Bond & Stock Rating News

NEW YORK--(BUSINESS WIRE)--KBRA assigns a short-term rating of K1+ to the Triborough Bridge and Tunnel Authority (TBTA) Payroll Mobility Tax (PMT) Bond Anticipation Notes, Subseries 2025B-1 and a long-term rating of AA+ with a Stable Outlook to the TBTA PMT Bond Anticipation Notes, Subseries 2025B-2. Concurrently, KBRA affirms the long-term rating of AA+ with a Stable Outlook on outstanding TBTA PMT Senior Lien Bonds and certain outstanding TBTA PMT Bond Anticipation Notes, and affirms the shor...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to six classes of refinancing notes issued by Hildene TruPS Securitization 4, Ltd. (HITR4), a securitization backed by a portfolio of bank and insurance TruPs CDO assets. The transaction originally closed in June 2022 and this transaction will reset the terms of the securitization including the stated maturity, conditions for Manager to sell assets, non-call and non-turbo periods, portfolio and note notional balances and note interest...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb-” (Good) to the $500 million 6.7% junior subordinated notes, due 2055, issued by Equitable Holdings, Inc. (Delaware) on March 26, 2025. The outlook assigned to this Credit Rating (rating) is stable. The net proceeds from Equitable Holdings, Inc.’s recent debt issuance are expected to be used to repurchase in whole or part the Series B Depositary preferred shares and for general corporate purposes. Finan...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Financial Strength Rating (FSR) of A (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a+” (Excellent) to Biglari Reinsurance Ltd. (Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable. Concurrently, AM Best has removed from under review with developing implications and affirmed the FSR of A (Excellent) and the Long-Term ICR of “a+” (Excellent) of First Guard Insurance Company (First Guard) (Scottsda...

NEW YORK--(BUSINESS WIRE)--KBRA has assigned its BBB rating to Easterly Government Properties LP’s (Easterly) recent private placement of $25 million 6.13% series A senior unsecured notes due March 20, 2030, and $100 million 6.33% series B senior unsecured notes due March 20, 2032. The Outlook is Stable. Note proceeds are expected to be used to refinance borrowings under Easterly’s $400 million revolving credit facility, as well as provide liquidity for future acquisitions and development. KBRA...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes (the Series 2025-1/2 Notes) from TierPoint Issuer LLC and TierPoint Co-Issuer LLC, Series 2025-1 and Series 2025-2 (together, the Co-Issuers), a colocation data center ABS transaction. The Series 2025-1 Notes and Series 2025-2 Notes represents the third ABS issuance issued by the Co-Issuers. KBRA’s rating analysis incorporates all prior debt issuance of the Co-Issuers. KBRA anticipates affirming the ratings of...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to ten classes of mortgage-backed notes from BRAVO Residential Funding Trust 2025-NQM3 (BRAVO 2025-NQM3). The $346.5 million RMBS transaction is collateralized by a pool of 720 residential mortgages, with fixed-rate mortgages (FRMs) and hybrid adjustable-rate mortgages (ARMs) making up 96.7% and 3.3% of the pool, respectively. Most loans are either classified as non-qualified mortgages (Non-QM) (38.6%) or exempt (41.2%) from the Abilit...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (Good) from “bbb+” (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) of PEMCO Mutual Insurance Company (PEMCO) (Seattle, WA). The outlook of the Long-Term ICR has been revised to stable from negative while the outlook of the FSR is stable. The Credit Ratings (ratings) reflect PEMCO’s balance sheet strength, which AM Best assesses as very strong, as well as its m...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has downgraded the Financial Strength Rating to A- (Excellent) from A (Excellent) and the Long-Term Issuer Credit Ratings to “a-” (Excellent) from “a” (Excellent) of Cities and Villages Mutual Insurance Company (Cities and Villages) (Wauwatosa, WI). The outlook of these Credit Ratings (ratings) has been revised to negative from stable. These ratings reflect Cities and Villages’ balance sheet strength, which AM Best assesses as very strong, as well as its...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the newly issued $1 billion, 6.35% subordinated notes, due March 15, 2055, issued by MetLife, Inc. (MetLife) (headquartered in New York, NY) [NYSE: MET]. The outlook assigned to this Credit Rating (rating) is stable. All other ratings of MetLife and its subsidiaries remain unchanged. MetLife’s proforma adjusted financial leverage and the historical interest coverage are in line with its curr...