S&P cuts Aspen Insurance

S&P said it lowered its issuer credit ratings on the Aspen Insurance group's core subsidiaries, Aspen Bermuda Ltd. and Aspen Insurance U.K. Ltd., to A- from A. At the same time, S&P lowered the long-term issuer credit rating on Aspen Insurance Holdings Ltd. to BBB from BBB+. The outlooks on all long-term ratings are stable.

The agency also lowered the issue ratings on the preference shares to BB+ from BBB- and the senior unsecured debt to BBB from BBB+.

S&P said that while Aspen has taken corrective action to re-underwrite its portfolio and reduce expenses, its 2019 results continue highlighting the challenges it faces.

The outlook is stable.

Moody's eyes European auto parts suppliers for cuts

Moody's Investors Service said it placed the ratings of 14 European Automotive parts suppliers under review for downgrade. This includes the following eight issuers: Aptiv plc, Autoliv Inc., Faurecia, Hella GmbH & Co KGaA, Kongsberg Automotive ASA, Novem Group GmbH, Schaeffler AG and Valeo SA.

Concurrently, Moody's said it downgraded the ratings of the following six issuers by one notch: Adler Pelzer Holding GmbH to B1 from B2, Garrett Motion to B1 from Ba3, Gestamp Automocion, SA to Ba3 from Ba2, Grupo Antolin to B3 from B2, IHO-Verwaltungs GmbH to Ba2 from Ba1 and ZF Friedrichshafen AG to Ba1 from Baa3.

As a result of the downgrades, Moody's said it withdrew the issuer rating and assigned corporate family rating to ZF Friedrichshafen, in line with the rating agency's policy for non-financial corporates with non-investment grade ratings downgraded from investment-grade ratings. The ratings of these six issuers are under review for further downgrade.

"The rapid and widening spread of the coronavirus outbreak is creating a severe and extensive credit shock for European automotive parts suppliers," said Matthias Heck, a vice president and senior credit officer at Moody's, in a press release.

"We have downgraded ratings of companies which were already weakly positioned in their respective ratings ahead of the current market stress, and our review for downgrade processes will focus on the impact on manufacturing operations, consumer demand, as well as governmental support and mitigating measures being taken by the individual issuers," he said.

S&P cuts Ford Motor to junk

S&P said it downgraded its long-term issuer credit rating on Ford Motor Co. to BB+ from BBB- and assigned issue-level ratings of BB+ on Ford's unsecured debt.

S&P also placed the ratings on CreditWatch with negative implications.

The coronavirus has delivered supply-side and demand-side shocks to light-vehicle demand, S&P noted.

The decision to downgrade Ford to speculative grade from investment grade “reflects that the company's credit metrics and competitive position became borderline for the investment-grade rating prior to the coronavirus outbreak, and the expected downturn in light-vehicle demand made it unlikely that Ford would maintain the required metrics,” S&P said in a news release.

S&P cuts Marks & Spencer

S&P said it downgraded Marks & Spencer and its senior unsecured debt to BB+ from BBB- and put all ratings on CreditWatch with negative implications. The agency also assigned a 3 recovery rating to its senior unsecured debt, indicating expectations of a meaningful (50%-70%; rounded estimate: 65%) recovery to creditors in the event of a payment default.

“The downgrade reflects our view that M&S' earnings and cash generation will decline sharply at least over the remaining part of this calendar year. We believe the outbreak of coronavirus will cause a substantial decline in non-food sales in the U.K. and also internationally,” said S&P in a press release.

In resolving the CreditWatch, S&P said it will evaluate new information regarding the spread of Covid-19 and the effect it is having on M&S' earnings, liquidity and cash flows.

S&P cuts Occidental Petroleum to junk

S&P said it lowered its ratings on Occidental Petroleum Corp.'s (Oxy), including the issuer credit rating and unsecured issue-level ratings, to BB+ from BBB and placed the ratings on CreditWatch with negative implications.

The CreditWatch listing reflects the likelihood of a downgrade if Oxy does not address its high debt burden, and its daunting debt maturity profile, over the next two years, the agency said.

“We expect U.S.-based exploration and production (E&P) company Occidental Petroleum Corp.'s (Oxy) credit measures to be well below our expectations for the rating over the next two years under our revised oil and gas price assumptions,” S&P said in a news release.

