Moody's applies new methodology to seven issuers

Moody's Investors Service said it took actions on seven finance companies following the publication of the agency's new finance companies rating methodology, which is now the primary methodology used to rate finance companies globally, except in jurisdictions where certain regulatory requirements must be fulfilled prior to the new methodology's implementation.

The agency said it upgraded the corporate family rating of Abbey International Finance Ltd. to Ba3 from B1 and affirmed its local- and foreign-currency B1 issuer ratings. The outlook remains stable.

The agency also said it affirmed the corporate family rating on Anacap Financial Europe SA at B1 and placed its B1 local-currency company on review for downgrade of its B1 local-currency senior secured rating. The outlook was changed to "rating under review" from stable.

Moody's also said it affirmed the corporate family rating of B2Holding ASA at Ba3 and placed the local- and foreign-currency Ba3 issuer ratings on review for downgrade. The outlook was changed to "rating under review" from stable.

The agency also affirmed the corporate family rating of Cabot Financial Ltd. at B1.It placed on positive review the B1 local- and foreign-currency secured ratings on Cabot Financial (Luxembourg) II SA and Cabot Financial (Luxembourg) SA's local- and foreign-currency B1 senior secured ratings.

The outlook was changed to "rating under review" from stable.

The agency also placed the Ba2 baseline credit assessment on JSC Development Finance Institution Altum on review for upgrade, along with its Baa1 local-currency long-term issuer ratings. The outlook was changed to "rating under review" from stable.

Moody's also assigned a Ba2 corporate family rating of Letshego Holdings Ltd., affirmed its Ba3 local- and foreign-currency long term issuer ratings. The outlook remains stable.

The agency also upgraded the standalone credit profile on Siemens Bank GmbH to Baa3 from Ba1 and affirmed the A1 local- and foreign-currency long-term issuer ratings. The outlook remains stable.

Moody's said the rating actions on Altum, Letshego and Siemens Bank follow the publication of a new rating methodology for finance companies and were driven by revisions of their standalone profile.

The opening of a review for downgrade on Anacap Financial, B2Holding and Cabot were driven by the application of the loss given default framework for speculative-grade issuers, the agency said.

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