Rating Action: Moody's affirms Accès Recherche Montréal L.P.'s senior secured rating of A1, outlook stableGlobal Credit Research – 06 Sep 2022Toronto, September 06, 2022 — Moody's Investors Service ("Moody's") today affirmed Accès Recherche Montréal L.P.'s ("ARM") senior secured rating of A1. The outlook is stable. Affirmations:..Issuer: Acces Recherche Montreal L.P…..Senior Secured Regular Bond/Debenture, Affirmed A1Outlook Actions:..Issuer: Acces Recherche Montreal L.P…..Outlook, Remains StableRATINGS RATIONALEThe A1 rating reflects the project's more than eight years of strong operating performance, with no significant deductions to service payments and minimal failure points. The rating also considers the long-term project agreement between ARM and Centre Hospitalier de l'Université de Montréal (CHUM, Aa2 stable). Under that agreement, CHUM makes availability payments in amounts designed to cover operating costs, rehabilitation costs, debt service and equity returns over a 30 year period and such payments benefit from a payment undertaking provided by the Province of Québec (Aa2, stable). The project also benefits from the fact that all operating, maintenance and rehabilitation obligations have been sub-contracted on a back-to-back basis to an experienced and creditworthy entity Honeywell Limited (Honeywell) for the term of the project agreement and Honeywell has backed its obligations by a relatively strong security package. The rating further reflects the resilient and robust financial metrics for an availability payment P3. However, the lack of a maintenance reserve account combined with the lack of independent review of the rehabilitation obligations and budget represent a weaker structure compared to other P3s and the event of default debt service coverage ratio is relatively weak at 1.00x.RATING OUTLOOKThe outlook is stable, reflecting the expectation that the Project will continue to perform well without material deductions and failure points and that it will continue to generate the debt metrics projected at the time of financial close.FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGWHAT COULD CHANGE THE RATING UPGiven the Project's positioning at the higher end of comparable P3 rated issuers, an upgrade appears unlikely in the medium term.WHAT COULD CHANGE THE RATING DOWNARM's rating could be downgraded if, in spite of the most recent experience, Honeywell encounters persistent operating issues leading to material deductions and the allocation of high levels of failure points that could lead to warnings, remedial actions from CHUM or the need to replace Honeywell. In addition, the rating could be downgraded if the debt service coverage ratios are lower than expected (threshold of 1.25x or below), if Honeywell's credit quality weakens materially, if material construction latent defects are found, if unexpected rehabilitation works must be completed, or if the rating of CHUM or of the Province of Quebec is downgraded.The principal methodology used in this rating was Operational Privately Financed Public Infrastructure (PFI/PPP/P3) Projects Methodology published in June 2021 and available at https://ratings.moodys.com/api/rmc-documents/72487. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.Based in Québec, Accès Recherche Montréal is owned by Axium Recherche L.P. (60%) and Meridiam Infrastructure Canada Finance ULC (40%). It was established to undertake the obligations to design, build, finance, operate, maintain and rehabilitate a new research center for CHUM pursuant to a project agreement with CHUM (with an expiry date of September 30, 2043).REGULATORY DISCLOSURESFor further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on https://ratings.moodys.com/rating-definitions.For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's 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 issuer/deal page for the respective issuer on https://ratings.moodys.com.For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit 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.The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.This rating is solicited. Please refer to Moody's Policy for Designating and Assigning Unsolicited Credit Ratings available on its website https://ratings.moodys.com.Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://ratings.moodys.com/documents/PBC_1288235.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the EU and is endorsed by Moody's Deutschland GmbH, An der Welle 5, Frankfurt am Main 60322, Germany, in accordance with Art.4 paragraph 3 of the Regulation (EC) No 1060/2009 on Credit Rating Agencies. Further information on the EU endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.The Global Scale Credit Rating on this Credit Rating Announcement was issued by one of Moody's affiliates outside the UK and is endorsed by Moody's Investors Service Limited, One Canada Square, Canary Wharf, London E14 5FA under the law applicable to credit rating agencies in the UK. Further information on the UK endorsement status and on the Moody's office that issued the credit rating is available on https://ratings.moodys.com.Please see https://ratings.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.Please see the issuer/deal page on https://ratings.moodys.com for additional regulatory disclosures for each credit rating. Rebecca Adair Vice President – Senior Analyst Project Finance Group Moody's Canada Inc. 70 York Street Suite 1400 Toronto, ON M5J 1S9 Canada JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 A.J. Sabatelle Associate Managing Director Project Finance Group JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 Releasing Office: Moody's Canada Inc. 70 York Street Suite 1400 Toronto, ON M5J 1S9 Canada JOURNALISTS: 1 212 553 0376 Client Service: 1 212 553 1653 © 2022 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.CREDIT RATINGS ISSUED BY MOODY'S CREDIT RATINGS AFFILIATES ARE THEIR CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY’S (COLLECTIVELY, “PUBLICATIONS”) MAY INCLUDE SUCH CURRENT OPINIONS. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE APPLICABLE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS (“ASSESSMENTS”), AND OTHER OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.MOODY’S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING, ASSESSMENT, OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
The mortgage REIT completed a reverse split on Friday, so it's the first trading day post-split. A stock decline in this situation isn't odd at all.
