Streetbeat News

Credit Ratings

BLK

KBRA has assigned a BBB- rating with a Stable Outlook to BlackRock Private Credit Fund's $125 million senior unsecured notes, which are due in 2027 and 2030. The notes include a $70 million tranche at 7.14% and a $55 million tranche at 7.33%. The proceeds will be used for general corporate purposes.

Portfolio Pulse from

November 15, 2024 | 10:15 pm

AOMR

KBRA has assigned preliminary ratings to Angel Oak Mortgage Trust 2024-12, a $331.3 million non-prime RMBS transaction. The trust consists of 646 residential mortgages, with a significant portion underwritten using alternative income documentation.

Portfolio Pulse from

November 15, 2024 | 8:15 pm

HCC

AM Best has revised the outlooks to negative from stable for the Financial Strength Rating and Issuer Credit Rating of Tokio Marine HCC Mexico Compañía Afianzadora, S.A. de C.V., while affirming its ratings. The Mexico National Scale Rating remains stable.

Portfolio Pulse from

November 15, 2024 | 5:15 pm

EFC

Ellington Financial Inc. has completed a $290 million securitization backed by non-qualified residential mortgage loans, with 65% of the loans contributed by the company.

Portfolio Pulse from

November 15, 2024 | 12:45 pm

CATY

Cathay General Bancorp's shares have outperformed the broader market despite worsening income statement results. However, the company is now facing a potential downgrade due to pricing, asset quality, and other factors.

Portfolio Pulse from

November 14, 2024 | 7:45 pm

NCZ

Virtus Convertible & Income Fund II's preferred shares NCZ-A offer a 6.55% yield and are rated 'A' by Fitch, making them a superior choice compared to other non-CEF preferred stocks. Despite not being investment-grade, NCZ-A's credit quality is exceptional due to regulatory leverage requirements.

Portfolio Pulse from

November 13, 2024 | 1:15 pm

SAN

KBRA has assigned preliminary ratings to notes issued by Santander Drive Auto Receivables Trust 2024-S3, which is a re-securitization of previous auto loan transactions.

Portfolio Pulse from

November 12, 2024 | 11:15 pm