also issued by Intact. The outlook as...## AM Best Affirms Credit Ratings of Ma'aden Re LimitedLONDON--([BUSINESS WIRE])--AM Best has affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of "bbb+†(Good) of Ma'aden Re Limited (MRE) (United Arab Emirates), a captive reinsurer of Saudi Arabian Mining Company (Ma'aden) (Saudi Arabia). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect MRE's balance sheet strength, which AM Best assesses as strong, ...

Core Viewpoint - AM Best has revised the outlook for Federated Underwriting Company from stable to positive and affirmed its Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Rating of "a-" (Excellent) [1] Group 1: Ratings and Outlook - The outlook for Federated Underwriting Company has been changed to positive from stable [1] - The Financial Strength Rating of A- (Excellent) has been affirmed by AM Best [1] - The Long-Term Issuer Credit Rating of "a-" (Excellent) has also been affirmed [1] Group 2: Company Assessment - Federated's balance sheet strength is assessed as very strong by AM Best [1] - The company has adequate operating performance and a limited business profile [1] - Appropriate enterprise risk management practices are in place at Federated [1]

Financial Data and Key Metrics Changes - The company reported a strong income growth of 12%, with total income reaching GBP 16.4 billion, exceeding guidance of around GBP 16.3 billion [4] - Earnings per share grew 27% to GBP 0.68, while dividends per share increased 51% to GBP 0.325 [3] - The cost-income ratio improved to 48.6%, down 4.8 percentage points from the previous year [11] - The Common Equity Tier 1 (CET1) ratio stood at 14%, reflecting a 40 basis points increase from the prior year [17] Business Line Data and Key Metrics Changes - Customer loans increased by 5.6% to GBP 392.7 billion, driven by growth in mortgages and unsecured lending [6] - Customer deposits rose 2.4% to GBP 442 billion, with retail banking deposits increasing by GBP 7.8 billion or 4% [8] - Assets under management (AUM) grew nearly 20% to GBP 58.5 billion, with net flows of GBP 4.6 billion up 44% [8] Market Data and Key Metrics Changes - The company maintained a strong position in the UK market, being the largest bank for business, with growth across various sectors including social housing and project finance [6] - The average Liquidity Coverage Ratio (LCR) was 147%, indicating a comfortable surplus over minimum requirements [15] Company Strategy and Development Direction - The company aims to achieve disciplined growth with a focus on key customer segments and enhancing customer engagement [34] - Plans include leveraging simplification and investing in AI to drive growth and improve productivity [34] - The target for 2028 includes growing customer assets and liabilities at an annual rate greater than 4% and reducing the cost-income ratio to below 45% [35] Management's Comments on Operating Environment and Future Outlook - Management expects moderate growth in the macro environment for 2026, with a terminal bank rate projected at 3.25% [11] - The company anticipates a loan impairment rate below 25 basis points for 2026, reflecting a normalization in impairments [75] - There are no significant signs of stress across the business, and management remains confident in the performance of the loan book [13] Other Important Information - The company successfully completed its 2025 funding plan with GBP 7.1 billion in benchmark issuance [16] - Credit ratings improved, with Fitch upgrading the rating of NatWest Group PLC to A plus and S&P raising the rating to A-minus [32] Q&A Session Summary Question: How do you think about risk appetite and quantum of RWAs that can be optimized? - Management highlighted the execution of SRT transactions leading to significant RWA optimization and sees potential for further transactions in 2026 and 2027 [37][38] Question: How do you set the leverage buffer target in relation to the capital target or the RWA framework? - Management indicated that risk weights are expected to be the binding constraint moving forward, rather than leverage [51] Question: What is driving the impairment change guidance to 25 basis points? - Management explained that the guidance reflects a normalization in impairments and growth in the loan book, particularly in unsecured lending [74]

Core Viewpoint - Agree Realty (ADC) has significant capacity for growth but is currently not utilizing it fully, raising questions about management's strategy and market conditions. Financial Metrics - Pro forma net debt-to-recurring EBITDA stands at 3.5x, which includes unsettled forward equity offerings; excluding these, the figure is 5.1x, still within investment-grade net lease REIT standards [2] - AFFO payout ratio is approximately 70%, indicating that ADC retains more internal capital compared to peers with payout ratios in the mid-70s to low-80s [3][4] Earnings Performance - AFFO per share for Q3 2025 was $1.10, reflecting a year-over-year increase of 7.2%; full-year 2025 guidance has been raised to $4.31–$4.33, suggesting a growth of 4.4% at the midpoint [4] - ADC deployed $1.55 billion in 2025, but the 2026 investment guidance is lower at $1.25–$1.50 billion, indicating a potential pullback in investment activity [6][7] Credit Ratings - Fitch assigned ADC an A- issuer rating with a stable outlook, citing superior tenant credit quality and sector-leading access to capital; Moody's rates it Baa1, and S&P Global Ratings upgraded it to BBB+ [5][6] Tenant Quality - Approximately 66.8% of ADC's annualized base rent comes from investment-grade tenants, with a potential shift in this percentage serving as an indicator of underwriting philosophy [11] Future Indicators - Key signals to watch for changes in management behavior include 2026 AFFO guidance relative to consensus, ex-forward leverage compression, and shifts in the investment-grade tenant mix [8][9][10]