S&P downgrades Ovintiv

S&P said it lowered its issuer credit rating and unsecured debt ratings on Ovintiv Inc. to BBB- from BBB and revised the short term and commercial paper ratings on Ovintiv to A-3 from A-2.

The outlook is negative.

S&P said it recently lowered its crude oil and natural gas price deck assumptions for the remainder of 2020.

“As a result, we expect independent oil and gas exploration and production company Ovintiv Inc.'s cash flow/leverage measures to fall below our expectations for the BBB rating,” S&P said in a news release.

S&P cuts Patterson-UTI to junk

S&P said it downgraded the ratings for Patterson-UTI Energy Inc. and its unsecured debt to BB+ from BBB and assigned a 3 recovery rating to the company’s senior unsecured notes.

“We expect rig utilization and to a lesser extent, day rates will be considerably lower than what we had previously estimated. Thus far, exploration and production (E&P) companies have cut their capital expenditure (capex) budgets by an average of at least 30%, which we anticipate will result in the release of spot rigs early in 2020 and contracted rigs in late 2020 and early 2021,” said S&P in a press release.

The outlook is negative.

S&P lowers Schlumberger to A

S&P lowered its issuer credit rating and unsecured debt ratings on Schlumberger Ltd. to A from A+.

At the same time, the agency is affirming its short-term issuer credit and commercial paper ratings of A-1.

The outlook is negative.

The outlook reflects the potential for a further downgrade if the company does not take steps to improve cash flows and leverage over the next 12 to 24 months, such as reducing capital spending, cutting costs, or limiting shareholder distributions, resulting in funds from operations/debt falling below 30% or discretionary cash flow to debt falling below 10% for a sustained period.

The environment for the company is a significant drop in demand for oilfield services, leading to higher cash flow/leverage.

S&P is now expecting total revenues to decline 10% in 2020, with operating margins dropping by 200 basis points, leading to FFO/debt in the low to mid 30% range and debt/EBITDA above 2.0x in 2020 and 2021.

Moody's downgrades Toyota, Honda, Nissan, Yamaha

Moody's Investors Service said it downgraded to A1 from Aa3 the long-term ratings of Toyota Motor Corp. and its captive finance subsidiaries. The ratings were also placed on review for further downgrade.

The agency downgraded to A3 from A2 the long-term ratings of Honda Motor Co., Ltd. and its captive finance subsidiaries. The ratings were placed on review for further downgrade.

Moody’s also downgraded to Baa3 from Baa1 the long-term ratings of Nissan Motor Co., Ltd. The ratings were placed on review for further downgrade.

Moody's downgraded Yamaha Motor Co. Ltd.'s issuer rating to Baa1 from A3. The rating was placed on review for further downgrade.

The outlooks for Toyota, Honda and Nissan were changed to under review from negative. Yamaha's outlook has changed to under review from stable.

S&P lowers Western Midstream

S&P downgraded Western Midstream Operating, LP's issuer credit rating to BB+ and its issue ratings on Western’s senior secured debt also to BB+ with a recovery rating of 3.

The outlook is negative.

Simultaneously, parent Occidental Petroleum Corp. has been downgraded to BB+, capping the rating for the subsidiary.

S&P no longer thinks that Western will be able to deleverage as planned over the next few years, due to an expected decline in the company’s gathering and processing systems because of the material decline in commodity prices, resulting in lower cash flows than previously expected.

“We are now expecting EBITDA to decline year over year in 2020 and 2021, while leverage will remain in the 4.75x – 5x range over the next few years.

“Prior to the updated volume decline, we were expecting Western to grow its EBITDA and deleverage gradually, but we no longer think that's likely given the market stress,” S&P said.

Fitch changes Airbus view to negative

Fitch Ratings said it revised Airbus SE's outlook to negative from positive. It affirmed Airbus' long-term issuer default rating and Airbus Group Finance BV's senior unsecured rating at A-.

