Streetbeat News

Credit Ratings

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

GEI

Gibson Energy Inc. has successfully closed a $350 million note offering with a 4.45% interest rate, maturing in 2031. The notes have been rated 'BBB–' by S&P Global Ratings and 'BBB (low)' by DBRS Morningstar.

Portfolio Pulse from

November 12, 2024 | 10:15 pm

VUSB

VUSB has been downgraded to 'Hold' due to lower yields in a monetary easing environment. The interest rate curve shift has reduced front-end yields, making VUSB less appealing. Its portfolio is overweight in corporate bonds and ABS, with tight credit spreads and a low 30-day SEC yield.

Portfolio Pulse from

November 12, 2024 | 4:30 pm

TKOMY

Tokio Marine HCC's ratings of A++ and AA- have been affirmed by AM Best and Fitch Ratings, with a stable outlook.

Portfolio Pulse from

November 12, 2024 | 3:15 pm

TD

Moody's has downgraded the long-term ratings of The Toronto-Dominion Bank and its U.S. subsidiaries following a guilty plea to conspiracy to commit money laundering and a $3 billion fine.

Portfolio Pulse from

November 11, 2024 | 9:30 pm