Moody’s ups Brookfield Asset

Moody's Investors Service said it upgraded the ratings of Brookfield Asset Management Inc. and its financing subsidiaries to Baa1 from Baa2, following Brookfield's acquisition of about 61.2% of the equity of Oaktree Capital Group.

The outlook is stable.

“The upgrade of Brookfield's ratings reflects the positive effects the Oaktree acquisition is expected to have on the company's business profile,” the agency said in a news release.

“This includes its diversification into new alternative asset classes, increased scale of revenues and assets under management, and the synergistic marketing benefits of partnering with one of the leading fixed income managers in the world.”

S&P lifts AerCap Holdings to BBB, rates junior notes BB+

S&P said it raised its ratings on AerCap Holdings NV, including raising the issuer credit rating to BBB from BBB-.

S&P also assigned a BB+ rating to the company's proposed issuance of fixed-rate reset noncumulative junior subordinated notes due 2079.

The outlook is stable.

AerCap Holdings has announced a lower leverage (debt to equity) target of 2.7x, a reduction from its recent 2.8x and 3x before that.

“We view this new target favorably, in that it will result in a less aggressive financial policy,” S&P said in a news release.

Fitch rates AerCap notes BB-

Fitch Ratings said it assigned an expected rating of BB- to AerCap Holdings NV's proposed issuance of fixed-rate reset non-cumulative junior subordinated notes.

The junior subordinated notes represent unsecured obligations, ranking senior only to common stock and market auction preferred securities issued by International Lease Finance Corp., and subordinated in right of payment to all existing and future obligations of AerCap and its subsidiaries, the agency said.

Fitch upgrades HCP

Fitch Ratings said it upgraded HCP, Inc.'s long-term issuer default rating and senior unsecured debt rating to BBB+ from BBB.

The outlook is stable.

The upgrades reflect Fitch's view that HCP has demonstrated comparable access to capital to BBB+ peers, has the willingness and ability to maintain leverage below 6x and will continue to operate with ample liquidity and sufficient contingent liquidity, the agency said.

DBRS assigns AAA to CPPIB Capital series 14 notes

DBRS said it assigned a rating of AAA with a stable trend to the C$1 billion series 14 notes issued by CPPIB Capital Inc.

The notes have a coupon rate of 1.95% and a maturity date of Sept. 30, 2029.

CPPIB Capital is a wholly owned subsidiary and principal funding vehicle of Canada Pension Plan Investment Board (CPPIB; rated AAA with a stable trend). The series 14 notes are unconditionally and irrevocably guaranteed by CPPIB and rank pari passu with all other present and future unsecured and unsubordinated debt of CPPIB Capital.

Fitch rates Digital Realty preferreds BB+

Fitch Ratings said it assigned a BB+ rating to the series L cumulative redeemable preferred stock to be issued by Digital Realty Trust, Inc. The outlook is stable.

“DLR's credit strengths include a global platform, granular tenant base, good access to multiple forms of capital, strong liquidity, conservative capital-raising strategy and strong management,” the agency said in a news release.

“These credit positives are balanced by a less established record in the commercial real estate market, more limited access to the liquid investment market and less leveragability relative to other commercial property asset classes.”

Fitch rates Enbridge notes BBB+

Fitch Ratings said it assigned a BBB+ rating to Enbridge Inc.'s offering of senior unsecured notes.

Proceeds from the offering are to be used for repayment of short-term debt, capital expenditures and for general corporate purposes.

“ENB's ratings are primarily based on the company's low level of business risk,” the agency said in a news release.

“Approximately 98% of expected ENB cash flows are from either regulated revenues or contracts with terms that provide for a high degree of revenue assurance.”

Fitch rates Global Atlantic notes BBB

Fitch Ratings said it assigned a BBB to Global Atlantic Financial Group's senior unsecured long-term notes maturing 2029.

Existing ratings are unaffected by the action, the agency noted.

The notes are issued out of Global Atlantic (Fin) Co. and are fully and unconditionally guaranteed by Global Atlantic Financial.

Both Global Atlantic (Fin) and Global Atlantic Financial have long-term issuer default ratings of BBB+.

The notes were assigned a rating one notch below the long-term issuer default rating, which reflects standard notching based on Fitch's rating criteria, the agency said.

S&P rates Owl Rock notes BBB-

S&P said it assigned its BBB- debt rating on Owl Rock Capital Corp.'s proposed issuance of senior unsecured notes.

The issuer is expected to use proceeds from the offering for general corporate purposes, including repayment of existing debt and financing new investments.

The ratings reflect ORCC's low leverage and experienced management team, S&P said.

Fitch gives Owl Rock notes BBB-

Fitch Ratings said it assigned an expected rating of BBB- to Owl Rock Capital Corp.'s unsecured notes.

The agency said it does not expect there to be a material impact on the company's leverage levels as a result of the issuance, as proceeds will be used to repay existing debt.

That said, Fitch expects leverage will increase over time.

S&P gives A to Hannover Rueck junior subordinated notes

S&P said it assigned its A rating to the proposed junior subordinated notes to be issued by Hannover Rueck SE (AA-/stable/--).

The rating on these notes is two notches below the long-term issuer credit rating on Hannover Re.

“We understand that the notes will have a tenor of 20 years, but Hannover Re can call the notes after 9.75 years from issuance and at each interest payment date thereafter, subject to the conditions for redemption, including approval from the insurance regulator,” S&P said in a news release.

S&P gives BBB to Marriott International notes

S&P said it assigned its BBB issue-level rating (the same as S&P’s long-term issuer credit rating) to Marriott International Inc.'s proposed senior unsecured notes.

Marriott plans to use the proceeds from the proposed notes for general corporate purposes, which may include working capital, capital expenditure, acquisitions, stock repurchases, or the repayment of outstanding debt.

All of S&P’s other ratings on Marriott remain unchanged.

S&P revises KUKA view to negative

S&P said it revised its outlook to negative from stable and affirmed its BBB- long-term issuer credit rating on KUKA AG.

“The outlook revision follows KUKA's third profit warning over the past 12 months (two related to 2018), and reflects our expectation of weaker-than-expected operating performance and slower recovery in credit metrics, over the next 12-18 months, to a level in line with the rating level, namely funds from operations (FFO) to debt of above 30%,” S&P said in a news release.

Moody’s affirms Bridgestone

Moody's Investors Service said it affirmed Bridgestone Corp.'s A2 issuer rating. The outlook remains stable.

“The affirmation of Bridgestone's ratings reflects our expectation that the company will maintain its leading market position and a sufficient buffer in financial position, despite the cyclical decline in recent earnings,” Takashi Akimoto, Moody's assistant vice president and analyst, said in a news release.

Fitch affirms Hiscox

Fitch Ratings said it affirmed Hiscox Ltd.'s long-term issuer default rating at A- and its senior and subordinated notes at BBB+ and BBB-, respectively.

The outlook is stable.

“The affirmation reflects Hiscox's strong business profile, very strong capitalisation and financial performance, and conservative approach to reserving,” the agency said in a news release.

Fitch affirms National Fuel

Fitch Ratings said it affirmed National Fuel Gas Co.'s long-term issuer default rating and senior unsecured debt at BBB.

Fitch also affirmed the company's short-term issuer default rating and commercial paper rating at F2.

The outlook remains stable.

“National Fuel's ratings reflect its diversified and integrated business model anchored by regulated operations, low-cost acreage position and disciplined approach to funding a large capex program focused on growing its upstream and midstream business segments,” the agency said in a news release.

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