In the early days of the pandemic, if there was one coronavirus vaccine stock investors were betting on, it was Novavax (NASDAQ: NVAX). The biotech stock soared more than 2,700% in 2020 as it developed its vaccine candidate. In the same timeframe, Pfizer shares hardly budged.
In this article, we will take a look at the 10 Quality Stocks to Buy with Shares Down Over 30% YTD. To skip our analysis of the iShares MSCI USA Quality Factor ETF, its performance, and weighting of the components, you can go directly to see the 5 Quality Stocks to Buy with Shares Down […]
The 86-year-old investing legend has spoken. Pay attention.
The selling in stock markets looks poised to continues, warns veteran strategist Sam Stovall.
(Bloomberg) — John Paulson became a billionaire after his hedge fund effectively shorted more than $25 billion of mortgage securities at the dawn of the global financial crisis. As he sizes up yet another frothy housing market some 15 years later, the founder of Paulson & Co. says another downturn in US home prices may be in the cards — but the banking system is in a much better condition to handle it. Paulson sat down with Bloomberg for a wide-ranging interview at the Union League of Philadel
Investors are trying to decide if Volkswagen's new joint venture is good or bad news for QuantumScape.
With time, Shopify (NYSE: SHOP) has the potential to be one of them. Diving into the numbers shows how much momentum the company has lost and what it can do to turn things around. The company bet — by hiring staff and building out infrastructure — that the pandemic permanently accelerated e-commerce by five to 10 years.
Zacks.com users have recently been watching Energy Transfer LP (ET) quite a bit. Thus, it is worth knowing the facts that could determine the stock's prospects.
In this article, we discuss the 10 best oil stocks to buy according to hedge funds. If you want to read about some more oil stocks, go directly to 5 Best Oil Stocks To Buy According To Hedge Funds. The oil sector has rebounded from the lows of the pandemic this year and prices have […]
Shares of the big-data software company Palantir (NYSE: PLTR) gained as much as 5.8% today after the company announced that the Department of Homeland Security renewed a five-year contract with the company. Palantir's stock was up by 2.8% as of 3:20 p.m. ET. Palantir's stock initially got a boost this morning after the company said that the Department of Homeland Security renewed its contract to support Homeland Security Investigations (HSI) using the company's software.
(Bloomberg) — Asset-management giant Vanguard Group is shutting down one of its US exchange-traded funds for the first time. Most Read from BloombergJohn Paulson on Frothy US Housing Market: This Time Is DifferentUK Market Selloff Slams Gilts, Pound, Piling Pressure on BOEStocks, Commodities Drop; US Treasury Yields Surge: Markets WrapWall Street Banks Prep for Grim China Scenarios Over TaiwanInterpol Issues Red Notice for Terra’s Do Kwon, Korea SaysThe $39.7 million Vanguard U.S. Liquidity Fac
In this article, we discuss 11 best defensive stocks for an upcoming crash. If you want to read about some more defensive stocks, go directly to 5 Best Defensive Stocks For An Upcoming Crash. The Federal Reserve recently raised interest rates in the United States by three quarters of a percentage point, continuing on an […]
Axsome Therapeutics' solid gains of 42% this year came with the hope that its two new products would bring in plenty of revenue in the next few years. Last month, the U.S. Food and Drug Administration (FDA) approved its drug Auvelity for treating major depressive disorder (MDD).
When it comes to building wealth over time, it's hard to beat a strategy of dollar-cost averaging into a broad index fund.
Shares of the Trump-linked Digital World Acquisition Corp. are bouncing back after sliding earlier Monday when investors began pulling out of the stock.
There's nothing like a bear market to remind S&P 500 investors how low stocks can go. And it's a surprisingly low number per share.
After a grisly 1H22 which represented the stock market’s worst performance since 1970, the second half is shaping up to be a bit of a disappointment too. After clawing back some of the losses, it’s been onto the slide again with the S&P 500 almost back to the mid-June lows. The bad news, according to billionaire investor Carl Icahn, is that things could still get worse from here. “I think a lot of things are cheap, and they’re going to get cheaper,” said Icahn, pointing to the economic malaise,
Carnival's (CCL) third-quarter fiscal 2022 results are likely to reflect benefits from the resumption of operations and encouraging bookings.
Bank of America (BAC) has been one of the stocks most watched by Zacks.com users lately. So, it is worth exploring what lies ahead for the stock.