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Managing Director

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Senior Vice-President

Moody's in Canada
High Yield
How to Get Rated
  • June 8, 2021

    Moody's assigns B2 CFR to Groupe Solmax; B2 term loan

    Moody's Investors Service (Moody's) assigned ratings to Groupe Solmax Inc. (Solmax), consisting of a B2 corporate family rating (CFR), B2-PD probability of default rating, and a B2 rating for the $535 million term loan and $100 million revolver. The outlook is stable. This is the first time Moody's has assigned ratings to the company.
  • June 7, 2021

    Moody's assigns B3 CFR to Great Canadian Gaming; outlook stable

    Moody's Investors Service, ("Moody's") assigned a B3 Corporate Family Rating ("CFR") and B3-PD Probability of Default Rating to Great Canadian Gaming Corporation (New) ("Great Canadian"). At the same time, Moody's assigned B2 senior secured ratings to the company's proposed C$650 million first lien term loan, C$250 million revolving credit facility and C$650 million secured notes, all due 2026 and issued in US dollar equivalents. Moody's also assigned a Caa2 senior unsecured rating to the proposed C$400 million (USD equivalent) notes due 2027. The outlook is stable.
  • May 4, 2021

    Moody's assigns a B2 CFR to Paramount Resources; B1 secured revolver

    Moody's Investors Service (Moody's) has assigned a B2 corporate family rating (CFR) to Paramount Resources Ltd. (Paramount), a B2-PD probability of default rating, a B1 rating to the senior secured revolving credit facility, and a SGL-3 speculative grade liquidity rating. The rating outlook is positive.
  • May 3, 2021

    Moody's assigns B1 CFR to Tacora Resources Inc.; outlook stable

    Moody's Investors Service, ("Moody's") assigned first-time ratings to Canadian iron ore producer Tacora Resources Inc., consisting of a B1 corporate family rating (CFR), a B1-PD probability of default rating (PDR), and a B1 senior secured rating. The ratings outlook is stable.
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.