S&P lowers Cabot ratings

S&P said it lowered the issuer credit rating on Cabot Corp. to BBB- from BBB. S&P also cut its rating on the company's senior unsecured debt to BBB- from BBB and the short-term rating to A-3 from A-2.

The outlook is stable.

“The downgrade follows a significant downward revision in our macroeconomic expectations for 2020 because of the coronavirus pandemic,” S&P said in a news release.

S&P lowers Emera, TECO

S&P said it lowered the issuer credit rating on Emera Inc. to BBB from BBB+. The outlook is stable.

At the same time, the agency lowered the senior unsecured debt rating to BBB- from BBB, subordinated notes rating to BB+ from BBB-, and preferred shares rating to BB+ from BBB- on the global scale and to P-3 (High) from P-2 (Low) on the Canada National Scale ratings.

S&P said it also downgraded intermediate holding company TECO Energy Inc. and financing company TECO Finance Inc. to BBB from BBB+.

“The ratings downgrade on Emera and TECO reflects the parent company's credit metrics,” S&P said in a news release.

Fitch downgrades EnBW

Fitch Ratings said it downgraded EnBW Energie Baden-Wuerttemberg AG's long-term issuer default rating to BBB+ from A-. The outlook is stable. Fitch affirmed the senior unsecured rating at A- and subordinated long term rating at BBB, reflecting an uplift to the debt ratings, due to the rising share of regulated EBITDA.

“The downgrade mainly reflects the impact of increased capital investments, including the acquisitions of Valeco and Plusnet, on EnBW's leverage metrics, which we forecast outside of our previous sensitivities for an A- IDR,” the agency said in a press release.

However, a continued shift in the EBITDA mix away from conventional generation to renewables supports a stronger business model, debt rating uplift and higher headroom at the new IDR level which Fitch views as consistent with the company's internal capital structure and growth targets.

DBRS cuts Enmax

DBRS said it downgraded the issuer rating and unsecured debentures rating of Enmax Corp to BBB (high) from A (low). All trends are stable. This action follows the closing of the acquisition of Emera Maine, the regulated electric transmission and distribution company previously owned by Emera Inc., for a purchase price of $959 million. Including assumed debt, the aggregate enterprise value is about $1.3 billion. This action removes the ratings from under review with negative implications, where they were placed on March 25, 2019, following the acquisition announcement.

The downgrades reflect DBRS’ view the significant increase in leverage as a result of the mostly debt-financed acquisition more than offsets the modest improvement in Enmax’s business risk profile resulting from the acquisition of relatively low-risk, regulated operations.

The stable trend reflects the expectation of modest deleveraging of Enmax’s balance sheet and improvement in credit metrics over the next two to three years in order to support the current ratings.

Moody's downgrades Esselunga

Moody's Investors Service said it downgraded to Ba1 from Baa2 the ratings on the senior unsecured debt instrument ratings issued by Esselunga SpA.

Concurrently, Moody's withdrew Esselunga's Baa2 issuer rating and subsequently assigned the company a Ba1 corporate family rating, a Ba1-PD probability of default rating and a Ba1 instrument rating to the €1 billion of bonds in line with the rating agency's practice for corporates with non-investment grade ratings. The outlook is stable.

The rating action follows the announcement that Marina and Giuliana Caprotti, who currently hold 70% of the share capital of Supermarkets Italiani SpA, the vehicle which in turn fully owns Esselunga, reached an agreement to purchase the remaining 30% share capital owned by Violetta and Giuseppe Caprotti for €1.830 billion.

This rating action concludes the ratings review process that began on Jan. 17, 2019.

Moody's cuts Ford Motor Credit

Moody's Investors Service said it downgraded its ratings for Ford Motor Credit Co. LLC and its subsidiaries, including the Ba2 long-term senior unsecured rating. All ratings were placed on review for further downgrade.

The rating actions follow similar actions on the ratings for Ford Credit's parent, Ford Motor Co. Ford's weaker credit profile will have negative implications for Ford Credit's access to funding and its financing volumes.

