Bond & Stock Rating News

NEW YORK--(BUSINESS WIRE)--KBRA is pleased to announce that Neel Munot, Senior Director in the firm’s commercial mortgage-backed securities (CMBS) group, has been named to the CRE Finance Council’s (CREFC) 20 Under 40 Class of 2026, recognizing outstanding young professionals who are helping shape the future of commercial real estate (CRE) finance. The annual CREFC 20 Under 40 program honors rising leaders across the CRE finance market who have demonstrated exceptional professional achievement,...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to three classes of notes issued by ACHD Trust 2026-DS1 (“ACHD 2026-DS1”), an ABS transaction collateralized by a pool of debt settlement (“DS”) fees associated with enrolled debts from a static pool of DS customers. ACHD 2026-DS1 will issue three classes of notes totaling $151.4 million. The transaction benefits from credit enhancement levels that are sufficient to withstand KBRA’s rating stresses. Credit enhancement is comprised of o...

NEW YORK--(BUSINESS WIRE)--KBRA is pleased to announce the assignment of preliminary ratings to 13 classes of BMO 2026-5C15, a $626.1 million CMBS conduit transaction collateralized by 25 commercial mortgage loans secured by 124 properties. The collateral properties are located throughout 44 MSAs, of which the three largest are New York (32.6% of pool balance), Philadelphia (6.9%), and Reno, NV (5.9%). The pool’s three largest property type exposures are multifamily (34.9%), industrial (31.7%),...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to Jack in the Box Funding, LLC Series 2026-1 Class A-1 and Class A-2 Notes, a whole business securitization (WBS). The rating actions follow KBRA’s analysis which indicates that existing credit enhancement for the notes and cash flows are sufficient to support the ratings following the issuance of the Series 2026- 1. In conjunction with the issuance of the Series 2026-1 Notes, the Series 2019-1 Class A-2-II and the Series 2022-1 Class...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “aa” (Superior) to the forthcoming $2 billion, 30-year surplus notes to be issued by Teachers Insurance and Annuity Association of America (TIAA) (New York, NY). The outlook assigned to the Credit Rating is stable. The surplus note issuance is for general corporate purposes, which may include in part purchase financing related to TIAA company Nuveen’s cash acquisition of Schroders plc, which w...

OLDWICK, N.J.--(BUSINESS WIRE)--Premium generated from U.S. directors and officers’ (D&O) liability coverage declined for a fourth straight year in 2025, reflecting heightened competition in the segment as warning signs loom over commercial line’s underwriting performance, according to a new AM Best report. The Best’s Market Segment Report, titled “US D&O Liability - Still Profitable But Warning Signs Are Evident,” cites a 2025 direct loss ratio that was five percentage points higher th...

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 14 classes of mortgage pass-through certificates from Sequoia Mortgage Trust 2026-HYB2 (SEMT 2026-HYB2), a prime RMBS transaction comprising 353 hybrid adjustable-rate mortgages (ARMs) with an aggregate principal balance of $472.3 million. The top originators of this transaction are CrossCountry Mortgage Inc (20.2%), Guaranteed Rate, Inc. (18.8%), and Rocket Mortgage, LLC (12.0%). KBRA’s rating approach incorporated loan-level analy...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has assigned a Long-Term Issue Credit Rating of “a-” (Excellent) to the recently issued $750 million, 6.2% senior unsecured notes, due June 2056, of Fairfax Financial Holdings Limited (Fairfax) (Toronto, Canada) (TSX: FFH). The outlook assigned to this Credit Rating (rating) is stable.The Long-Term Issuer Credit Rating of Fairfax, as well as the ratings of its operating subsidiaries and all other debt issuances, are unchanged, as Fairfax’ adjusted debt lev...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bb+” (Fair) from “bb” (Fair) and affirmed the Financial Strength Rating (FSR) of B (Fair) of National Security Fire and Casualty Company (NSFC). The outlook of these Credit Ratings (ratings) is stable. AM Best also has upgraded the Long-Term ICR to “bb+” (Fair) from “bb” (Fair) and affirmed the FSR of B (Fair) of National Security Insurance Company (NSIC). The outlooks have been revised to...

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” (Excellent) of Aetna Life Insurance Company (ALIC) (Hartford, CT) and the other members of Aetna Health & Life Group, which are operating entities of Aetna Inc. (Aetna) and wholly owned subsidiaries of its ultimate parent, CVS Health Corporation (CVS Health) (NYSE: CVS). (Please see below for a detailed listing of the compani...