“Fitch's rating case includes expectations for a significant global economic downturn through 2Q20, followed by a recovery in 2H20 and into 2021. This scenario will dramatically affect airline traffic and financial results, driving requests for delivery deferrals. Under this scenario, Fitch believes Airbus may face a challenge to return its credit metrics to levels consistent with an A- rating by end-2021, which would result in a downgrade,” said Fitch in a press release.

S&P puts Anheuser-Busch InBev on watch

S&P said it placed the A- rating on Anheuser-Busch InBev SA on CreditWatch with negative implications.

“The CreditWatch reflects the heightened risk of weaker-than-anticipated deleveraging over 2020-2021. In our view, the uncertainties associated with recent events could negatively affect the company's earnings,” said S&P in a press release.

“We plan to resolve the CreditWatch placement when we have further information on the evolution and spread of Covid-19, the expected length of its effects on off-trade beer consumption, and any financial policy steps taken by management to accelerate the group's targeted debt profile improvements in 2020,” said S&P in a press release.

S&P revises Ashtead view to negative

S&P said it revised the outlook for Ashtead Group plc to negative from stable and affirmed its BBB- rating.

“The effect of the Covid-19 pandemic on Ashtead's U.S. customer base could materially harm the group's financial results – at least in the short term – putting pressure on the group's credit quality. Ashtead generates more than 90% of its revenue in the U.S., with some operations in Canada and the U.K.,” the agency said in a press release.

“The negative outlook reflects our view that we could lower the ratings on Ashtead over the following few months if the Covid-19 pandemic results in a larger-than-expected spike of adjusted debt to more than 3x without any prospect of a swift recovery,” S&P said.

Fitch places Azimut on watch

Fitch Ratings said it placed Azimut Holding SpA's ratings, including the BBB- long-term issuer default rating, on rating watch negative.

“The RWN reflects a higher likelihood of Azimut breaching Fitch's downgrade triggers due to the adverse effect of the Covid-19 pandemic on its operating environment. In particular, it has become more likely that Azimut will breach our downgrade trigger of cash flow leverage (gross debt/EBITDA) of 3.5x,” Fitch said in a press release.

Moody's changes CAV view to negative

Moody's Investors Service said it changed the outlook to negative from stable on Concessioni Autostradali Venete - CAV SpA and affirmed the Baa1 senior secured debt rating.

The spread of the coronavirus outbreak, a deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets, the agency said.

“The combined credit effects of these developments are unprecedented. In particular, the toll road sector has been significantly affected by the shock given its exposure to travel restrictions and sensitivity to consumer demand,” said Moody’s in a press release.

The revision reflects the sharp decline in traffic at the motorway network operated by CAV following a series of restrictive measures and travel bans imposed by the Italian government since Feb. 23. The unprecedented public health measures aimed to contain the spread of the coronavirus will be in place for an unknown period, Moody’s said.

S&P revises ConocoPhillips view to negative

S&P said it revised the outlook for ConocoPhillips to negative from stable and affirmed the A ratings on the company and its unsecured debt.

“The negative outlook reflects ConocoPhillips' weak credit measures in 2020, despite the company taking initial steps to lower capital spending and reduce share repurchases. We estimate FFO/debt will fall to the 20% to 25% range in 2020 from over 80% last year, due largely to the sharp decline in oil and natural gas prices, but to approach 45% in 2021 as commodity prices rise and the company continues to moderate capital spending and shareholder distributions,” said S&P in a press release.

S&P revises Diamondback Energy view to negative

S&P said it affirmed the BBB- issuer credit rating on Diamondback Energy Inc. and revised the outlook to negative from stable.

“We expect U.S.-based oil and gas exploration and production company Diamondback Energy Inc.'s credit metrics will be significantly weaker than our prior forecast due to our latest oil and gas price revisions,” S&P said in a news release.

“The company's sizable hedge position and recent budget reductions alleviate the impact on cash flow and its strong liquidity provides cushion.”

S&P puts Finning on watch

S&P said it placed all of its ratings on Finning International Inc., including its BBB+ issuer credit rating on the company, on CreditWatch with negative implications.

“The CreditWatch placement reflects the increased risk of a downgrade based on the potentially significant headwinds Finning faces that could lead to weaker-than-expected credit measures. In particular, we believe lower earnings this year could mitigate the impact of expected debt reduction on the company's adjusted debt-to-EBITDA.” said S&P in a press release.

