Bond & Stock Rating News

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 10 classes of mortgage-backed notes from Deephaven Residential Mortgage Trust 2026-INV2 (DRMT 2026-INV2). The DRMT 2026-INV2 mortgage loans are secured by first liens on non-owner occupied (NOO) investor properties. All the loans in the pool are exempt from the ATR/QM rule due to being originated for business purposes. As of the cut-off date, the pool comprises 1,130 primarily fixed-rate (99.4%) residential mortgage loans seasoned a...

NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA- to the City of Austin, TX Airport System Revenue and Refunding Bonds, Series 2026A (Non-AMT) and Airport System Revenue and Refunding Bonds, Series 2026B (AMT). KBRA additionally affirms the long-term rating of AA- for the City's outstanding Airport System Revenue Bonds. The rating Outlook is Stable. Key Credit Considerations The rating actions reflect the following key credit considerations: Credit Positives Established enplaned...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has commented that the Credit Ratings (ratings) of The Wawanesa Mutual Insurance Company (Wawanesa Mutual) (Winnipeg, Manitoba, Canada) remain unchanged following its announcement to acquire Everest Insurance Company of Canada (Everest Canada) (Toronto, Ontario, Canada), the Canadian retail insurance operations of Everest Group, Ltd. (Everest Group) (Bermuda) [NYSE: EG]. The acquisition is expected to strengthen and diversify Wawanesa Mutual’s business pr...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 15 classes of notes issued by Pagaya AI Debt Grantor Trust 2026-2 & Pagaya AI Debt Trust 2026-2 (collectively “PAID 2026-2”), an unsecured consumer loan ABS transaction. PAID 2026-2 has initial hard credit enhancement levels of 80.36% for the Class A-1 Notes to 4.03% for the Class F-2 Notes. Credit enhancement is comprised of overcollateralization, subordination (except for the Class F-2 Notes), cash reserve accounts funded at c...

NEW YORK--(BUSINESS WIRE)--KBRA releases research that explores the potential credit implications of the conflict involving Iran for the airline sector, including both near-term effects and the potential impact of a prolonged disruption. The conflict represents a multichannel shock for airlines, impairing flows through the Strait of Hormuz, disrupting regional refining activity, increasing shipping and insurance costs, and constraining Middle East airspace. The most immediate credit transmissio...

DUBLIN--(BUSINESS WIRE)--KBRA Europe (KBRA) assigns preliminary ratings to eight classes of notes issued by Lura Funding DAC (Lura 2026), a static RMBS transaction backed by mortgage participations and mortgage transfer certificates issued by CaixaBank, S.A. (CaixaBank), representing the economic rights under mortgage loan agreements in Spain. On the closing date, the underlying collateral will be securitised via FT Neptuno, a Spanish securitisation fund (Fondo de Titulización or FT) managed by...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 17 classes of mortgage pass-through certificates from EFMT 2026-NQM4, a $546.8 million non-prime RMBS transaction. The underlying collateral, comprising 1,380 residential mortgages, is characterized by a notable concentration of alternative income documentation, with 88.8% of the loans underwritten using DSCR, bank statements, and asset underwriting documentation types. The majority of loans are either classified as non-qualified mo...

NEW YORK--(BUSINESS WIRE)--KBRA is pleased to announce the assignment of preliminary ratings to 14 classes of WFCM 2026-C66, an $586.4 million CMBS conduit transaction collateralized by 29 commercial mortgage loans secured by 75 properties. The collateral properties are located throughout 26 MSAs, of which the three largest are New York (13.6% of pool balance), Washington - NoVA - MD (12.6%), and Denver (9.4%). The pool has exposure to all major property types, with four types representing more...

NEW YORK--(BUSINESS WIRE)--KBRA assigns a long-term rating of AA+ to the City of New York General Obligation Bonds, Fiscal 2026 Series F and G, and General Obligation Bonds, Fiscal 2026 Series 1. The Outlook is Negative. Concurrently, KBRA affirms the long-term rating of AA+ on outstanding City of New York General Obligation Bonds, and revises the Outlook to Negative from Stable. The outlook revision reflects the City’s FY 2027 Preliminary Budget (the “Preliminary Budget”, or “the financial pla...

HONG KONG--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of PanAsia Reinsurance Inc. (PanAsia Re) (Hawaii). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect PanAsia Re’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM). The ratings also...