Group 1 - KBRA assigns a rating of BBB- with a Stable Outlook to the subordinated notes issued by QCR Holdings, Inc. [1] - The subordinated notes consist of two offerings: $50 million due September 15, 2035 and $20 million due September 15, 2037 [1] - The $50 million note is callable on the fifth anniversary of issuance, while the $20 million note is callable on the seventh anniversary [1]

Core Viewpoint - Kimco Realty achieved an 'A-' credit rating with a stable outlook from S&P Global Ratings, positioning it among only 13 publicly-listed U.S. REITs with such a rating [1][2]. Company Performance - The upgrade was driven by Kimco's solid operating performance and well-positioned balance sheet, with nearly doubled portfolio scale through all-stock acquisitions [2]. - The company focuses on grocery-anchored centers, which now account for 86% of average base rent, generating consistent cash flow [2]. Financial Metrics - Kimco's strong embedded EBITDA growth and robust liquidity were highlighted, with expectations of maintaining leverage-neutral growth and operating with debt to EBITDA in the mid- to high-5x range [2]. - As of June 30, 2025, Kimco owned interests in 566 U.S. shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [3]. Market Position - The company is strategically concentrated in first-ring suburbs of major metropolitan markets, including high-barrier-to-entry coastal markets and Sun Belt cities [3]. - Kimco's tenant mix is focused on essential goods and services, driving multiple shopping trips per week [3].

Core Viewpoint - Kimco Realty achieved an 'A-' credit rating with a stable outlook from S&P Global Ratings, positioning it among only 13 publicly-listed U.S. REITs with such a rating [1][2]. Company Performance - The upgrade was driven by Kimco's solid operating performance and well-positioned balance sheet, with nearly doubled portfolio scale through all-stock acquisitions [2]. - Kimco's focus on grocery-anchored centers, which now account for 86% of average base rent, generates consistent cash flow [2]. - The company maintains leverage-neutral growth and benefits from resilient tenant demand, with debt to EBITDA expected to be in the mid- to high-5x range [2]. Company Overview - Kimco Realty is a leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the U.S., with a portfolio concentrated in major metropolitan markets [3]. - As of June 30, 2025, the company owned interests in 566 shopping centers and mixed-use assets, totaling 101 million square feet of gross leasable space [3].

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Credit Rating - S&P Global Ratings raised Spain's credit rating by one notch [1] - The upgrade is attributed to an improvement in the external balance sheet [1] - Private sector deleveraging over the past decade also contributed to the upgrade [1]

Core Points - KBRA assigns a senior unsecured debt rating of BBB to Orange County Bancorp, Inc. and a subordinated debt rating of BBB- [1] - The short-term debt rating for Orange County Bancorp, Inc. is rated K3 [1] - For its main subsidiary, Orange Bank & Trust Company, KBRA assigns a deposit and senior unsecured debt rating of BBB+ and a subordinated debt rating of BBB [1] - The short-term deposit and debt ratings for Orange Bank & Trust Company are rated K2 [1] - The Outlook for all ratings is stable [1]

Core Viewpoint - KBRA has assigned preliminary ratings to four classes of notes issued by Upstart Securitization Trust 2025-3, which is a $320 million consumer loan asset-backed security (ABS) collateralized by unsecured consumer loans [1][3]. Summary by Relevant Sections Ratings and Credit Enhancement - The preliminary ratings indicate initial credit enhancement levels of 56.45% for Class A notes, 43.50% for Class B notes, 33.30% for Class C notes, and 20.50% for Class D notes [2]. - Credit enhancement is composed of overcollateralization, excess spread, a non-declining cash reserve account, and subordination (excluding Class D notes) [2]. Company Background - UPST 2025-3 marks the 47th ABS securitization backed by unsecured consumer loans originated through Upstart Network, Inc., a wholly-owned subsidiary of Upstart Holdings, Inc. (NASDAQ: UPST) [3]. Methodology and Analysis - KBRA utilized its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology, and ESG Global Rating Methodology in analyzing the portfolio pool data, underlying collateral pool, and capital structure [4]. - The analysis included operational reviews of Upstart and periodic update calls with the company, with operative agreements and legal opinions to be reviewed prior to closing [4].