“We expect to resolve the CreditWatch placement within the next few months. During this period, we anticipate greater visibility on Finning's prospective earnings, cash flow, and credit measures, most likely related to prevailing macro-economic and commodity markets conditions,” said S&P.

S&P put Helmerich & Payne on negative watch

S&P said it has revised the outlook to negative from stable for Helmerich & Payne Inc.

The agency has also affirmed the BBB+ user credit rating.

“The negative outlook incorporates our view that funds from operations to debt will decline below 60% and debt to EBITDA will rise above 1.5x over the near-term as demand for rigs declines and day rates weaken,” S&P remarked.

S&P also said that it is “forecasting negative discretionary cash flow in 2020 and 2021, largely driven by lower demand for onshore drilling, as well as the company's current substantial dividend,” although the agency noted that the company is re-evaluating its dividend.

S&P shifts National Oilwell view to negative

S&P said it affirmed its BBB+ ratings on National Oilwell Varco Inc. and revised the outlook to negative from stable.

“The negative outlook reflects our expectation that low crude oil prices and the rapid pull back in spending by the E&P industry, especially North America, will hurt operating earnings and financial measures. As a result, we now expect 2020 financial performance to be well below previous expectations with FFO/debt below 40%, before recovering in 2021 on the back of improving crude oil prices,” said S&P in a press release.

S&P puts Nissan Motor on watch

S&P said it placed its BBB+ long-term issuer and senior unsecured issue credit ratings and A-2 short-term issuer credit rating on Nissan Motor Co. Ltd. on CreditWatch with negative implications.

At the same time, S&P placed the ratings on the company's overseas subsidiaries on CreditWatch with negative implications.

“The CreditWatch placement reflects our view that there is a risk of a material deterioration in the company's profitability over the next one to two years,” S&P said in a news release.

“We expect downward pressure on the company's EBITDA margin to intensify. The Covid-19 pandemic may push down auto sales, lead to prolonged disruption of global production activities, and cause material currency fluctuations.”

Moody's revises Roadster Finance view to negative

Moody's Investors Service said it revised its outlook to negative from stable on Roadster Finance DAC’s senior secured notes and senior bank credit facilities. Moody's also revised the outlook to negative from stable on Deutsche Raststaetten Gruppe IV GmbH's senior secured revolving bank credit facility and affirmed both Roadster Finance's and DRG IV's Baa3 senior secured ratings.

The outlook revision to negative, the agency said, reflects the substantial reduction in EBITDA to occur at concessions on the motorway service areas over the next few weeks following temporary border closures and travel restrictions for at least 30 days as announced by the German federal government on March 15.

“These orders are to stem the wider spread of the coronavirus, which we regard as a social risk under our ESG framework, given the substantial implications for public health and safety,” said Moody’s in a press release.

S&P shifts Stanley Black & Decker view to negative

S&P said it revised the outlook for Stanley Black & Decker Inc. to negative from stable.

“The negative outlook indicates that our downside scenario is materializing quickly. Specifically, we anticipate that Stanley's debt-funded transactions and subsequent profit disruptions may cause its adjusted debt to EBITDA to remain above 2x for a third consecutive year absent corporate actions to reduce its leverage. We estimate that the company's leverage may even rise above 2.5x in 2020 given the rapidly deteriorating economic outlook,” said S&P in a press release.

Moody's revises Stryker view to negative

Moody's Investors Service said it affirmed Stryker Corp.'s ratings and revised the outlook to negative from stable. The company's Baa1 senior unsecured rating, Baa1 issuer rating were affirmed.

“The outlook revision reflects Moody's expectations that guidance from various public health authorities and physician associations is likely to lead to a meaningful decline in elective procedures as treating Covid-19 patients will be a priority. Moody's believes that many types of orthopedic procedures, such as knee and hip replacements, will likely be considered elective and therefore will be deferred,” said the agency in a press release.

S&P places Toyota Motor on watch

S&P said it placed its AA- long-term issuer and issue credit ratings and its A-1+ short-term issuer and issue ratings on Toyota Motor Corp. and its subsidiaries on CreditWatch with negative implications.

