Bond & Stock Rating News

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Heartland National Life Insurance Company (HNL) (Indianapolis, IN). The Credit Ratings (ratings) reflect HNL’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, limited business profile and marginal enterprise risk management (ERM). The rev...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “bbb+” (Good) to the recently issued $500 million 5.2% senior unsecured notes due 2035 of CNA Financial Corporation (CNAF) (Chicago, IL). The outlook assigned to the Credit Rating (rating) is positive. Proceeds from the sale of CNAF’s senior unsecured notes will be utilized to repurchase, redeem, repay or otherwise retire the $500 million outstanding aggregate principal balance of the 4.5% senior unsecured d...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 40 classes of asset-backed securities from Towd Point Mortgage Trust 2025-CES3 (TPMT 2025-CES3), a $464.3 million RMBS transaction, as of the Cut-off Date, sponsored by CRM 2 Sponsor, LLC and FirstKey Mortgage, LLC (FirstKey). The underlying pool consists of 5,136 closed-end second lien mortgages (CES; 100%) originated by Spring EQ, LLC (Spring EQ; 58.1%), Rocket Mortgage, LLC (Rocket; 21.2%), and NewRez LLC (NewRez; 20.7%). The CES...

LONDON--(BUSINESS WIRE)--AM Best has upgraded the Financial Strength Rating (FSR) to C++ (Marginal) from C+ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “b” (Marginal) from “b-” (Marginal) of Millî Reasürans Türk Anonim Şirketi (Milli Re) (Türkiye). Concurrently, AM Best has revised the outlook for the Long-Term ICR to positive. The outlook for the FSR is stable. The Credit Ratings (ratings) reflect Milli Re’s balance sheet strength, which AM Best assesses as weak, as we...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Independence American Insurance Company (IAIC) (Wilmington, DE). The Credit Ratings (ratings) have been placed under review with developing implications following IAIC’s re-filing of its 2024 annual statements. The refiling of the statements was driven by the auditor’s opinion that the pet quota...

DUBLIN--(BUSINESS WIRE)--KBRA releases a report commenting on the UK Supreme Court’s recent judgment regarding discretionary commission arrangements (DCA), as well as the Financial Conduct Authority’s (FCA) subsequent regulatory response. On 1 August, the UK Supreme Court upheld key aspects of an earlier Court of Appeal ruling, confirming that inadequate disclosure of commission arrangements can, in certain cases, create an “unfair relationship” under Section 140A of the Consumer Credit Act 197...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to four classes of notes issued by Aqua Finance Issuer Trust 2025-B (“Aqua 2025-B”), an asset-backed securitization collateralized by marine and recreational vehicle contracts as well as home improvement contracts. Aqua 2025-B will issue four classes of notes totaling $368.61 million, collateralized by $404.2 million receivables. Aqua 2025-B has initial credit enhancement levels ranging from 44.10% for the Class A notes to 9.30% for th...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 62 classes of mortgage-backed notes from PMT Loan Trust 2025-INV8 (PMTLT 2025-INV8), a prime RMBS transaction sponsored by PennyMac Corp. (PennyMac), an indirect, wholly-owned subsidiary of PennyMac Mortgage Investment Trust (PMT). PMTLT 2025-INV8 comprises 1,039 fixed-rate mortgages (FRMs) with an aggregate principal balance of $386.7 million as of the August 1, 2025 cut-off date. The underlying pool consists of agency-eligible loa...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 67 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2025-8 (SEMT 2025-8), a $550.3 million prime RMBS transaction. The pool is comprised of 445 first-lien, fully amortizing fixed rate mortgages with 20-year and 30-year maturity terms. The collateral is characterized by a weighted average (WA) original credit score of 779 and moderate borrower equity, with a WA original LTV of 72.3% and WA original CLTV of 72...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “a+” (Excellent) to Chubb INA Holdings LLC’s (Chubb) (Delaware) recently announced USD 1.25 billion issuance of 4.9% senior unsecured notes due 2035 in the U.S. market, which are guaranteed by Chubb Limited. The outlook assigned to this Credit Rating is stable. Chubb intends to use the net proceeds from this offering for general corporate purposes, which may include the redemption, repurchase or repayment of...