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

The current situation as well as the significant rise in used car prices over the last decade place pressure on the credit strengths of the auto captives, on which the agency maintains a negative outlook.

Moody's downgrades Ford

Moody's Investors Service said it downgraded Ford Motor Co.'s corporate family rating and senior unsecured debt rating to Ba2 from Ba1, with the speculative grade liquidity unchanged at SGL-1. The ratings were placed under review for downgrade.

The coronavirus outbreak, 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 combined credit effects of these developments are unprecedented, the agency said.

The automotive industry has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. Ford remains vulnerable to shifts in market sentiment in these unprecedented operating conditions and the company is vulnerable to the outbreak continuing to spread, the agency said.

S&P cuts Hawaiian Holdings

S&P said it lowered the ratings on Hawaiian Holdings Inc., including the issuer credit rating, to B from BB-.

All of the ratings remain on CreditWatch, where S&P placed them with negative implications on March 13.

At the same time, S&P said it lowering the issue-level ratings on the company's enhanced equipment trust certificates (EETC). S&P lowered the rating on the class A certificates to BB+ from A- and the class B certificates to BB- from BB+.

“The deep decline in passenger air demand due to the coronavirus pandemic, as well as government actions taken to curb the spread of the virus, will reduce Hawaiian Airlines-parent company Hawaiian Holdings Inc.'s revenue and cash flow,” S&P said in a news release.

“We now expect much weaker credit metrics in 2020 compared with 2019 results and our previous expectations.”

S&P downgrades Kirby

S&P said it downgraded its ratings on Kirby Corp. and the company’s unsecured debt to BBB- from BBB.

“The downgrade reflects the challenging macroeconomic conditions we believe Kirby will face over the next 12 months, given a recent decline in oil prices that will hurt Kirby's distribution and services segment operating performance. We now anticipate the ratio of FFO to debt will remain below 30% this year,” S&P said in a press release.

The outlook is stable.

Fitch lowers Lazard

Fitch Ratings said it downgraded Lazard Group LLC's long-term issuer default rating and unsecured debt rating to BBB+ from A-. The outlook has been revised to stable from negative.

The downgrade reflects Fitch's view Lazard's leverage will likely be sustained above the higher-end of Fitch's 'a' category benchmark range for securities firms with low balance sheet usage of 0.5x to 1.5x over the outlook horizon.

Higher leverage will be driven by expected declines in EBITDA as Lazard's operating results will be pressured in the near-term by materially weaker market conditions, leading to lower advisory activity, lower management fees on assets under management, given declines in market prices, and likely higher AUM outflows, driven by the implications of the Covid-19 outbreak, the agency said.

S&P trims Metso

S&P said it downgraded Metso Corp. to BBB- from BBB and left the company on CreditWatch with negative implications where it was placed on July 9.

“We think Metso Corp.'s credit metrics will be under pressure for 2020 due to the Covid-19 outbreak and lower commodity prices. The downgrade primarily reflects the greater-than-expected weakening in Metso Corp.'s credit metrics. This stems from the recent acquisition of McCloskey for $300 million, as well as the proposed €220 million dividend on 2019 profits,” said S&P in a press release.

The recent drop in oil prices, downward trend of other commodity prices, and the pandemic are all likely to exert pressure on the company's margins and topline. This could cause the company's S&P Global Ratings-adjusted FFO-to-debt ratio to decline to about 25% in 2020 from about 40% in 2019 and about 80% in 2018.

S&P cuts PPG Industries

S&P said it lowered the issuer credit rating on PPG Industries Inc. to BBB+ from A-. The outlook is negative.

S&P also cut the issue-level ratings by one notch to BBB+, in line with the issuer credit rating. S&P affirmed the short-term rating at A-2.

“The rating action reflects challenging macroeconomic conditions over the next 12 months, which we expect will weaken credit measures,” S&P said in a news release.

S&P trims United Airlines

S&P said it lowered all ratings on United Airlines Holdings Inc., including the issuer credit rating to BB- from BB, and placed them on CreditWatch with negative implications.

S&P also revised the recovery rating on United's unsecured debt to a 4 from a 3.