“We placed our ratings on CreditWatch because we believe the Covid-19 pandemic has triggered a rapid and ongoing deterioration in the automaker's operating environment. This is increasing downward pressure on its EBITDA margin,” S&P said in a news release.

“We believe its profitability is likely to worsen substantially in the coming one to two years to levels the current rating will not tolerate. Its EBITDA margin (excluding captive finance operations) is likely to drop to about 10% in the coming one to two years from 12.1% in fiscal 2018 (ended March 31, 2019).”

Moody's revises Zimmer Biomet view to negative

Moody's Investors Service said it affirmed Zimmer Biomet Holdings, Inc.'s Baa3 ratings and revised the outlook to negative from stable.

“The outlook revision reflects Moody's expectations that guidance from various public health authorities and physician associations is likely to lead to a meaningful decline in elective procedures as treating Covid-19 patients will be a priority. Moody's believes that many types of orthopedic procedures, such as knee and hip replacements, will likely be considered elective and therefore will be deferred. The impact is difficult to quantify as it will depend on the breadth and duration of the health crisis,” said Moody’s in a press release.

Moody's said it expects a sizable decline in elective procedures in the second quarter, with sequential improvement over the course of the year.

S&P revises Zimmer Biomet view to negative

S&P said it affirmed its BBB ratings on Zimmer Biomet Holdings Inc. and its senior unsecured debt and revised the outlook to negative from stable.

“The outlook revision reflects our view that Zimmer Biomet Holdings Inc.'s high exposure to deferrable procedures introduces significant risk to its 2020 operating performance, now that the Covid-19 pandemic has spread globally,” S&P said in a news release.

The negative outlook reflects a risk that a severe and prolonged pandemic could materially affect Zimmer's operating performance and keep leverage above 3.75x for an extended period of time, the agency said.

S&P revises Concho Resources view to stable

S&P said it affirmed its BBB- long-term issuer credit rating and senior unsecured issue-level rating on Concho Resources Inc. and revised the outlook to stable from positive.

“We expect exploration and production (E&P) company Concho Resources Inc.'s financial measures to decrease in 2020 and 2021 from our previous assumptions,” S&P said in a news release.

“The stable outlook reflects our expectation that Concho will maintain its modest financial policies such that funds from operations (FFO) to debt will remain greater than 45% on average despite the weak price environment. Further support for the rating is provided by favorable hedges in 2020 and maintenance of strong liquidity,” S&P said.

Fitch assigns A to Disney notes

Fitch Ratings said it assigned an A rating to the Walt Disney Co.'s offering of benchmark-sized senior unsecured notes due 2027. The notes are being offered in Canada by private placement. Proceeds are expected to be used for general corporate purposes including the repayment of outstanding debt and commercial paper.

The notes will rank pari passu with Disney's other unsecured indebtedness and will be guaranteed on a senior unsecured basis by Disney's wholly owned subsidiary TWDC Enterprises 18 Corp. Disney had about $48 billion of debt outstanding as of Dec. 28.

“Fitch views the issuance positively as the company bolsters its liquidity position, reduces reliance on commercial paper markets, and addresses current maturities. Fitch believes that Disney has the financial flexibility and capacity to withstand the impact of the coronavirus pandemic,” the agency said in a press release.

DBRS assigns AAA to BMO bonds

DBRS said it assigned a rating of AAA to the covered bonds, series CBL18 (series CBL18) issued under the Bank of Montreal global registered covered bond program. The series CBL18 (€1.25 billion) covered bonds have a coupon rate of 0.125% and a maturity date of March 26, 2023.

All covered bonds issued under the program (the covered bonds) rank pari passu with each other and are currently rated AAA by DBRS.

DBRS assigns AAA to TD bonds

DBRS said it assigned a rating of AAA to the covered bonds, series CBL29 (Series CBL29) issued under The Toronto-Dominion Bank global legislative covered bond program. The series CBL29 (€1 billion) covered bonds have a coupon rate of 0.25% and a maturity date of March 26, 2024. All covered bonds issued under the program rank pari passu with each other and are currently rated AAA by DBRS.

S&P rates AutoZone notes BBB

S&P said it assigned its BBB issue-level rating to the proposed senior unsecured notes AutoZone Inc.

