Core Points - Mineros S.A. has received initial credit ratings of 'B+' from S&P Global Ratings and 'B1' from Moody's Ratings for its proposed offering of Senior Unsecured Notes, both with a Stable outlook [2][3] - The ratings signify a strong validation of the company's financial position and growth strategy, positioning it to access international debt capital markets for financing key growth projects [3] Company Overview - Mineros S.A. is a Latin American gold mining company headquartered in Medellin, Colombia, with a diversified asset base including mines in Colombia and Nicaragua [4] - The company has over 50 years of experience in the mining industry, focusing on safety, sustainability, and maximizing shareholder value [5] Strategic Initiatives - The company aims to secure debt financing for long-term growth and capital expenditure programs, leveraging the positive credit ratings to enhance its financial strategy [2][3]

Financial Data and Key Metrics Changes - The company reported a core FFO per share of $1.09 for Q3, an increase of 8.4% year-over-year, while AFFO per share rose 7.2% to $1.10, exceeding consensus by $0.02 [13][16] - The full-year AFFO per share guidance was raised to a range of $4.31 to $4.33, indicating a year-over-year growth of approximately 4.4% at the midpoint [13][16] - The company maintained a conservative payout ratio of 70% for both core FFO and AFFO per share [16] Business Line Data and Key Metrics Changes - In Q3, the company invested over $450 million in 110 high-quality retail net lease properties, including the acquisition of 90 assets for over $400 million [6][8] - The weighted average cap rate for acquisitions was 7.2%, with a weighted average lease term of 10.7 years [8] - Investment-grade retailers accounted for 70% of the annualized base rent acquired, marking the highest percentage this year [8] Market Data and Key Metrics Changes - The company has invested nearly $1.2 billion across 257 retail net lease properties in 40 states and 29 retail sectors during the first nine months of the year [8][9] - The occupancy rate remained strong at 99.7%, with investment-grade exposure at 67% [12] Company Strategy and Development Direction - The company is increasing its full-year 2025 investment guidance to a range of $1.5 to $1.65 billion, representing a 65% increase from last year's investment volume [4][6] - The company aims to achieve a medium-term goal of $250 million in annual commenced projects, with a significant increase in development and developer funding spend compared to prior years [9][10] - The company is focused on partnering with best-in-class retailers and private developers to add high-quality real estate to its portfolio [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the current investment pace and does not foresee any slowdown in 2025 [22] - The company noted that the middle-class consumer is trading down to its tenant base, benefiting from the current economic environment [66] - Management highlighted a strong pipeline for acquisitions and development projects, indicating robust growth potential [32][60] Other Important Information - The company received an A-minus issuer rating from Fitch Ratings, which is expected to reduce the interest rate on its 2029 term loan by five basis points [5][16] - Total liquidity stood at $1.9 billion, with no material debt maturities until 2028 [5][17] Q&A Session Summary Question: Can you walk through the timing and settlement of the forward equity? - Management indicated that approximately 6 million shares of forward equity contracts mature in Q4, with plans to settle those shares during that period [22] Question: Are you seeing any factors that could slow the acquisition pace? - Management stated that there are no visible factors that would slow down the acquisition pace in 2025, despite fluctuations in the 10-year Treasury yield [22] Question: How do you view the current cap rates and competition? - Management noted that they have not seen a material change in cap rates year-to-date and emphasized their differentiated approach to transactions [26] Question: What is the anticipated impact of credit loss on guidance? - Management reported a credit loss of about 21 basis points in Q3 and anticipates approximately 25 basis points for the year [33] Question: How do you view the current consumer environment? - Management indicated that the majority of categories they invest in are experiencing positive flow-through, particularly benefiting from consumers trading down [66]

NEW YORK--(BUSINESS WIRE)-- #creditratingagency--KBRA is pleased to announce the assignment of preliminary ratings to three classes of FREMF Series 2025-K173 mortgage pass-through certificates and three classes of Freddie-Mac structured pass-through certificates (SPCs), Series K-173. FREMF 2025-K173 is a $1.3 billion CMBS multi-borrower transaction. Freddie Mac will guarantee five classes of certificates issued in the underlying Series 2025-K173 securitization and will deposit the guaranteed underlying cert ...