“We expect United's credit metrics to weaken sharply in 2020 from previous expectations due to the impact of Covid-19. While the company is reducing capacity and some associated costs, and will benefit from the steep decline in oil prices, we expect much weaker traffic to more than offset these benefits,” S&P said in a news release.

“We expect passenger traffic to begin to recover later this year, continuing into 2021.”

S&P revises Baker Hughes view to negative

S&P said it revised the outlook for Baker Hughes Co. and affirmed the company’s A- ratings.

The negative outlook reflects the expectation Baker Hughes' financial measures will weaken in 2020, before improving in 2021, supported by its backlog of contracted liquified natural gas work and exposure away from very weak North American markets.

S&P said it sees the company’s FFO/debt falling below 40%.

S&P puts BASF on watch

S&P said it placed its ratings for BASF SE on CreditWatch with negative implications, reflecting the possibility of a one-notch downgrade due to the effects of Covid-19, which will potentially impair leverage management actions.

The pandemic has significantly lowered S&P’s macroeconomic expectations for 2020. The CreditWatch placement reflects a one-in-two probability the agency will lower its rating on BASF. This is due to the significant implications of the pandemic on the world economy, including industrial production stoppages and supply chain issues, especially for cross-border sectors such as chemicals.

Fitch puts BlackRock Capital on watch

Fitch Ratings said it placed the BB+ long-term issuer default rating, senior secured debt and senior unsecured debt ratings of BlackRock Capital Investment Corp. on rating watch negative.

The negative watch reflects Fitch's belief Blackrock's cushion on its minimum shareholders' equity covenant on its revolving credit facility agreement may not be sufficient to account for portfolio valuation declines resulting from credit spread widening associated with the global coronavirus pandemic.

Additionally, Fitch believes Blackrock's cushion to its asset coverage requirement could also fall meaningfully with valuation marks.

Fitch changes ConEd view to negative

Fitch Ratings said it changed the outlooks for Consolidated Edison, Inc. and its regulated utility subsidiaries Consolidated Edison Co. of New York, Inc., Orange & Rockland Utilities, Inc. and Rockland Electric Co. to negative from stable.

The outlook revision reflects Fitch's view that Consolidated Edison’s service territory has been severely affected by the coronavirus, and as such, Consolidated Edison’s and major subsidiary Consolidated Edison Co. of New York's credit metrics are likely to weaken.

Of particular concern is the revenue impact from lower kilowatt-hours sales and escalation of bad debt expense, especially in light of Governor Cuomo's executive order to "stay at home" and the resultant shuttering of non-essential commercial businesses.

Fitch affirmed all of the issuer and debt ratings.

S&P puts General Motors on watch

S&P said it placed all of its ratings on General Motors Co. and its subsidiaries on CreditWatch with negative implications.

GM announced that it would suspend its manufacturing operations in North America due to market conditions, to deep clean facilities and continue to protect people from the coronavirus pandemic. The suspension will last until at least March 30.

S&P puts Honda on watch

S&P said it placed all its Honda Motor Co. Ltd. ratings on CreditWatch with negative implications.

The placement reflects S&P’s view the company's EBITDA margin is likely to drop significantly below the level set out in its assumptions, due to the rapid deterioration of business conditions caused by the coronavirus pandemic.

“We believe the company's EBITDA margin will decline significantly and reach a level that is not commensurate with the rating, given the expected very weak car sales in key markets, possible disruption to global supply chains, and the risk of volatile foreign exchange rates,” said S&P in a press release.

The agency believes Honda Motor's EBITDA margin (excluding its captive finance operations) will drop below 8% over the next two years from 9.6% in fiscal March 2019.

Moody's revises Host Hotels view to negative

Moody's Investors Service said it revised the outlook of Host Hotels & Resorts, LP to negative from stable. At the same time, Moody's affirmed the REIT's ratings, including its Baa2 senior unsecured debt rating.

The negative outlook reflects Moody's expectation that travel restrictions being put in place across the United States related to the spread of the Covid-19 coronavirus will put significant pressure on Host Hotels earnings in 2020.