Proceeds are expected to be used for general corporate purposes, including to repay commercial paper and drawings on its revolving credit facility. AutoZone had about $5.5 billion of debt outstanding as of Feb. 15.

“Our BBB issuer credit rating on AutoZone reflects its position as the market share leader in the do-it-yourself segment of the aftermarket auto parts industry, providing it with significant scale and bargaining power. It also reflects the company's good cash flow generation and consistent financial policy,” said S&P in a press release.

“We expect AutoZone's operating results will be pressured over the near term as the spread of the coronavirus weighs on customer traffic and sales volume,” the agency said.

Moody's assigns CVS notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to CVS Health's proposed senior unsecured notes offering. The outlook remains negative.

The proceeds will be used for general corporate purposes including working capital, capital expenditures and debt repayments.

S&P rates CVS Health notes BBB

S&P said it assigned its BBB issue-level rating to CVS Health Corp.'s proposed senior unsecured notes.

“We expect the company to use the proceeds from these notes for general corporate purposes, including to repay debt and shore up its balance sheet cash amid the coronavirus pandemic,” said S&P in a press release.

Fitch rates Florida Light bonds AA-

Fitch Ratings said it assigned an AA- rating to Florida Power & Light Co.'s $1.1 billion of first mortgage bonds 2.85% series due April 1, 2025. The outlook is stable.

FP&L plans to use the proceeds for general corporate purposes, including repayment of a portion of its commercial paper.

As of March 23, FP&L had about $361.9 million of borrowings, which had maturities of up to 23 days with annual interest rates ranging from 1.16% to 1.75%, Fitch said.

S&P rates Home Depot notes A

S&P said it assigned an A issue-level rating to Home Depot Inc.'s proposed senior unsecured note issuance.

Proceeds from these notes are expected to be used for general corporate purposes, including to repay debt and shore up the company’s balance sheet amid the coronavirus pandemic.

The ratings agency anticipates “Home Depot's liquidity will remain strong given its cash balances and our expectation for continued solid cash flow generation.

“We also believe the company will maintain leverage consistent with its 2x target ratio as it manages through the pandemic,” S&P said in a news release.

Moody’s assigns Huntington Ingalls notes Baa3

Moody's Investors Service said it assigned Baa3 ratings to Huntington Ingalls Industries, Inc.'s new senior unsecured notes.

The new notes will be guaranteed by the company's domestic subsidiaries that guarantee the company's existing debt obligations.

The company will use the proceeds for general corporate purposes, which may include debt repayment and working capital. The issuance does not affect the company's Baa3 senior unsecured rating, or the stable outlook.

S&P rates Huntington Ingalls notes BBB

S&P said it assigned its BBB issue-level rating to Huntington Ingalls Industries Inc.'s proposed $1 billion of senior unsecured notes.

The company plans to issue the notes in two tranches and will use the proceeds for general corporate purposes, including to repay debt and bolster its liquidity in case there are disruptions to its operations or delayed payments from the U.S. government because of the coronavirus pandemic.

“We do not believe this transaction will materially alter our forecast credit ratios for the company, including our expected funds from operations-to-debt ratio in the 55%-60% range in 2020,” said S&P in a press release.

Moody's assigns Interpublic notes Baa2

Moody's Investors Service said it affirmed the Interpublic Group of Cos., Inc.'s Baa2 senior unsecured long-term ratings and also assigned a Baa2 rating to IPG's proposed $500 million senior unsecured notes offering. IPG's outlook was revised to negative from stable.

Pro forma for the notes offering, Moody's estimates IPG's leverage will remain neutral at roughly 3.3x (as calculated by Moody's as of Dec. 31) given the proceeds will remain on the balance sheet and eventually be used to retire the $500 million of 3.5% senior notes due in October at maturity, the agency said.

“The negative outlook reflects the numerous uncertainties related to the economic impact of Covid-19 on IPG's cash flows and financial leverage, especially if the virus remains widespread for a prolonged period,” the agency said in a press release.

S&P rates Interpublic notes BBB

S&P said it assigned a BBB rating to Interpublic Group of Cos. Inc.’s proposed senior unsecured notes.

