Bond & Stock Rating News

NEW YORK--(BUSINESS WIRE)--The 30+ day delinquency rate among KBRA-rated U.S. private label commercial mortgage-backed securities (CMBS) decreased to 7.5% in February from 8.1% in January, while the distress rate (reflecting delinquent plus current-but-specially-serviced loans) decreased to 10.3% from 10.7%. The office delinquency rate decreased 110 basis points (bps) this month to 12.8%. As reported last month, One New York Plaza ($810 million in ONYP 2020-1NYP) was modified and extended, whic...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) to the recently issued CAD 400 million, 4.4% senior unsecured notes, due February 2036, of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) [TSX: FFH]. The outlook assigned to this Credit Rating (rating) is stable. At the same time, AM Best has commented that the Long-Term IR of “a-” (Excellent) on the CAD 300 million 5.1% senior unsecured notes, due August 2055,...

MEXICO CITY--(BUSINESS WIRE)--AM Best assigned the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) to Redbridge Insurance Company (RIC) (Puerto Rico). The outlook assigned to the FSR is stable, while the outlook assigned to the Long-Term ICR is positive. Concurrently, AM Best has affirmed the FSR of B++ (Good) and the Long-Term ICR of “bbb” (Good) of Redbridge Insurance Company Limited (RICL) (St. James, Barbados). The outlook...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes (the “Notes”) issued by Credibly Asset Securitization II LLC, Series 2026-1 (“CRDBL 2026-1”). Credibly (or the “Company”) is the Sponsor, Seller, and Servicer for CRDBL 2026-1. Credibly was founded in 2010 and provides financing to small and medium-sized businesses through the use of proprietary risk scoring models, transactional data and technology systems. According to the Company, Credibly has provided busin...

MEXICO CITY--(BUSINESS WIRE)--AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of Seguros Universales, S.A. (Universales) (Guatemala). The Credit Ratings (ratings) reflect Universales’ balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, neutral business profile and appropriate enterprise risk management. The positive ou...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best affirmed the Financial Strength Rating (FSR) of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa+” (Superior) of RSUI Indemnity Company and its reinsured subsidiaries, collectively referred to as RSUI Group (RSUI) (headquartered in Atlanta, GA). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and their ratings.) The ratings of RSUI Group reflects its balance s...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the newly issued $1 billion, 5.85% subordinated debentures, due March 15, 2056, 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. The proceeds from this debt issuance are expected to be used to cover general business purposes. MetLife...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to SEB Funding LLC (the Issuer), Series 2026-1 (SEB 2026-1), a whole business securitization. SEB 2026-1 represents the Issuer’s third securitization following the establishment of the master trust in 2021. In conjunction with the issuance of the Series 2026-1 Notes, KBRA anticipates affirming the ratings on the outstanding Series 2024-1, Class A-1 VFN and Class A-2 Notes and withdrawing the ratings on the Series 2021-1, Class A-1 VFN,...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 44 classes of mortgage-backed notes from PMT Loan Trust 2026-CNF2 (PMTLT 2026-CNF2), a prime RMBS transaction sponsored by PennyMac Corp. (PennyMac), an indirect, wholly-owned subsidiary of PennyMac Mortgage Investment Trust (PMT). PMTLT 2026-CNF2 comprises 547 agency-eligible, conforming mortgage loans with an aggregate stated principal balance of approximately $301.5 million as of the March 1, 2026 cut-off date. The underlying col...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Somers Re Ltd. (Bermuda) and its subsidiaries: Watford Insurance Company Europe Limited (Gibraltar); Watford Specialty Insurance Company (New Jersey); and Axeria IARD (France). In addition, AM Best has affirmed the Long-Term ICR of “bbb-” (Good) of Somers Group Holdings Ltd. (Somers) (Bermuda), the group’s holding com...