Additional travel restrictions likely to be put in place over the coming weeks will put further pressure on the REIT's earnings, however its net debt/EBITDA will remain within the downgrade trigger of 4x and the REIT has strong liquidity to get it through this period of unprecedented declines in occupancy

Fitch puts New Mountain on watch

Fitch Ratings said it placed New Mountain Finance Corp.'s BBB- long-term issuer default rating senior secured debt and senior unsecured debt ratings on rating watch negative.

“The negative rating watch reflects Fitch's belief that NMFC's cushion relative to its asset coverage requirement could fall below Fitch's bbb category quantitative benchmark range of 11%-33% for business development companies (BDCs), as spread widening resulting from the global coronavirus pandemic will likely drive markdowns on its investment portfolio,” said Fitch in a press release.

Additionally, BDC stock prices have fallen in recent weeks, resulting in NMFC's stock trading at a significant discount to its net asset value. As a result, NMFC will be unable to issue public equity in the near term, which will hinder its ability to add to its asset coverage cushion.

S&P puts Textron on watch

S&P said it affirmed and placed all its Textron Inc. ratings on CreditWatch with negative implications.

The majority of Textron's business segments will likely see reduced demand because of the effects of the coronavirus pandemic on the global economy. Specifically, the company's business jets (39% of revenue), commercial Bell helicopters (10%), and industrial segment (27%), which comprises Kautex (fuel tanks for vehicles) and specialized vehicles, will all likely see weaker demand.

S&P expects to resolve the CreditWatch when it receives more information about the effect of the coronavirus on the company's earnings and cash flow.

Moody’s changes 3M view to negative

Moody's Investors Service said it changed the outlook for 3M Co. to negative from stable and affirmed all ratings for the company, including 3M's A1 senior unsecured debt rating.

“After several years of raising debt to support a more aggressive shareholder return policy and acquisitions, near-term weakness and heightened uncertainty in most of 3M's end markets now cast doubt on the company's ability to keep leverage at levels commensurate with our prior expectations when 3M undertook the 2019 Acelity acquisition" said David Berge, a Moody's senior vice president and lead analyst for the company, in a press release. "As well, the specter of continued and potentially rising environmental liabilities puts additional pressure on 3M's financial risk profile.”

Moody's reviews European Automakers

Moody's Investors Service said it placed the ratings of seven European automotive manufacturers on review for downgrade. This includes the following issuers: Daimler AG, Jaguar Land Rover Automotive plc, Peugeot SA, Renault SA, Volkswagen AG, Volvo Car AB and McLaren Holdings Ltd.

Moody's placed the ratings of Fiat Chrysler Automobiles NV on review with direction uncertain. Concurrently, Moody's downgraded the long-term issuer rating of Bayerische Motoren Werke AG to A2 from A1. The ratings are on review for further downgrade.

The spread of the coronavirus outbreak, 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 combined credit effects of these developments are unprecedented, the agency said.

The auto sector (and issuers within other sectors that rely on the auto sector) has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment, the agency said.

Moody's reviews GM for downgrade

Moody's Investors Service said it placed General Motors Co.'s ratings under review for downgrade, including the Baa2 bank credit facility rating and the Baa3 senior unsecured debt rating.

The spread of the coronavirus outbreak, 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 combined credit effects of these developments are unprecedented, the agency said.

The automotive industry has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment. GM remains vulnerable to shifts in market sentiment in these unprecedented operating conditions and the company is vulnerable to the outbreak continuing to spread, the agency said.

S&P rates Archer Daniels notes A

S&P said it assigned an A rating to Archer Daniels Midland Co.'s senior unsecured notes, final amounts and maturities to be determined. Proceeds are expected to be used for general corporate purposes, including to repay outstanding commercial paper.

DBRS Assigns AAA to BMO bonds

DBRS said it assigned ratings of AAA to the covered bonds, series CBL19 (series CBL19) and the covered bonds, series CBL20 (series CBL20) issued under the Bank of Montreal global registered covered bond program.

