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Managing Director

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Senior Vice-President

Moody's in Canada
High Yield
How to Get Rated
  • February 22, 2021

    Moody's affirms ratings on six Ontario universities but lowers assumption of extraordinary support

    Moody's Investors Service, ("Moody's") today affirmed the ratings and maintained the outlooks unchanged of six Ontario universities. At the same time, Moody's lowered its assumption of the level of extraordinary support that the Province of Ontario provides to these entities. Moody's also affirmed the baseline credit assessments (BCAs) of all universities. Today's rating action follows the filing for creditor protection under the Companies' Creditors Arrangement Act by Laurentian University, a public university (not rated by Moody's) in the province.
  • February 18, 2021

    Moody's view Superior Plus's sale of Specialty Chemical as credit negative

    Moody's Investors Service (Moody's) views Superior Plus LP's (Superior) definitive agreement to sell its Specialty Chemicals business for C$725 million as credit negative. The sale would make Superior exclusively a retail propane business, decreasing its size and diversification. We also view the Specialty Chemicals business as a non-correlated business to propane that reduces propane seasonality. Moody's expects the Specialty Chemicals business to earn about C$125 million of EBITDA in 2020, roughly a quarter of Superior's total EBITDA. There is no rating impact on Superior because Moody's expects the lost Specialty Chemicals EBITDA to be largely regained through acquisitions by 2022, and that debt to EBITDA will remain around 3.5x.
  • February 08, 2021

    Moody's upgrades BRP's CFR to Ba3, outlook changed to stable from positive

    Moody's Investors Service ("Moody's") upgraded Bombardier Rec Products, Inc.'s ("BRP") corporate family rating (CFR) to Ba3 from B1, probability of default rating to Ba3-PD from B1-PD, its first lien senior secured revolver rating to Baa3 from Ba1, and its senior secured term loan B rating to Ba3 from B1. The current B1 rating on BRP's senior secured term loan B-2 will be withdrawn upon closing of the proposed refinancing transaction. The company's SGL-1 speculative grade liquidity rating remains unchanged. The outlook was changed to stable from positive.
  • January 25, 2021

    Toronto - Mississauga, Ontario, Canada Moody's upgrades SunOpta's CFR to B2; outlook stable

    Moody's Investors Service ("Moody's") upgraded SunOpta Foods Inc.'s ("SunOpta") corporate family rating (CFR) to B2 from B3 and its probability of default rating to B2-PD from B3-PD. Moody's assigned a B2 rating to the company's new $250 million asset based revolving credit facility and a B2 rating to the new $75 million delayed draw term loan (DDTL). The company's speculative grade liquidity rating remains SGL-3 and the outlook was changed to stable from positive. Moody's has withdrawn the rating on SunOpta's senior secured second lien notes, as they were repaid following the sale of the Global Ingredients business.
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.