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.
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 Moodys.com 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 moodys.com:
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