The series CBL19 (C$1.5 billion) covered bonds have a coupon rate of one-month Canadian dollar offered rate (CDOR) + 0.8% and a maturity date of September 27, 2021. The series CBL20 (C$1.5 billion) covered bonds have a coupon rate of one-month CDOR + 0.85% and a maturity date of March 27, 2023.

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

Fitch rates Berkshire notes A+

Fitch Ratings said it assigned an A+ rating to the €1 billion of senior notes issued by Berkshire Hathaway Inc. and $500 million of senior notes issued by Berkshire Hathaway Finance Corp.

Berkshire’s euro-denominated senior unsecured notes carry a 0.000% coupon and mature in 2025. The new note issuance replaces the €1 billion of notes that matured on March 13.

The $500 million senior unsecured carry a 1.850% coupon and mature in 2030. The notes are guaranteed by Berkshire Hathaway. The new debt issuance replaces $350 million that matured in January.

The ongoing coronavirus pandemic and related economic and investment market volatility will have effects on performance for each major Berkshire Hathaway business segment in 2020. Uncertainty regarding the duration and severity of this event and ultimate success of recent public policy actions makes it difficult to project the overall impact on the company’s consolidated operations. However, Berkshire Hathaway’s diverse business profile, history of operating success and balance sheet strength position the company well for potential adversity, Fitch said.

Moody's assigns Coca-Cola European notes A3

Moody's Investors Service said it assigned an A3 rating to Coca-Cola European Partners plc's proposed €600 million of guaranteed senior unsecured notes due 2026. The outlook is stable.

Proceeds will be used for general corporate purposes, including refinancing of upcoming debt maturities.

The company's A3 rating benefits from a one-notch rating uplift, reflecting the implied support from Coca-Cola Co.

Fitch rates Comcast notes A-

Fitch Ratings said it assigned an A-rating to Comcast Corp.'s benchmark size, multi-tranche offering of senior unsecured notes. Proceeds are expected to be used for general corporate purposes.

The notes will be guaranteed by Comcast's subsidiaries included in the company's cross guaranty structure, namely Comcast Cable Communications, LLC and NBCUniversal Media, LLC. The outlook remains stable. As of Dec. 31, Comcast had about $102.9 billion of debt and preferred stock outstanding.

From Fitch's perspective the issuance will further strengthen Comcast's liquidity position, as Fitch believes the coronavirus pandemic will have a negative impact on Comcast's business, particularly its theme park and studio business. Comcast closed all of its theme parks and the disruption within its studio business stems from delayed production and distribution of theatrical content. In addition, Fitch expects advertising revenues will be affected by the cancellation or postponement of live events, including the Summer Olympics.

Moody’s assigns Danaher notes A2

Moody’s Investors Service said it assigned an A2 rating, under review for downgrade, to Danaher Corp.’s new senior unsecured European notes. Proceeds will be used for general corporate purposes which may include the repayment of outstanding commercial paper borrowings and/or the repayment of amounts borrowed under Danaher’s revolving credit facilities.

There is no change to Danaher’s long-term unsecured rating of A2 under review for downgrade. Absent any material changes to the structure of Danaher’s planned $21 billion acquisition of GE’s biologics business, rebranded Cytiva, or credit profile, Moody’s expects the most likely outcome of its ongoing review on Danaher ‘s long-term unsecured rating to be a two-notch downgrade to Baa1.

Fitch assigns Deere notes A

Fitch Ratings said it assigned an A rating to Deere & Co.’s planned fixed-rate senior unsecured notes to be issued by Deere. Fitch also affirmed Deere’s A rating.

Proceeds will be available for general corporate purposes. The proceeds will provide liquidity while the company addresses disruption caused by the coronavirus. Fitch views Deere's liquidity as solid and the additional cash will increase the company's flexibility in an uncertain environment. Fitch expects Deere will reverse the increase in debt and leverage over time as economic conditions eventually stabilize.

The outlook is stable.

Moody's rates McDonald's notes Baa1

Moody's Investors Service said it assigned a Baa1 rating to McDonald's Corp.'s proposed $3.5 billion senior unsecured note offering. All other ratings remain unchanged including McDonald's Baa1 senior unsecured rating. The outlook is stable.