S&P affirmed the company’s BBB rating, saying it still expects leverage to decrease below 2.5x in 2021, even though the agency now expects leverage to be above that level at the end of 2020. The outlook is negative.

Moody’s rates Nvidia notes

Moody’s Investors Service said it assigned A3 ratings to Nvidia Corp.’s proposed senior unsecured notes in multiple tranches.

The proceeds will be used for general corporate purposes, which may include, among other things, the repayment of debt.

Moody’s affirmed the company’s senior unsecured ratings of A3. The outlook remains positive.

Moody's assigns Raymond James notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to Raymond James Financial, Inc.'s offering of senior unsecured notes due in 2030. The outlook is stable

S&P rates Target notes A

S&P Global Ratings said it assigned an A issue-level rating to Target Corp.'s proposed senior unsecured notes. The agency said it expects the offering could be up to about $2 billion.

“We anticipate the transaction to be leverage neutral as the company supplements liquidity given the volatile macroeconomic environment,” said S&P in a press release.

“Unlike most retailers, Target has experienced gains due to a coronavirus-related surge in sales. The company is seeing top-line volumes climb, with month-to-date March same-store sales up 20%, including essentials and food and beverage same-store sales up 50% versus last year,” S&P said.

S&P said it expects these results to continue this year since the company is deemed an essential retailer that will likely stay open in the United States through the pandemic.

“The rating and outlook are unchanged and this transaction bolsters what we view as already-strong liquidity,” the agency said.

S&P rates Walt Disney notes A

S&P said it assigned its A issue-level rating to the Walt Disney Co.'s proposed seven-year Canadian dollar-denominated senior unsecured notes.

The company plans to use the proceeds for general corporate purposes, including the repayment of indebtedness, which may include commercial paper.

The outlook is negative.

S&P rates Weyerhaeuser notes BBB

S&P said it assigned its BBB issue-level rating to Weyerhaeuser Co.'s proposed senior unsecured notes.

Weyerhaeuser plans to use a substantial portion of the proceeds to refinance indebtedness, which may take the form of redemptions, repayments at maturity, repurchases or other transactions, the agency said.

The company may redeem all or a portion of its 4.7% notes due 2021, of which $569 million of principal is outstanding, and to repay at maturity 9% debentures due 2021, of which $150 million of principal is outstanding.

“We therefore view the proposed transaction as largely leverage- and credit-neutral,” said S&P in a press release.

Moody's places Covestro on review for downgrade

Moody's Investors Service said it placed the Baa1 issuer and senior unsecured bond ratings of Covestro AG on review for downgrade. The outlook on all ratings has been changed to ratings under review from stable.

“Moody's has placed Covestro's ratings on review for downgrade to reflect the uncertainty in many of Covestro's end markets caused by the impact from the coronavirus,” Moody’s said in a press release.

During the review Moody's will assess the direct and indirect effect on the financial results of the situation related to the coronavirus, as well as management's measures to offset the expected weaker performance, the agency said.

S&P hits Halliburton

S&P said it lowered the ratings on Halliburton Co. and its unsecured debt to BBB+ from A-.

“The exploration and production (E&P) industry is cutting spending sharply due to the drop in oil prices. E&P companies, particularly those in North America, are drastically reducing activity in an attempt to spend within internally generated cash flows at low prices. We expect that upstream companies have limited ability to achieve large additional efficiency gains and that investors have minimal tolerance for outspending in the current commodity environment,” said S&P in a press release.

“We forecast that Halliburton Co.'s credit measures will be weaker than our expectations for the 'A-' rating through 2021,” the agency said.

The outlook is negative.

Fitch gives Huntington Ingalls notes BBB-

Fitch Ratings said it assigned BBB- long-term ratings to Huntington Ingalls Industries, Inc.'s new $1 billion issuance of senior unsecured notes. The company's current long-term issuer default rating and long-term senior unsecured notes rating is BBB-. The outlook is stable.

“Fitch believes the new issuance is relatively neutral to HII's credit profile over the intermediate-to-long term, despite the near-term increase in leverage. The company is partially using proceeds to fund its recent acquisition of Hydroid and bolster near-term liquidity, which Fitch views as prudent given the uncertain market environment caused by the coronavirus pandemic,” said Fitch in a press release.

