Monthly Archives: December 2015

2015
12/26

Category:
Credit Ratings

TAG:

COMMENTS:
Comments Closed

Moody’s: No ratings impact on Ford Credit Auto Lease Trust ABS following …

New York, December 09, 2015 — Moodys has reviewed the Second Amended and Restated Limited Liability
Agreement of CAB East LLC and the Second Amended and Restated Limited
Liability Agreement of CAB West LLC, both dated December 1,
2015 (collectively, the Amendments). The Amendments were
prompted by Ford Credits plans to file a new Regulation AB II compliant
shelf registration statement with the SEC for their public lease securitization
platform. CAB East LLC and CAB West LLC are titling companies that
acquire the leases and leased vehicles from Ford dealers, and their
LLC agreements were originally drafted and put in place in 2003 to support
multiple types of lease securitization structures that are no longer used
and reflect parties no longer involved in Ford Credits leasing
operations. The Amendments effectively update the LLC agreements
to reflect Ford Credits current lease operations and securitization
structures. At this time, the transactions contemplated in
the Amendments will not, in and of themselves, result in a
reduction or withdrawal of the current rating on any Ford Credit Auto
Lease Trust ABS issued and outstanding securities.

Affected Issuances:

Ford Credit Auto Lease Trust 2013-B

Ford Credit Auto Lease Trust 2015-A

Moodys ratings address only the credit risks associated with the
transaction. Other non-credit risks have not been addressed,
but may have significant effect on yield and/or other payments to investors.
The affirmation of Moodys ratings should not be taken to imply
that there will be no adverse consequences for investors since in some
cases such consequences will not impact the rating. Further information
on the nature of credit ratings and Moodys rating methodologies
can be found on www.moodys.com.

METHODOLOGY

The principal methodology used in these ratings was Moodys Global Approach
to Rating Auto Loan- and Lease-Backed ABS published in
December 2015. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.

Further information on Moodys analysis of these transactions is available
on www.moodys.com.

This publication does not announce a credit rating action. For
any credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com
for the most updated credit rating action information and rating history.

Keith Van Doren
Analyst
Structured Finance Group
Moodys Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Eric Fellows
VP – Sr Credit Officer/Manager
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moodys Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moodys: No ratings impact on Ford Credit Auto Lease Trust ABS following amendments

2015
12/25

Category:
Credit Ratings

TAG:

COMMENTS:
Comments Closed

NXP Semiconductors (NXPI) Credit Ratings Improves Upon Freescale Merger

NXP Semiconductors NV (NASDAQ: NXPI) announced that it has received credit rating upgrades from both Standard Poor’s Ratings Services and Moody’s Investors Services as a result of the successful merger between NXP Semiconductors and Freescale Semiconductor.

Both rating agencies attributed the upgrades to the benefit of the merger, which will provide larger scale, greater product and geographic diversity, as well as meaningful cost synergies, all resulting in robust free cash flow.

  • SP upgraded its long-term corporate rating for NXP Semiconductors B.V to investment grade or BBB- from BB+. Additionally, SP assigned a “Stable Outlook”, and has withdrawn its recovery rating on the company.
  • Moody’s upgraded its long-term corporate rating for NXP Semiconductors B.V to Ba1 from Ba2.

“We are very pleased with the rating changes both SP and Moody’s have made. The rating agencies’ decisions are a clear validation that the merger between NXP and Freescale results in an improved capital structure, a strengthened balance sheet and clear focus on high growth markets,” said Dan Durn, NXP’s Chief Financial Officer. “The credit rating upgrades are a further recognition of the potential improved free cash flow, operational performance and strong earnings momentum of the new combined entity.”

2015
12/24

Category:
Mortgages

TAG:

COMMENTS:
Comments Closed

States With Highest Percentage of Indians Shorted on Mortgages

American Indians in the two states with Native populations of more than 10 percent continued to get a much lower percentage of mortgages than their representation in those states in 2014.

In New Mexico, where the Census Bureau in 2012 estimated more than 10 percent of the population to be Native, just 1.4 percent of mortgage dollars went to Indians, federal data show.

Indians in New Mexico were extended $74 million in home loan finance during 2014, according to data lenders filed under the Home Mortgage Disclosure Act. A total of $5.5 billion in mortgages was made in the state by lenders with more than $43 million in assets (financial institutions with lower assets than that are exempt from filing). An additional $12 million went to Native Hawaiians.