"The Baa1 senior unsecured rating and stable outlook reflect Moody's view that McDonald's will be able to navigate the current operating challenges and maintain strong liquidity despite an expectation for a weakening of earnings and credit metrics over the near term," said Bill Fahy, a Moody's senior credit officer, in a press release.

"In addition, as the economy and operating environment, begin to improve Moody's expects McDonald will focus on strengthening credit metrics through improved earnings, debt reduction and a continued pause on share repurchases," stated Fahy.

Proceeds will be used for general corporate purposes including repayment of maturing debt.

S&P assigns McDonald's notes BBB+

S&P said it assigned a BBB+ rating to McDonald's Corp.’s proposed notes. In a press release, S&P said it considers the offering “prudent, proactive liquidity management that demonstrates McDonald's high standing in credit markets.”

The agency also affirmed the company’s BBB+ rating and revised the outlook to negative.

The outlook revision reflects the risk that sustained operating weakness from the pandemic and an insufficiently conservative approach to shareholder rewards could lead to credit measures stretched through 2021.

Moody's assigns Nike notes A1

Moody's Investors Service said it assigned an A1 rating to Nike, Inc.'s proposed senior unsecured note offering. All other ratings for the company were affirmed, including the A1 senior unsecured rating.

The outlook was changed to negative. Proceeds will be used to significantly boost Nike's already excellent liquidity, the agency said.

The outlook change to negative reflects the material increase in term debt at a time when there is significant uncertainty around the duration and severity of the coronavirus spread, as well as the impact of store closures and reduced consumer spending on Nike's revenue and earnings. The senior unsecured notes offering will likely materially increase the company's financial leverage.

S&P rates Nike notes AA-

S&P said it assigned its AA- rating to Nike Inc.'s proposed senior unsecured notes issued in five tranches. The notes will rank pari passu with the company's existing senior unsecured notes.

Nike will use the proceeds for general corporate purposes. “We expect the transaction to be leverage neutral. We calculated leverage at about 0.7x at the quarter ending Feb.29,” S&P said in a press release.

S&P rates 3M notes A+

S&P said it assigned its A+ issue-level rating to 3M Co.'s proposed $1.5 billion of senior unsecured notes. The company will issue the debt in various tranches due in 2025, 2030, and 2050.

“We believe 3M will use the proceeds for general corporate purposes and may invest funds that are not immediately needed in short-term investments, including marketable securities. Since we net available surplus cash and cash equivalents from our debt calculation, we believe the transaction will be leverage neutral at the onset. We recently downgraded 3M to A+ from AA- due to higher-than-expected leverage as well as potential environmental liabilities related to perfluoroalkoxy alkanes,” said S&P in a press release.

The outlook is negative.

S&P rates O’Reilly notes BBB

S&P said it assigned its BBB issue-level rating to the proposed senior unsecured notes of O'Reilly Automotive Inc.

Proceeds are expected to be used for general corporate purposes, including to repay drawings on its revolving credit facility. O'Reilly had about $3.9 billion of debt outstanding as of Dec. 31.

“We view the proposed issuance as a prudent, proactive approach to bolstering liquidity during a time of heightened uncertainty,” said S&P in a press release.

Moody's assigns Pfizer notes A1

Moody's Investors Service said it assigned an A1 rating to the new senior unsecured notes being issued by Pfizer Inc.

This rating is under review for downgrade, consistent with other senior unsecured ratings of Pfizer. There are no changes to Pfizer's existing ratings including the A1 long term rating (under review for downgrade).

Proceeds will be used to finance or refinance projects related to Pfizer's environmental and social initiatives.

S&P rates Pfizer notes AA-

S&P said it assigned its AA- issue-level rating to Pfizer Inc.'s senior unsecured notes and placed them on CreditWatch with negative implications. “We expect the company will likely issue $1 billion and use the proceeds for environmental and social projects. Pending allocation to projects, the company can use the proceeds to refinance and redeem existing debt, in a leverage-neutral transaction,” S&P said in a press release.