Fitch gives Interpublic notes BBB+

Fitch Ratings said it assigned Interpublic Group’s proposed benchmark issuance of senior unsecured notes a BBB+ rating. Fitch said it views the offering positively because it will strengthen the company’s liquidity position.

The outlook has been revised to negative from stable. The negative outlook incorporates the significant uncertainty surrounding the advertising markets near-term performance in light of the coronavirus pandemic and a lack of rating headroom at the current level to accommodate the anticipated disruption to IPG's operating model, the agency said.

Fitch affirmed the company’s BBB+ rating.

Moody’s acts on Italian banks

Moody’s Investors Service said it took rating actions on several Italian banks citing the damaging effect of the coronavirus on Italy.

Cassa Centrale Raiffeisen SpA.: the issuer and senior unsecured ratings at Baa2 were placed on review for downgrade. All other ratings and assessments, currently constrained by the rating on the Italian government, were affirmed, Moody’s said.

Cassa Centrale Banca SpA: the long-term issuer rating of Ba1 was placed on review for downgrade.

Intesa Sanpaolo SpA: the outlooks on the bank's and Banca IMI SpA's long-term senior unsecured debt ratings were revised to negative from stable. The senior debt rating of Baa1 was affirmed.

Mediocredito Trentino-Alto Adige SpA: the outlook on the senior unsecured debt ratings of Ba1 was changed to negative from stable. All assessments and ratings were affirmed.

Credito Valtellinese SpA: the outlook on the senior unsecured debt rating of B2 was changed to negative from stable. All assessments and ratings were affirmed.

Banco BPM SpA: The bank's senior unsecured ratings of Ba2 were affirmed.

BPER Banca SpA: the outlook on the senior unsecured ratings was changed to negative from stable. The bank's issuer and senior unsecured ratings of Ba3 were affirmed.

Banca Monte dei Paschi di Siena SpA: the outlook on the senior unsecured ratings was changed to developing from positive, reflecting both downside risks and upward pressure on the ratings. The bank's senior unsecured rating of Caa1 was affirmed.

Mediobanca SpA: The outlooks on the issuer and senior unsecured ratings were changed to negative from stable. The bank's issuer and senior unsecured ratings of Baa1 were affirmed.

UniCredit SpA: the bank's senior unsecured debt ratings of Baa1were affirmed. The outlook on the senior unsecured debt ratings remains stable. The outlook on the senior unsecured rating remains stable because this rating is capped by Italy's government bond rating of Baa3 and therefore unlikely to be downgraded in the event of a lower baseline credit assessment.

Moody's eyes Jersey Central Power for upgrade

Moody's Investors Service said it placed the ratings of Jersey Central Power & Light Co. on review for upgrade. The review for upgrade is prompted by JCP&L's improved financial profile, which appears sustainable over the next few years.

Moody's said it estimates JCP&L will generate a ratio of cash flow from operations before changes in working capital to debt in the low 20% range based on the authorized suite of recovery provisions available to the company.

"A review period will help us look through today's near term market uncertainty," stated Jairo Chung, Moody's analyst, in a press release. "Over the next few years, we see JCP&L generating steady financial metrics and receiving reasonable regulatory treatment."

S&P gives Nvidia notes A-

S&P today assigned an A- issue-level rating to Nvidia Corp.’s new senior unsecured notes.

The outlook is stable.

The firm intends to use proceeds from the issuance for general corporate purposes, including repayment of existing debt.

The ratings reflect the firm's technological and market share leadership as well as a conservative balance sheet.

The agency expects Nvidia to maintain net leverage under 1.0x—despite lower cash balances after the acquisition of Mellanox—through considerable free cash flow generation and forecast that shareholder returns will broadly grow in line with cash generation after fiscal 2020.

Moody's gives Weyerhaeuser notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Weyerhaeuser Co.'s proposed $500 million senior unsecured notes maturing in 2030.

The notes will be unsecured senior obligations of Weyerhaeuser and will rank equally with the company's unsecured senior indebtedness.

Weyerhaeuser intends to use most of the proceeds to redeem all or a portion of the company's 2021 maturities. Weyerhaeuser's Baa2 senior unsecured rating and stable outlook are unchanged, the agency said.

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