-outs are becoming more common in Chinese bonds	Moody's Investors Service
14 Aug 2019	Sector Comment	July: Asian High-Yield Market Pulse	Moody's Investors Service
30 Jul 2019	Sector In-Depth	RLG-owned GRIs - China: Likelihood of extraordinary support depends on primary activities and government owner	Moody's Investors Service
08 Jul 2019	Sector In-Depth	Covenants — Asia: Q2 covenant quality scores weaken amid surge in Asian high-yield bond issuance	Moody's Investors Service
18 Jun 2019	Sector Comment	May: Asian High-Yield Market Pulse	Moody's Investors Service
10 Jun 2019	Sector In-Depth	Non-financial corporates – US: Cash pile declines 15.2% as capex, dividends, buybacks and acquisitions hit record highs	Moody's Investors Service
22 May 2019	Sector In-Depth	Corporates – China: Credit Trend Monitor for 2019	Moody's Investors Service
17 May 2019	Sector Comment	April 2019: Asian High-Yield Market Pulse	Moody's Investors Service
13 May 2019	Sector In-Depth	Infrastructure - Emerging Markets: Development will remain brisk in Asia but slower in Latin America and EMEA region	Moody's Investors Service
13 May 2019	Sector In-Depth	Property and Homebuilding - Emerging Markets: Real estate will grapple with shifting policies and variable homebuying power	Moody's Investors Service
02 May 2019	Sector In-Depth	EM Covenant Monitor: EM covenant quality score worsens amid surge in Chinese property bond issuance	Moody's Investors Service
30 Apr 2019	Compilation	Renminbi Bonds Monitor: April 2019	Moody's Investors Service
23 Apr 2019	Sector In-Depth	Non-financial companies — Asia (ex Japan): Bond refinancing risk is manageable for most rated companies through 2023	Moody's Investors Service
20 Mar 2019	Sector Comment	February: Asian High-Yield Market Pulse	Moody's Investors Service
12 Mar 2019	Sector In-Depth	Real Estate — United Arab Emirates: Credit quality to remain resilient despite still weak market conditions	Moody's Investors Service
12 Mar 2019	Sector In-Depth	Corporates - Australia: Credit profiles to remain broadly stable in second half of fiscal 2019	Moody's Investors Service
25 Feb 2019	Sector Comment	January: Asian High-Yield Market Pulse	Moody's Investors Service
22 Feb 2019	Sector Comment	Cross-Sector – China: Level playing field pledges have little near-term credit impact, could be positive for government, business in long run	Moody's Investors Service
04 Feb 2019	Sector In-Depth	Cross-Sector - India: Interim budget measures aimed at boosting growth pose risks to fiscal consolidation	Moody's Investors Service
29 Jan 2019	Sector In-Depth	Covenants — Asia: Q4 covenant quality moves off all-time weakest level	Moody's Investors Service
18 Jan 2019	Sector Comment	Corporates - China: Policy measures are credit positive for local government financing vehicles	Moody's Investors Service
10 Jan 2019	Compilation	Renminbi Bonds Monitor: January 2019	Moody's Investors Service
18 Dec 2018	Sector Comment	November: Asian High-Yield Market Pulse	Moody's Investors Service
12 Dec 2018	Outlook	Homebuilding, Building Materials – N. America: 2019 outlooks stable on residential slowdown (Slides)	Moody's Investors Service
11 Dec 2018	Outlook	Construction – Global: 2019 outlook stable as growth, low rates stimulate output (Slides)	Moody's Investors Service
04 Dec 2018	Outlook	Construction, Homebuilding and Building Materials – Latin America: 2019 outlook mostly stable, but E&C stress continues (Slides)	Moody's Investors Service
22 Nov 2018	Outlook	Non-financial corporates - Indonesia: 2019 Outlook - Credit conditions to remain stable (Slides)	Moody's Investors Service
21 Nov 2018	Outlook	Non-financial corporates - China: 2019 outlook (Slides)	Moody's Investors Service
20 Nov 2018	Outlook	Non-financial corporates - Asia (ex Japan): 2019 Outlook (Slides)	Moody's Investors Service
19 Nov 2018	Sector In-Depth	Covenants – Asia: Chinese property bonds bring Q3 covenant quality to new all-time weakest level	Moody's Investors Service
16 Oct 2018	Outlook	Construction - Global: Robust economies, higher confidence and low interest rates keep outlook stable	Moody's Investors Service
15 Oct 2018	Sector In-Depth	High-yield-bond covenants - Emerging markets: Investor protection is much stronger than for EMEA and North American bonds	Moody's Investors Service
27 Sep 2018	Compilation	Renminbi Bonds Monitor: September 2018	Moody's Investors Service
26 Sep 2018	Sector In-Depth	Cross-Sector - China: Focus on new energy vehicles to hurt automakers, have limited effect on others	Moody's Investors Service
25 Sep 2018	Sector Comment	August 2018: Asian High-Yield Market Pulse	Moody's Investors Service
03 Sep 2018	Sector In-Depth	Corporates - Australia : Rated companies to maintain broadly stable credit profiles in fiscal 2019	Moody's Investors Service
30 Aug 2018	Sector In-Depth	Non-financial companies – China: Shareholders’ use of share-pledged loans can weaken listed companies’ credit quality	Moody's Investors Service
20 Aug 2018	Sector Comment	July 2018: Asian High-Yield: Market Pulse	Moody's Investors Service
13 Aug 2018	Sector In-Depth	Corporate credit quality – Brazil: Political uncertainty hovers over benign inflation and interest-rate conditions	Moody's Investors Service
05 Jul 2018	Sector In-Depth	Covenants – Asia: Q2 covenant quality continues to falter – now at all-time weakest level	Moody's Investors Service
29 Jun 2018	Sector Comment	Rated non-financial companies - China: US-China trade dispute heightens risks that macroeconomic conditions will weaken	Moody's Investors Service
28 Jun 2018	Compilation	Renminbi Bonds Monitor: June 2018	Moody's Investors Service
21 Jun 2018	Sector Comment	June 2018: Asian High-Yield: Market Pulse	Moody's Investors Service
31 May 2018	Sector In-Depth	Rated non-financial companies - China: Credit Trend Monitor for 2018	Moody's Investors Service

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