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Moody's in Canada
High Yield
How to Get Rated
  • September 16, 2019

    Moody's assigns B3 CFR to Stelco Inc; rates new notes B3, outlook stable

    Moody's Investors Service ("Moody's") assigned ratings to Stelco Inc. ("Stelco"), consisting of a B3 corporate family rating (CFR), B3-PD probability of default rating, and a B3 rating to its proposed $300 million senior secured notes. The ratings outlook is stable. This is the first time Moody's has rated Stelco.
  • September 13, 2019

    Moody's upgrades the University of Toronto to Aa1; outlook stable

    Moody's Investors Service today upgraded the issuer and long-term senior unsecured debt ratings of the University of Toronto (U of T) to Aa1 from Aa2, and raised its baseline credit assessment (BCA) to aa1 from aa2. The outlook was revised to stable from positive.
  • September 09, 2019

    Moody's upgrades Postmedia's CFR to Caa1; PDR to Caa1-PD/LD, Outlook changed to stable

    Moody's Investors Service ("Moody's") has upgraded Postmedia Network Inc.'s ("Postmedia") Corporate Family Rating (CFR) to Caa1 from Caa2, Probability of Default Rating (PDR) to Caa1-PD/LD from Caa2-PD, Speculative Grade Liquidity (SGL) to SGL-3 from SGL-4 and assigned a B2 rating to the company's new first lien notes due July 2023. Moody's has also changed the outlook to stable from negative.
  • July 29, 2019

    Moody's assigns Ba2 Sr Sec rating to Kestrel Bidco (acquiror of WestJet Airlines)

    Moody's Investors Service ("Moody's") assigned ratings to Kestrel Bidco Inc. (dba "WestJet Airlines") consisting of a Ba3 corporate family rating (CFR), Ba3-PD probability of default rating, and Ba2 ratings to the company's proposed new senior secured revolving credit facility and senior secured first lien term loan. The outlook is stable. When the acquisition closes, expected around September, 2019, Moody's will withdraw all WestJet ratings, including its' Ba1 CFR, Ba1-PD PDR, Ba2 senior unsecured rating and SGL-2 liquidity rating, currently under review for possible downgrade.
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.