The AA- long-term issuer credit rating on Pfizer is on CreditWatch with negative implications. “We expect to lower the rating one notch to A upon the consummation of the Upjohn divestiture scheduled to close later this year. We view that divestiture transaction as modestly negative to Pfizer's business strength, because it weakens the company's therapeutic diversification and scale (that segment represents about 20% of revenues),” said S&P.

DBRS rates RBC bonds AAA

DBRS said it assigned a rating of AAA to the covered bonds, series CB51 issued under the Royal Bank of Canada global covered bond program. Series CB51 C$2.5 billion has a coupon rate of one-month Canadian dollar offered rate + 0.1% for one month and three-month CDOR + 0.1% thereafter. Series CB51 has a maturity date of April 24, 2021. All covered bonds issued under the program rank pari passu with each other and are currently rated AAA by DBRS.

Moody's places Crown Resort's ratings on review for downgrade

Moody's Investors Service said it placed on review for downgrade the Baa2 issuer rating of Crown Resorts Ltd. At the same time, Moody's placed on review for downgrade: Moody's changed the outlook to ratings under review from stable.

The rapid and widening spread of the coronavirus outbreak, 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 combined credit effects of these developments are unprecedented. The gaming sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment, the agency said.

The review for downgrade reflects these unprecedented circumstances affecting the industry, and uncertainty around how long the effects of the coronavirus will last.

S&P gives Deere notes A

S&P said it assigned its A issue-level rating to Deere & Co.'s proposed dollar-denominated senior unsecured notes. We expect the company to issue the notes in three tranches with five-year, 10-year, and 30-year maturities. The notes will rank equally with all of Deere's unsecured and unsubordinated debt.

The company plans to use the net proceeds from this offering for general corporate purposes. “Specifically, we believe that Deere will use the net proceeds to add incremental liquidity to its balance sheet to address any temporary intra-year working capital needs that may arise from potential supply chain disruptions,” said S&P in a press release.

All its ratings on Deere, including the A issuer credit rating, remain unchanged.

S&P puts Engie on watch

S&P said it placed Engie SA’s ratings on CreditWatch with negative implications to reflect growing operating pressures at a time when the company's governance is more vulnerable.

“Given a likely European economic slowdown in the context of the Covid-19 pandemic, we believe that Engie SA's earnings could be pressured by lower contributions from its more cyclical clients solution business, and by lower power prices on unhedged positions growing from 2021,” said S&P in a press release.

“Engie's financial headroom has tightened following an acquisitive 2019 and upward revisions of its nuclear provisions. We believe that the group's current rating cannot withstand any operational underperformance without credit-protective measures,” the agency said.

S&P plans to resolve the CreditWatch placement after it assesses the extent of the downside risks and the group's action plan to counterbalance lower earnings prospects, and once it has evidence of Engie’s commitment to support credit metrics including FFO to net debt above 20%.

S&P acts on more oil, gas companies

S&P said it took rating actions on 10 Europe-based integrated oil and gas groups and exploration and production companies as part of its global review of the sector following the oil price collapse.

S&P said it revised the outlooks to negative and affirmed the ratings on Aker BP ASA, Eni SpA, Equinor ASA, and Total SA. The agency also revised the outlooks to stable from positive and affirmed the ratings on BP plc, MOL Hungarian Oil and Gas plc and Repsol SA.

In speculative grade, S&P lowered the ratings on EnQuest plc to CCC+ from B- and revised the outlook to negative from positive and the ratings on Tullow Oil to CCC+ from B and maintained the negative outlook. S&P also affirmed its BB- ratings on Neptune Energy Group Midco Ltd. and revised the outlook to negative from positive.

In other separate rating actions in recent days S&P downgraded Exxon Mobil Corp. to AA from AA+ and revised the outlooks on both Chevron Corp. (AA) and Royal Dutch Shell plc (AA-) to negative from stable. The ratings and outlooks on Cepsa (BBB-/stable) and Matador Bidco Sarl (BB-/stable) are unchanged.

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