1. Report Industry Investment Rating - No information provided on the report industry investment rating 2. Core Viewpoints of the Report - The report provides a comprehensive update on the fixed - income market, including bond price movements, macroeconomic news, and company - specific analyses. It also offers insights into the Chinese economy and makes predictions on future policy adjustments [2][7][20] - In the fixed - income market, different bonds show various price changes, influenced by factors such as market sentiment, company performance, and macroeconomic conditions [2][4] - Regarding the Chinese economy, there are signs of mild reflation in upstream sectors, but the economic growth may face slowdown pressure in Q4 2025, which could lead to demand - side stimulus and supply - side capacity reduction policies [20][23] 3. Summary by Relevant Catalogs 3.1 Trading Desk Comments - Last Friday, recent IG new issues were overall unchanged to 1bp wider. There were buying flows on HOKKEL 4.587 09/04/30 and two - way flows on OCBCSP 4.55 35s. Some bonds widened, tightened, or remained unchanged. In Chinese properties, some bonds were 0.1 - 0.6pt higher. There were selling flows on front - end Chinese banks/leasing names. Korean corps widened, and S&P changed SAMTOT rating outlook to negative. In Japan, there were selling flows on MUFG/NOMURA curves, and Japanese insurance hybrids edged up. In SEA, GLPSP bonds continued to grow [2] - This morning, there were selling flows for HSBC/MIZUHO/SUMIBK 5 - 6yr floaters. PTTGC 51 - 52s and TOPTB 49 were 0.7 - 2pts higher. FAEACO 12.814 Perp was 1.1pts lower. There were buyers for CNH short - term bonds in LGFVs, and ZHOSHK 28 was largely unchanged [4] 3.2 Macro News Recap - Last Friday, S&P (-0.64%), Dow (-0.20%), and Nasdaq (-1.15%) were lower. The US Jul'25 Core PCE Price Index was +0.3% mom/+2.9% yoy, in line with market expectations. UST yield was lower while 10/30 yr UST yield was higher, with 2/5/10/30 yield at 3.59%/3.68%/4.23%/4.92% [7] 3.3 Desk Analyst Comments - Fubon Life proposes to issue 10.25yr USD T2 bond. The fair value of the new FUBON is considered to be T + 95 - 100, adjusted for tenor and new issue premiums compared to its peers. Fubon Life's credit profile is slightly better than CATLIF in terms of profitability and capital strength [8][9][12] - ZHOSHK's credit profile remains solid. Despite the negative gross margin of new car sales in 1H25, it has consistent positive FCF generation, reducing debts, and low near - term refinancing pressure. The report maintains a buy on ZHOSHK 5.98 01/30/28 [17][18] 3.4 China Economy - China's manufacturing PMI edged higher in August, with improvements in production and demand. There is mild reflation in upstream sectors due to the anti - involution campaign. Non - manufacturing PMI picked up as the service sector recovered, but construction extended its weakness. The economic growth may face slowdown pressure in Q4 2025, and the report expects a 10 bps LPR and 50 bps cut, along with possible transfer payment policies [20][21][23] 3.5 Offshore Asia New Issues - There were no offshore Asia new issues priced or in the pipeline today [25][26] 3.6 News and Market Color - Last Friday, 56 credit bonds were issued onshore with an amount of RMB30bn. In Aug'25, 2,193 credit bonds were issued with a total amount of RMB1,833bn, an 8.9% yoy decrease. There are also various company - specific news such as Alibaba's adjusted EBITDA fall, Bank of China's net interest income drop, etc. [27][31]

Core Viewpoint - Hercules Capital, Inc. (HTGC) has received an affirmation of its investment grade credit and corporate ratings of BBB+ with a stable outlook from Kroll Bond Rating Agency, Inc. (KBRA) [1][10] Group 1: Rating Affirmation Rationale - The stable outlook reflects Hercules Capital's diverse investment portfolio, focusing on senior secured first lien venture debt investments in technology and life sciences sectors [2] - Strong operating performance and appropriate leverage metrics contribute to the company's credit quality [2] - Robust risk management and an experienced investment team in the venture capital space further support the ratings [2] Group 2: Financial Performance and Market Position - Hercules Capital has demonstrated proven access to capital markets and a diverse funding mix, which enhances protection for noteholders [3] - The company's shares have increased by 4.9% over the past year, contrasting with a 0.8% decline in the industry [6] - HTGC currently holds a Zacks Rank of 3 (Hold) [7] Group 3: Peer Comparison - Main Street Capital Corp. (MAIN) and Bain Capital Specialty Finance, Inc. (BCSF) are notable peers, with MAIN's shares gaining 4.8% over the past six months and a Zacks Rank of 2 (Buy) [8] - BCSF's earnings estimate has been revised upward by 3.4%, but its shares have declined by 17.3% over the past six months, currently holding a Zacks Rank of 1 (Strong Buy) [9]

Credit Rating - S&P affirmed America's AA+ credit rating [1] Trade & Revenue - The administration is successfully using tariffs to raise revenue [1]