September 23, 2020
Moody's Investors Service ("Moody's") assigned first time ratings to Canada Goose Inc. ("Canada Goose"), consisting of a B1 corporate family rating (CFR), B1-PD probability of default rating, a B2 rating to its proposed $300 million senior secured first lien term loan B due in 2027, and an SGL-1 speculative grade liquidity rating. The outlook is stable.
September 17, 2020
Moody's Investors Service (Moody's) rated Methanex Corporation's (Methanex) senior unsecured notes offering Ba1. The proceeds of the US$600 million senior unsecured notes offering will be used to repay the US$250 million 2022 note maturity, maintenance capital expenditures, working capital or other general corporate purposes. Methanex's Ba1 corporate family rating (CFR), Ba1-PD probability of default rating and negative outlook are unchanged.
September 08, 2020
Moody's Investors Service, ("Moody's") today assigned a B2 rating to IAMGOLD Corporation's ("IAMGOLD") proposed new senior unsecured notes. Proceeds will be used to refinance the company's existing 7.00% Senior Notes due 2025.
August 31, 2020
Moody's Investors Service, ("Moody's") has today placed the Aa2 and (P)Aa2 long-term debt ratings of the Province of Alberta (Alberta) and Alberta's aa3 Baseline Credit Assessment (BCA) under review for downgrade. Concurrently, Moody's placed under review for downgrade the Aa2 long-term debt ratings of the Alberta Capital Finance Authority (ACFA) and the Aa2 long-term issuer rating of ATB Financial (ATB), reflecting their status as agents of the Crown and the provincial guarantee of all their liabilities. At the same time, Moody's affirmed Alberta's P-1 short-term issuer and commercial paper ratings and ATB's P-1 short-term issuer rating.
August 28, 2020
Moody's Investors Service, ("Moody's") upgraded Kronos Acquisition Holdings Inc.'s (Kronos) Corporate Family Rating (CFR) to B3 from Caa1, Probability of Default rating to B3-PD from Caa1-PD, the rating on its senior secured term loan B to B1 from B3 and the ratings on Kronos' senior unsecured notes to Caa1 from Caa2. The outlook remains 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 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.