Core Viewpoint - Shenwan Hongyuan Securities Co., Ltd. maintains its "25 Shen D11" rating at AAA/A-1 with a stable outlook, reflecting its strong market position and financial health [1] Group 1: Company Strengths - The company is recognized as one of the large comprehensive mainstream securities firms in the country, possessing strong shareholder backing and brand influence [1] - It has established a diversified business system with numerous branches, consistently ranking in the top tier of the industry across multiple business lines [1] - The company has demonstrated good governance, achieving an AA regulatory rating from 2022 to 2024, indicating effective risk control capabilities [1] Group 2: Financial Performance - Since 2022, the company's profitability has remained robust, showcasing strong financial performance [1] - As of June 2025, the company is expected to have strong capital strength, good capital adequacy, and high leverage levels, with overall liquidity indicators performing well [1] Group 3: Debt and Liquidity Management - The report highlights the company's debt structure and liquidity management, noting that its debt is primarily short-term, which necessitates ongoing attention to liquidity management [1]

France can’t afford to ignore the third credit-rating reduction in less than a year, according to Finance Minister Roland Lescure https://t.co/2ARu2Qd5UC ...

Italy regained its highest score from any major credit assessor since 2018 after an upgrade by Morningstar DBRS that commended the government’s push to tame the budget deficit https://t.co/LmxVWfJ96t ...

Core Viewpoint - S&P Global Ratings has maintained MAXIMA GRUPĖ's BB+ credit rating with a stable outlook despite planned operational separations in Poland and Bulgaria, which may impact the group's size and growth prospects [1][2] Group 1: Credit Rating and Financial Impact - The planned separation of operations in Poland and Bulgaria will reduce MAXIMA GRUPĖ's geographical diversification and growth prospects, but it will also allow for the transfer of lease and financial obligations, potentially lowering financial leverage from a previously forecasted 2.4x in 2025 [1] - The transaction is not expected to have a direct impact on MAXIMA GRUPĖ's individual credit profile of 'bb+' or its issuer credit rating of 'BB+' [2] - MAXIMA GRUPĖ has decided to redeem €240 million worth of bonds maturing in July 2027 ahead of schedule prior to the transfer of the spun-off companies [2] Group 2: Company Overview - MAXIMA GRUPĖ, UAB operates retail chains including "Maxima" in the Baltic countries, "Stokrotka" in Poland, "T Market" in Bulgaria, and the online food store "Barbora" in the Baltic countries [3] - MAXIMA GRUPĖ is part of the "Vilniaus prekyba" group, which controls investments in retail, pharmacy chains, and real estate development across the Baltic countries, Sweden, Poland, and Bulgaria [4]

Credit Rating - Moody's Ratings 下调了塞内加尔的信用评级，这是今年第二次下调 [1] Fiscal Risk - 塞内加尔的债务显示出该国财政轨迹和流动性状况面临日益增长的风险 [1]

S&P Ratings lifted Egypt’s credit rating, citing policy changes that have improved the economic outlook, giving a further boost for authorities after securing a $57 billion global bailout https://t.co/nABDOQDfWo ...

南财智讯10月10日电，长城证券股份有限公司公告，联合资信评估股份有限公司对长城证券股份有限公 司及其"25长城05"进行了信用评级。公司主体长期信用等级为AAA，本期债项信用等级为AAA，评级 展望为稳定。公司作为全国综合性上市证券公司之一，具有很强的股东背景，业务资质齐全，主要业务 处于行业中上游水平，具备较强行业竞争力。2022-2024年，公司营业收入先增后稳，净利润逐年增 长，2025年上半年营业收入和净利润同比均大幅增长。整体盈利能力很强，资本充足性很好，资产流动 性很好。本期债项发行规模较小，主要财务指标对发行后全部债务的覆盖程度略有下降，仍属良好，对 公司偿债能力影响不大。公司经营易受环境影响，经济周期变化、国内证券市场波动以及相关监管政策 变化等因素可能对公司经营带来不利影响。公司证券投资规模较大，易受证券市场波动等因素影响， 2022—2024年，证券投资及交易业务收入波动较大；受行业政策变化影响，投资银行业务收入持续下 降。公司面临一定短期集中偿付压力，需对其偿债能力和流动性状况保持关注。 ...