Only 36 percent of total Indian applications of $205 million were funded. About 39 percent were denied and the rest went unfunded for reasons like incomplete application or application withdrawn.

The average loan to New Mexico Indians on first liens was $147,000, while for subordinate liens (such as home equity) it was $31,000. Not many Indians got loans for more than the “conforming” (eligible to be bought by agencies Freddie Mac and Fannie Mae) limit of $417,000. Just $3.2 million (4.3 percent) went for “jumbo” mortgages higher than $417,000.

Manufactured housing loans counted for 13 percent of mortgage lending to New Mexico Indians in 2014, the data show. The rest went for one- to-four-family mortgages. There was no finance extended to buildings with more than four residential units.

Bank of Oklahoma, which has a New Mexican subsidiary, Bank of Albuquerque, was the lead lender to Indians in the state in 2014, at $5.5 million. A pair of mortgage firms come in second and third, MidAmerica Mortgage at $4.4 million and 21st Mortgage Corp. at $4.2 million.

In Alaska, which is about 15 percent Native according to the Census Bureau, Native Americans (Indians and Alaska Natives) got $181 million or 5.33 percent of mortgage dollars extended in 2014. Native Hawaiians received an additional $23 million in mortgages.

Alaska Natives had a much higher rate of approvals than in New Mexico, some 63 percent of the $290 million they applied for. Just 13 percent of application dollars applied for were denied.

Mortgages insured by the Federal Housing Administration made up 60 percent of loans to Alaska Natives. The next highest category, non-government loans, accounted for 27 percent of volume while loans insured by the Department of Veterans Affairs were at 11 percent.

Three quarters of the finance went to purchase homes, with the rest for refinancings and home improvements. Almost all mortgages made to Natives in Alaska last year were for under $417,000, and almost all went for one-to-four family homes.

First-lien loan amounts were higher for Natives in higher-cost Alaska than in New Mexico, with an average mortgage of $239,000. Subordinate lien loans averaged $24,000.

Alaska USA Mortgage Co. was first in Native mortgage lending in the state, at $73 million, while Residential Mortgage was second at $45 million, and Wells Fargo third at $20 million.

The data was collected under the Home Mortgage Disclosure Act and analyzed for Indian Country Today Media Network by LendingPatterns.com, a software developed by the McLean, Virginia-based ComplianceTech.

According to the Census Bureau, there are two other states that have just under 10 percent Indian population, Oklahoma and South Dakota, at about nine percent apiece. Hawaii has 10 percent Native Hawaiian population.

2015
12/24

Category:
Pay Day Loans

TAG:

COMMENTS:
Comments Closed

New Program Launched to Counter Payday Loans

SPRINGFIELD, Mo. — Theres a new weapon in the fight against poverty in our area.

CU Community Credit Union announced today its rolling out its Fresh Start Loan Program in Springfield. It will serve as an alternative to traditional pay-day loans.

Judy Hadsall, president of CUCCU explains how it works. There are four pieces to this. One, now theyll be able to do short-term loans with us. The second one is were going to have a consolidation loan where the people who have gotten into trouble, well be able to work with them and consolidate those and get them out of the payday loans.

The other two parts of the plan include credit-builder loans and used-car loans.

The services will be available in both Greene and Christian counties.

The program is being funded with a $2 million grant from the US Treasury.

More about how the program works

Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

2015
12/24

Category:
Mortgages

TAG:

COMMENTS:
Comments Closed

Here’s how the Fed’s rate hike affects your mortgage

Shutterstock / prochasson frederic

The Fed made headlines last week when it announced that it will raise its key interest rate for the first time in nearly a decade. While the initial increase is a marginal 0.25 percent, the Fed’s plan to steadily increase rates over the next few years clearly has implications for the broad economy — not to mention individuals like you and me.

Homeowners and prospective homebuyers in particular may be wondering what this news means for mortgage loan rates. Let’s take a look at four different types of mortgage borrowers and how they could be affected.

No impact: Homeowners with fixed mortgages

The beauty of a fixed-rate mortgage is that rising rates will have no effect on what you pay each month. If you have a mortgage with a fixed rate of 4 percent or lower, you can rest easy knowing that you’re enjoying the lowest mortgage rates in decades.

