S&P lowered Senegal’s credit rating further into junk territory, the third consecutive time this year, as the West African nation continues negotiations with the IMF over a new funding program https://t.co/bLJOVwY0mU ...

Core Insights - The article introduces Gladstone Land Corporation (LAND) and its preferred stocks, aiming to assess them and provide a credit rating using Moody's methodology [1]. Group 1: Company Overview - Gladstone Land Corporation is the focus of the analysis, with an emphasis on its preferred stocks [1]. Group 2: Investment Strategy - The article highlights the approach of identifying mispriced investments in fixed-income and closed-end funds, led by Denislav Iliev, who has over 15 years of day trading experience [2]. - The investment group Trade With Beta offers features such as frequent picks for mispriced preferred stocks and baby bonds, along with weekly reviews of over 1200 equities [2].

Core Viewpoint - KBRA has assigned various ratings to Northrim BanCorp, Inc. and its subsidiary, Northrim Bank, reflecting the company's strong earnings power and stable outlook [1][2]. Ratings Summary - Northrim BanCorp, Inc. received a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 [1]. - Northrim Bank was assigned deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2, with a stable outlook for all long-term ratings [1]. Earnings and Financial Performance - The company's strong earnings power is supported by a low-cost deposit franchise and a higher-yielding commercial loan portfolio, contributing to an above-average net interest margin (NIM) [2]. - Northrim reported a core return on assets (ROA) of 1.7% through the first nine months of 2025, benefiting from organic loan growth and a shift towards higher-yielding loans [2]. - The acquisition of Sallyport Commercial Finance, LLC in the fourth quarter of 2024 has bolstered noninterest income contributions [2]. Capital and Asset Quality - Capital levels have decreased due to strong organic loan growth and share repurchases, with the common equity tier 1 (CET1) ratio falling to 9.4% as of the second quarter of 2025 [2]. - A pre-tax gain of $14.2 million from the sale of a minority interest in Pacific Wealth Advisors contributed 20 basis points to CET1, improving it to 10.3% by the third quarter of 2025 [2]. - The company has maintained minimal net charge-offs (NCOs), averaging just 1 basis point over the past five years, indicating strong asset quality [2]. Market Position and Funding - Northrim has increased its deposit market share in Alaska to 18% as of the second quarter of 2025, up from 10% in 2017, benefiting from a less competitive environment with only seven banks in the region [2]. - The cost of funds for Northrim is lower than similarly rated peers, recorded at 1.47% for the third quarter of 2025 [2].

Core Viewpoint - KBRA has assigned various ratings to Northrim BanCorp, Inc. and its subsidiary, Northrim Bank, reflecting the company's strong earnings power and stable outlook [1][2]. Ratings Summary - Northrim BanCorp, Inc. received a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 [1]. - Northrim Bank was assigned deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 [1]. Earnings and Financial Performance - The company's strong earnings power is supported by a low-cost deposit franchise and a higher-yielding commercial loan portfolio, contributing to an above-average net interest margin (NIM) [2]. - Northrim reported a core return on assets (ROA) of 1.7% through the first nine months of 2025, benefiting from organic loan growth and a shift towards higher-yielding loans [2]. - The acquisition of Sallyport Commercial Finance, LLC in the fourth quarter of 2024 has bolstered noninterest income contributions [2]. Capital and Asset Quality - Capital levels have decreased due to strong organic loan growth and share repurchases, with the common equity tier 1 (CET1) ratio falling to 9.4% as of the second quarter of 2025 [2]. - A pre-tax gain of $14.2 million from the sale of a minority interest in Pacific Wealth Advisors contributed 20 basis points to CET1, improving it to 10.3% by the third quarter of 2025 [2]. - The company has maintained minimal net charge-offs (NCOs), averaging just 1 basis point over the past five years, indicating strong asset quality [2]. Market Position and Funding - Northrim has increased its deposit market share in Alaska to 18% as of the second quarter of 2025, up from 10% in 2017, benefiting from a less competitive environment [2]. - The cost of funds for Northrim is lower than similarly rated peers, recorded at 1.47% for the third quarter of 2025 [2].

South Africa’s sovereign credit rating doesn’t reflect improved investor sentiment, the head of the country’s stock exchange said https://t.co/r9mKtIFK92 ...

Core Points - KBRA assigns a senior unsecured debt rating of BBB, a subordinated debt rating of BBB-, and a short-term debt rating of K3 to Bank of Marin Bancorp [1] - The main subsidiary, Bank of Marin, receives deposit and senior unsecured debt ratings of BBB+, a subordinated debt rating of BBB, and short-term deposit and debt ratings of K2 [1] - The Outlook for all long-term ratings is Stable [1]

Core Insights - Nabors Industries Ltd. has received credit rating upgrades from two major agencies, reflecting the company's efforts to improve its balance sheet and reduce debt [1][4]. Group 1: Credit Ratings Actions - S&P Global Ratings upgraded Nabors' issuer credit rating to 'B' from 'B-' with a stable outlook and assigned a 'B+' rating to the recently issued Senior Priority Guaranteed Notes (SPGN) [4]. - Fitch Ratings also upgraded Nabors' Long Term Issuer Default Rating to 'B' from 'B-' with a stable outlook and assigned a 'BB-' rating to the recently issued SPGN [4]. - Moody's Investors Service assigned a rating of 'Ba3' to Nabors' recent SPGN issue, consistent with its rating on existing SPGN [4]. Group 2: Company Performance and Strategy - The company has made significant progress in deleveraging and strengthening its balance sheet, which has been recognized by credit rating agencies [2]. - Nabors aims to leverage its core competencies in drilling, engineering, automation, data science, and manufacturing to innovate in the energy sector and support the transition to a lower-carbon world [2].

Core Viewpoint - KBRA assigns a BBB rating to Crescent Capital BDC, Inc.'s senior unsecured notes, indicating a stable outlook for the company [1] Group 1: Rating Details - The company has three senior unsecured notes: $67.5 million at 5.87% due 2029, $50 million at 5.97% due 2029, and $67.5 million at 6.20% due 2031 [1] - The rating outlook for these notes is classified as Stable [1] Group 2: Use of Funds - The funds raised from these notes will be utilized to repay maturing unsecured debt [1] Group 3: Credit Considerations - The ratings are bolstered by the company's affiliation with its credit investment platform, Crescent Capital Group [1]

Strategy & Vision - MicroStrategy (MSTR) 提出了“BTC refinery”模型，旨在利用比特币进行融资和价值创造 [1] - MicroStrategy 设想了数字信贷的未来，可能涉及比特币支持的信贷利差 [1] - MicroStrategy 旨在通过投资者教育和优先股机制来管理比特币的波动性 [1] - MicroStrategy 正在创建一个 (M)on(ST)e(R)，可能指一种新的金融工具或策略 [1] Financial & Credit Rating - 标普 (S&P) 首次对 MicroStrategy 的比特币国债评级为 B- [1] - 讨论了可转换债券与优先股，以及重新思考杠杆和回报顺序 [1] Q3 Highlights - 第三季度亮点包括提高股息、市场反应和营销策略 [1] - 讨论了股票回购和 MicroStrategy 的风险 [1]

Credit Rating - S&P Global Ratings 给 Strategy Inc 评级为 B-，展望稳定，这是主要评级机构首次对 Bitcoin Treasury Company 进行评级 [1] - 尽管持有 640,808 BTC，但 Strategy 公司的信用评级仅为 B- [1] - 评级机构可能不了解如何正确评估 Bitcoin [1]