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Senior Vice-President

Moody's in Canada
High Yield
How to Get Rated
  • August 05, 2020

    Moody's rates Husky Energy's notes offering Baa2

    Moody's Investors Service (Moody's) rated Husky Energy Inc.'s (Husky) senior unsecured notes offering Baa2. The proceeds of the C$1 billion notes offering will be used to repay the C$500 million term credit facility and for general corporate purposes. Husky's Baa2 senior unsecured rating and stable outlook are unchanged.
  • July 28, 2020

    Moody's rates Cenovus' notes offering Ba2

    Moody's Investors Service (Moody's) rated Cenovus Energy Inc.'s (Cenovus) senior unsecured notes offering Ba2. The proceeds of the US$750 million unsecured notes offering will be used to repay short-term debt. Cenovus' Ba2 corporate family rating, Ba2-PD probability of default rating, Not Prime commercial paper rating and negative outlook are unchanged.
  • July 14, 2020

    Moody's changes Alliance Pipeline outlook to negative

    Moody's Investors Service, ("Moody's") affirmed the Baa2 senior secured ratings of Alliance Pipeline Limited Partnership (Alliance Canada) and Alliance Pipeline L.P. (Alliance US) and changed their outlooks to negative from stable.
  • 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.
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.