Some impact: Homeowners looking to refinance

Refinance rates aren’t directly tied to the Fed Funds rate, but a rising rate environment will certainly nudge refi rates higher over time. And if the Fed is correct in its forecasts, the cost of capital and short-term rates are only heading higher — and will likely drive up the cost of refinancing soon enough.

Essentially, interest rates aren’t going to get much better than they are today, so if you’ve been thinking of refinancing your mortgage, now is the time to make your move.

More impact: Prospective homebuyers financing with fixed mortgages

Since most mortgages are paid off or refinanced within 10 years, the 10-year Treasury yield is typically a good leading indicator for 30-year fixed mortgage rates. While the 10-year Treasury is primarily influenced by factors in the markets and the economy, it often follows the direction of short-term rates (which are likely going up). And, much like the considerations for refinancing, increased capital costs and a tighter lending environment are likely to gradually push rates higher over time, as well.

For prospective homebuyers, an increase in borrowing rates in the short term should only have a minor effect on monthly payments for new fixed mortgage loans. However, in this environment, acting sooner rather than later is your best bet for locking down the lowest rate possible.

Nick Bastian Tempe, AZ

Most impact: Existing/prospective adjustable rate mortgage (ARM) borrowers

Adjustable rate mortgages will be affected most by rising rates, but the initial effects will likely be minor. Borrowers holding adjustable rate mortgages may not feel the increase in short term rates for months depending on their loan’s interest rate reset date. Even then, the first increase of 0.25 percent will likely only result in a marginal hike of the monthly mortgage payment. For example, on an ARM of $900,000, a bump of 0.25 percent would increase monthly payments by $122.

Likewise, prospective homebuyers contemplating an ARM probably won’t be affected much in the short-term. While the rate increase could immediately raise base rates to a degree, many of the indices that serve as benchmarks for adjustable mortgages have already priced in an interest rate hike, so this initial increase should be muted.

However, prospective and existing ARM borrowers face the greatest risk over the next several years, when the Fed is forecasting a progression of interest rate hikes. The expectation is that the Fed Funds rate will rise to 1.375 percent by the end of 2016, 2.375 at the end of 2017 and 3.25 at the end of 2018.

If adjustable mortgage rates rise in kind during this period, the monthly payment on a $900,000 mortgage would increase by over $500 every year for the next three years. An additional risk exists with adjustable loans that include teaser rates. With these loans, the expiration of the period in which rates are held at artificially low levels can result in automatic interest rate increases of up to 2 percentage points. Between these two rate increases, the monthly payment on a $900,000 adjustable mortgage could increase by about $3,000 by the end of 2018.

The takeaway

While the Fed’s initial rate hike probably won’t make big waves for mortgage borrowers in the near term, now’s a good time to take stock of your situation and decide whether changes should be made — before the series of rate increases that are expected to occur over the next few years. If you’ve been thinking of refinancing to lock in a lower and/or fixed rate, the opportunity is likely better today than it will be in the future.

Read the original article on SoFi. Looking for a better loan experience? SoFi is the second largest marketplace lender providing student loan refinancing, mortgages and personal loans. You can also check out SoFi on Facebook, LinkedIn and Instagram. Copyright 2015. Follow SoFi on Twitter.

2015
12/23

Category:
Finance

TAG:

COMMENTS:
Comments Closed

Corruption Currents: Airstrike Kills Islamic State Finance Leader

A daily roundup of corruption news from across the Web. We also provide a daily roundup of important risk amp; compliance stories via our daily newsletter, The Morning Risk Report, which readers can sign up for here. Follow us on Twitter at @WSJRisk.

Bribery:

Suspended FIFA president Sepp Blatter says he trusted others, and they abused him. Can a post-Blatter FIFA be clean? An internal probe found little evidence of corruption against Mr. Blatter. (AFP, AP, Reuters)

In other FIFA news: Jack Warner won a delay in his extradition hearing. A former CONMEBOL official surrendered to Argentine police, and appeared before a judge. An indicted Brazilian official agreed to provide evidence to the countrys congress. Costa Rica is investigating its indicted soccer official. El Salvador agreed to extradite an official to the US (NY Daily News, Reuters, AP, Reuters, Tico Times Reuters)

New York police officers are under investigation after two were arrested for allegedly taking bribes from karaoke bars. A detective was interrogated for days. (NY Daily News, WABC, DNAInfo)

Cybercrime:

Sony Pictures is back to business a year after a cyberattack. (CNNMoney)

While the FBI chief admitted its impossible to ban all encryption, he wants companies to reconsider their business models. (National Journal, BuzzFeed, Intercept)

Fraud:

The Democratic Republic of Congo loses up to $15 billion a year due to fraud. (Reuters)

Money Laundering:

Illicit financial flows reached $1.1 trillion in 2013, according to a new report from Global Financial Integrity. Local and regional reports on the findings are here, here and here.

