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    Banking and North American Life Insurance Briefing – Montreal

    Monday, November 18th, 2019
    12:30pm – 2:30pm
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Senior Vice-President

Moody's in Canada
High Yield
How to Get Rated
  • October 21, 2019

    Moody's changes Cenovus' outlook to positive

    Moody's Investors Service (Moody's) changed Cenovus Energy Inc.'s (Cenovus) outlook to positive from stable. Moody's also affirmed Cenovus' Ba1 corporate family rating (CFR), Ba1-PD probability of default rating and Ba1 senior unsecured notes rating. The speculative grade liquidity rating remains SGL-1.
  • October 11, 2019

    Moody's revised Kinross' outlook to positive from stable; affirms ratings

    Moody's Investors Service ("Moody's") revised the rating outlook for Kinross Gold Corporation (Kinross) to positive from stable. At the same time, Moody's affirmed Kinross' Corporate Family Rating (CFR) at Ba1, its senior unsecured rating at Ba1 and Probability of Default Rating at Ba1-PD. Kinross' Speculative Grade Liquidity Rating (SGL) remains at SGL-1.
  • September 30, 2019

    Moody's upgrades Brookfield's ratings to Baa1; outlook stable

    Moody's Investors Service ("Moody's") upgraded the ratings of Brookfield Asset Management Inc. ("Brookfield") and its financing subsidiaries to Baa1 from Baa2, following Brookfield's acquisition of approximately 61.2% of the equity of Oaktree Capital Group (not rated) ("Oaktree"), which was announced earlier today. The rating action concludes the review of Brookfield's rating, which commenced with the announcement of the Oaktree acquisition on 13 March 2019. Following the announcement, Moody's placed the ratings on review for possible upgrade on 15 March 2019. The outlook for Brookfield's ratings is stable.
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. ​

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.