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Moody's in Canada
High Yield
How to Get Rated
  • June 24, 2020

    Moody's affirms Aa3 rating of the University of Windsor, changes outlook to negative

    Moody's Investors Service (Moody's) announced today the affirmation of the University of Windsor's Aa3 long-term senior unsecured debt ratings, and a change in the outlook on the ratings to negative from stable. At the same time, Moody's assigned a Aa3 long-term senior unsecured rating to the upcoming issuance of the university, expected not to exceed CAD60 million. The a1 baseline credit assessment (BCA) was also affirmed.
  • June 22, 2020

    Moody's rates CNRL's notes offering Baa2

    Moody's Investors Service (Moody's) rated Canadian Natural Resources Limited's (CNRL) senior unsecured notes offering Baa2. The proceeds of the US$750 million to US$1 billion senior unsecured notes offering will be used to repay short-term debt and for general corporate purposes. CNRL's Baa2 senior unsecured rating, Prime-2 commercial paper rating and stable outlook are unchanged.
  • June 17, 2020

    Moody's downgrades Methanex to Ba1; outlook negative

    Moody's Investors Service (Moody's) downgraded Methanex Corporation's (Methanex) senior unsecured ratings to Ba1 from Baa3. Moody's concurrently assigned a Ba1 corporate family rating (CFR), a probability of default rating of Ba1-PD, and a Speculative Grade Liquidity Rating of SGL-2 to Methanex. The outlook remains to negative.
  • June 16, 2020

    Moody's Downgrades Calfrac's CFR to Ca, Outlook changed to Negative

    Moody's Investors Service, ("Moody's") downgraded Calfrac Holdings, LP's (Calfrac) Corporate Family Rating (CFR) to Ca from Caa2, Probability of Default Rating to Ca-PD from Caa2-PD, senior unsecured notes rating to C from Caa3 and Speculative Grade Liquidity Rating (SGL) to SGL-4 from SGL-3. At the same time the outlook was changed to negative from stable.
Moody’s Investors Service has been providing Canada’s investors and issuers wit​h 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 and conferences. 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. ​​

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

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:
The Canadian High Yield Bond Market: Frequently Asked Questions
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

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

For information on Moody's Ratings Symbols and Definitions, please visit Moody's Ratings Definitions.