Russian businessmen ensnared in a New York money-laundering case linked to the Magnitsky scandal racked up a $50,000 in hotel charges, and billed the US for it. (Daily Beast)

Poland arrested a Ukrainian man, on a US request, amid allegations he stole and laundered $10 million. He didnt appear to be contacted. (AP)

Cyprus fined FBME Bank for anti-money laundering compliance failures. (Famagusta Gazette)

Sanctions:

Israel exported $400,000 in gold to North Korea, in violation of UN sanctions. (Jerusalem Post, Haaretz)

Terrorism Finance:

The Islamic States finance chief was killed in an airstrike, US officials say. Meanwhile, much of Islamic States oil sales are to local refiners. Government agencies are trying to stop antiquity sales. An audit is here. (AFP, Daily Beast, Government Executive, NPR)

Azerbaijan will present a report to Moneyval on its fight against terrorist financing. Meanwhile, Moneyval approved a report from the Vatican. (Azer, CNS)

Transparency:

A look at how shell companies work is here. (CNNMoney)

General Anti-Corruption:

Wednesday was International Anti-Corruption Day, and officials from the UN, the US, Canada, Sri Lanka, South Africa and Nigeria issued statements.

Scandals are undermining sports, the IOC chief said. Its going to audit sports bodies around the world. (AP, Reuters)

Kenyas president said the countrys war on corruption will hurt some people. (The Star, The Star)

Egypts improving its corruption scores. (Xinhua)

A Mexican governor promised to take on corruption but experts warn it will be difficult. (Guardian)

Tanzanias new president started his term with an anti-corruption sweep. (Guardian)

2015
12/23

Category:
Credit Cards

TAG:

COMMENTS:
Comments Closed

Police: Woman racked up $18700 on East Petersburg man’s credit cards

Police have charged a Lancaster County woman who they say racked up $18,700 in charges using credit cards belonging to an East Petersburg man and on new cards she opened in his name.

2015
12/22

Category:
Credit Cards

TAG:

COMMENTS:
Comments Closed

Bank Lenders Push SMBs To Credit Cards And Alt-Lenders

Big banks are increasingly giving up their SMB loan market to alternative lenders who charge a remarkably high loan interest rate.

In 2014, the 10 largest banks lent $44.7 billion in SMB loans, a 38 percent decline from its $72.5 billion peak attained in 2006, a Wall Street Journal report found.

The change in banks’ attitudes towards SMB loans is widening the market for alternative lenders, who saw their market share jump from 10 percent to 26 percent. The shift is also forcing small businesses to rely on credit cards, which at an approximate 12.85 percent interest rate, offer a much cheaper alternative to online alt-lenders, some of whom charge as high as 80 percent.

According to payment consulting firm First Annapolis Consulting Inc., SMB spending on credit and charge cards will total $445 billion this year, more than two times the $230 billion observed in 2006, WSJ reported.

The shift in trend started from the post-recession period, which saw big companies settle on top of the loan approval list of banks, whereas SMBs fell down to the bottom. The largest banks “have essentially abandoned the small business market,” said DePaul University finance professor Rebel A. Cole in an interview with WSJ.

The root of the problem can be traced back to tighter lending standards imposed by banks on SMBs and weaker demand. However, the problem extends beyond that to poorer returns on loan value as compared to big companies.

“We all struggle to make money on the lending side,” Jay DesMarteau, head of small business banking at TD Bank, told WSJ. “It’s a lot of work to try and find these little companies, underwrite them and manage the book, when the units are high and the dollars low.”

While it continues to be troublesome for small businesses seeking loans from big banks, some of the bigger banks are now changing their lending process to provide for SMB loan needs. Wells Fargo and Capital One, for instance, are now partnering with nonprofit lenders who can provide loans to SMBs that do not fit the profile requirements for regular business loans these days.

