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]

Core Viewpoint - Strategy (MSTR) has received a B- credit rating from S&P Global, indicating significant financial risk due to its business model focused on holding bitcoin, despite its large market cap and access to capital markets [1][2] Company Transformation - The company has shifted from an enterprise software provider to a publicly traded bitcoin holding vehicle, utilizing excess cash to purchase bitcoin and financing operations through convertible debt, preferred stock, and equity [3] Industry Impact - Strategy is the first bitcoin treasury firm to receive a rating from a major credit agency, which could lead to increased market demand for treasury companies, as noted by industry leaders [4] Financial Position - As of mid-2025, the company's bitcoin holdings were valued at approximately $70 billion, while total outstanding convertible debt and preferred equity stood at about $15 billion. However, S&P highlighted that the company has minimal actual cash and unreliable operating income, with a negative operating cash flow of $37 million from January to June 2025 [5] Currency Mismatch - The company faces a "currency mismatch" as its assets are primarily in bitcoin while its debts and dividend obligations are in U.S. dollars, potentially leading to a liquidity crunch if bitcoin prices decline and capital cannot be raised [6] Capital Constraints - A key constraint on the company's rating is its "negative total adjusted capital," as S&P excludes bitcoin from equity calculations due to its volatility, resulting in a capital shortfall despite owning significant digital assets [7]

JUST IN: S&P Global Ratings has issued a credit rating to Michael Saylor’s Strategy, the first time for any #Bitcoin treasury company 👀 https://t.co/Rsp6inXDCn ...

S&P Global Ratings has assigned Strategy Inc a 'B-' Issuer Credit Rating (Outlook Stable) — the first-ever rating of a Bitcoin Treasury Company by a major credit rating agency. https://t.co/WLMkFqkkCb ...

Credit Rating - Moody's Ratings 将法国的信用评级展望从稳定下调至负面 [1] Public Finance - 警告法国公共财政赤字问题 [1]