Bank of America is yet another bank now reportedly offering SMBs a $10,000 to $100,000 credit line using a cheaper underwriting process that involves reviewing checking and merchant payment processing accounts rather than using the traditional method of looking into account statements and tax returns.

2015
12/22

Category:
Credit Ratings

TAG:

COMMENTS:
Comments Closed

Moody’s places Brazil’s Baa3 issuer and bond ratings on review for downgrade

New York, December 09, 2015 — Moodys Investors Service has placed Brazils Baa3 issuer and bond ratings
on review for downgrade. The review for downgrade is driven by
i) rapidly and materially deteriorating macroeconomic and fiscal trends
and diminished likelihood of trend reversal in the next 2-3 years;
and ii) worsening governability conditions and increased risk of policy
paralysis. During the review, Moodys will assess the
likelihood of further deterioration in the governments fiscal position
against the agencys baseline assumptions supporting the current
Baa3 rating, and the prospect of a faster and more significant rise
in the governments debt trajectory, in the context of heightened
political uncertainty, declining investor confidence and deeper
than expected recession.

RATINGS RATIONALE

RATIONALE FOR THE REVIEW FOR DOWNGRADE

FIRST DRIVER – DETERIORATING FISCAL METRICS AND SIGNIFICANT DEVIATION
FROM OUR ASSUMPTIONS FOR 2016 AND BEYOND

Fiscal and economic activity indicators continue to sharply deteriorate
with no clear sign of when they will bottom out. Rapidly and materially
worsening macroeconomic conditions are leading Moodys to reevaluate
the extent to which the fiscal and economic performance will conform to
the assumptions supporting Brazils rating at Baa3. The likelihood
of a turnaround in Brazils economic and fiscal performance now
appears unlikely in 2016, and the key assumptions underlying our
Baa3 rating — a return to GDP growth of around 2%
and a primary surpluses of a similar magnitude beyond 2016 — also
appear to be at risk. With political stalemate complicating the
passage of fiscal adjustment measures, the likelihood that the government
will be able to report primary surpluses large enough to stabilize debt
ratios has diminished.

SECOND DRIVER – WORSENING GOVERNABILITY AND RISK OF POLICY PARALYSIS

Reversing the medium-term trend of deteriorating fiscal metrics
and rising debt trajectory will require structural fiscal adjustment and
political cohesion. In the context of sluggish economic activity,
achieving fiscal consolidation is proving hard. Revenue shortfalls
will likely occur in 2016 as they did in 2015, and the passage of
one-off fiscal measures to contain the fiscal deficit in 2016 is
likely to be challenging, given the current politically charged
environment. There is a lack of political consensus in Brazil over
the need to address budgetary rigidities more aggressively by pushing
reforms that tackle mandatory spending increases. This political
stalemate will make it difficult to arrest government spending trends
and, consequently, to reverse the rising debt trend.

The political situation has become increasingly complicated. The
initiation of impeachment proceedings against the President in early December
casts further doubt on the prospect of cooperation between Congress and
the President to approve meaningful fiscal consolidation measures in 2016,
and leaves very little chance of tackling the worsening medium-term
fiscal trends.

ELEMENTS OF THE REVIEW

Brazils fiscal challenges require significant political will and
consensus to reverse the negative medium-term trends for public
spending and rising debt trajectory. During the review period,
we will evaluate the authorities ability and willingness to put
fiscal policy back on track, restore economic growth and arrest
and reverse the rise in the governments debt ratios. We
will also aim to form a more accurate picture of the extent of fiscal
deficit for 2016 to ascertain a starting point for fiscal and debt trajectory.
Over the review period, we expect Congress to approve the 2016 budget
and some revenue measures to contain the fiscal deficit. Taking
2016 budget as a starting point, our analysis will focus on fiscal
and macroeconomic scenario analysis to assess the trajectory of public
debt under different scenarios, taking account of developments of
the impeachment process.

WHAT COULD MAKE THE RATING GO UP

An upgrade is very unlikely given the review for downgrade. However,
we would conclude the review with a confirmation of the rating if we expect
Brazils growth and fiscal prospects are likely to stabilize.
Such an outcome would likely be associated with signs of improvements
in the political stalemate that leads to the passage of fiscal reforms
to reduce structural budgetary rigidities derived from revenue earmarking
and mandatory growth in various spending categories. Preserving
an investment-grade rating will rest on Moodys assessment
of the capacity of Brazils government to achieve its economic policy
objectives and its ability to restore investor confidence.

WHAT COULD MAKE THE RATING GO DOWN

The rating could come under additional pressure if the rating agency were
to conclude that Brazil was unlikely to achieve the economic growth and
fiscal consolidation needed to stabilize rising government debt ratios.
In Moodys view GDP growth and primary surpluses of at least 2%
of GDP are required to stabilize debt ratios and provide assurance of
fiscal sustainability in the coming years, more so if the interest
burden on government debt increases. A negative outcome would likely
be associated with a collective failure on the part of the government
to set out credible, supportive policy objectives coupled with a
higher-than-expected level of political instability.

COUNTRY CEILINGS

Country ceilings remain unchanged. The long-term foreign
currency bond ceiling remains unchanged at Baa2, while the short-term
foreign currency bond ceiling is unchanged at P-2. The long-term
foreign currency deposit ceiling is unchanged at Baa3, and the short-term
foreign currency deposit ceiling remains at P-3. The long-term
local currency bond and deposit ceilings remain unchanged at A1.

On Review for Possible Downgrade:

..Issuer: Brazil, Government of

…. Issuer Rating (Foreign Currency),
Placed on Review for Downgrade, currently Baa3

…. Issuer Rating (Local Currency),
Placed on Review for Downgrade, currently Baa3

….Senior Unsecured Regular Bond/Debenture
(Local Currency) Placed on Review for Downgrade, currently Baa3

….Senior Unsecured Regular Bond/Debenture
(Foreign Currency) Placed on Review for Downgrade, currently Baa3

….Senior Unsecured Shelf (Foreign Currency),
Placed on Review for Downgrade, currently (P)Baa3

Outlook Actions:

..Issuer: Brazil, Government of

….Outlook, Changed To Rating Under
Review From Stable

GDP per capita (PPP basis, US$): 16,155 (2014
Actual) (also known as Per Capita Income)

Real GDP growth (% change): 0.2% (2014 Actual)
(also known as GDP Growth)

Inflation Rate (CPI, % change Dec/Dec): 6.4%
(2014 Actual)

Gen. Gov. Financial Balance/GDP: -6.7%
(2014 Actual) (also known as Fiscal Balance)

Current Account Balance/GDP: -4.4% (2014 Actual)
(also known as External Balance)

External debt/GDP: 27% (2014 Actual)

Level of economic development: Moderate level of economic resilience

Default history: At least one default event (on bonds and/or loans)
has been recorded since 1983.

On 08 December 2015, a rating committee was called to discuss the
rating of Brazil, Government of. The main points raised during
the discussion were: The issuers economic fundamentals, including
its economic strength, have materially decreased. The issuers
governance and/or management, have materially decreased.
The issuers fiscal or financial strength, including its debt profile,
has materially decreased. Other views raised included: The
issuers susceptibility to event risks has not materially changed.

The principal methodology used in these ratings was Sovereign Bond Ratings
published in September 2013. Please see the Credit Policy page
on www.moodys.com for a copy of this methodology.

The weighting of all rating factors is described in the methodology used
in this rating action, if applicable.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moodys
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support providers credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.

Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moodys legal entity that has issued
the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.

Mauro Leos
VP – Senior Credit Officer
Sovereign Risk Group
Moodys Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Alastair Wilson
MD-Global Sovereign Risk
Sovereign Risk Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moodys Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
USA.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moodys places Brazils Baa3 issuer and bond ratings on review for downgrade

2015
12/21

Category:
Pay Day Loans

TAG:

COMMENTS:
Comments Closed

Broadbent charms as baddie Scrooge

Image copyright
JOHAN PRESSON

Image caption

Jim Broadbent plays a a genial Scrooge but still seems to please the critics

Jim Broadbent has returned to the stage for the first time in a decade to play Scrooge in a new West End version of Charles Dickens A Christmas Carol.

The classic adaptation, which opened on Wednesday, is presented on a set designed like a Victorian toy theatre.

Broadbent plays his role with an undercurrent of his well-known affability, according to the critics.

Yet he said his Scrooge had been partly inspired by modern bankers and the issue of pay-day loans.

There are an awful lot of echoes of whats going on today. We dont mention pay day loans but its implied, he said.