ViO 234 Apartment Homes San Jose, CA F O U R T H Q U A R T E R 2 0 2 5 C R E D I T U P D A T E S E L E C T E D R A T I O S & C R E D I T R A T I N G S | Public Bond Covenants(1) | | | & Selected Credit Ratios | | | | | --- | --- | --- | --- | --- | --- | --- | | Q4 '25 | | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Covenant | | Debt to Total Assets | 35% | 34% | 35% | 35% | 35% | < 65% | | Secured Debt to Total Assets | 4% | 4% | 4% | 5% | 5% | < 40% | | Interest Coverage | 510% | 517% | 524% | 532% | 540% | > 150 ...

Core Viewpoint - AM Best has assigned a Financial Strength Rating of A (Excellent) and a Long-Term Issuer Credit Rating of "a+" (Excellent) to Beazley Bermuda Insurance Limited, indicating strong financial health and stability in its operations [1] Group 1: Credit Ratings and Financial Strength - Beazley Bermuda Insurance Limited (BBIL) has a stable outlook for its credit ratings, reflecting its very strong balance sheet strength and adequate operating performance [1] - BBIL's balance sheet strength is supported by a risk-adjusted capitalisation expected to be at the strongest level, with a capital base of USD 531 million at the start of 2026 [1] - The ratings also consider the strategic importance of BBIL to its parent company, Beazley plc, enhancing its overall creditworthiness [1] Group 2: Operating Performance and Market Position - BBIL is anticipated to achieve adequate operating performance over the medium term, with profitable underwriting results despite a softening pricing environment [1] - Investment income is expected to significantly contribute to BBIL's overall earnings, particularly in its initial years of operation [1] - The establishment of BBIL will allow Beazley to expand its footprint and access the Bermuda reinsurance market, providing additional diversification for the group [1] Group 3: Monitoring and Future Developments - AM Best is closely monitoring the ratings of all Beazley companies in light of Zurich Insurance Group's progressing offer to acquire Beazley, with potential reviews pending a binding offer [1]

Core Viewpoint - AM Best has assigned a Financial Strength Rating of A++ (Superior) and a Long-Term Issuer Credit Rating of "aaa" (Exceptional) to Berkshire Hathaway International Insurance Limited (BHIIL), indicating strong financial health and stability in its operations [1] Group 1: Ratings and Financial Strength - BHIIL is a wholly owned subsidiary of National Indemnity Company, which is the lead operating company of the National Indemnity Group, ultimately owned by Berkshire Hathaway Inc. [1] - The outlook for these Credit Ratings is stable, reflecting the strong consolidated balance sheet strength of National Indemnity, assessed as the strongest by AM Best [1] - BHIIL's ratings are supported by its very strong operating performance, favorable business profile, and appropriate enterprise risk management [1] Group 2: Business Operations - BHIIL plays a key role within the National Indemnity group, serving as a primary platform for accessing insurance business in the United Kingdom, Switzerland, and Italy, as well as international business in the London market [1] - The ratings also reflect the material reinsurance support from its parent company, enhancing BHIIL's operational capabilities [1]

Core Viewpoint - AM Best has revised the outlooks for Hagerty Reinsurance Limited and Drivers Edge Insurance Company to positive from stable, affirming their Financial Strength Rating of A- (Excellent) and Long-Term Issuer Credit Ratings of "a-" (Excellent) [1] Group 1 - Hagerty Re and Drivers Edge are wholly owned subsidiaries of Hagerty Insurance Holdings Inc [1] - The revised ratings reflect the companies' strong financial performance and stability in the insurance market [1]

One of the world’s biggest bond-fund managers is warning of a `dangerous’ credit-ratings dynamic as private lending swells. https://t.co/zmVI3cDays ...

Core Viewpoint - First BanCorp. has received strong credit ratings and a stable outlook from Kroll Bond Rating Agency, reflecting its solid financial position and disciplined risk management [1][4]. Group 1: Financial Performance - First BanCorp. has maintained steady performance through various economic cycles, preserving healthy margins and managing costs effectively [2]. - The bank's consistent profitability and solid capital levels have been highlighted as key strengths [1][2]. Group 2: Risk Management - Lessons learned from past downturns have led to a more resilient credit culture, resulting in lower nonperforming assets and improved loan quality [3]. - Enhanced risk practices have positioned First BanCorp. favorably against major competitors in Puerto Rico [3]. Group 3: Credit Ratings - KBRA assigned First BanCorp. a senior unsecured debt rating of BBB, a subordinated debt rating of BBB, and a short-term debt rating of K3 [4]. - For FirstBank Puerto Rico, deposit and senior unsecured debt ratings were set at BBB+ and short-term deposit and debt ratings at K2 [4]. Group 4: Strategic Direction - The ratings reaffirm First BanCorp.'s strategic direction and the strength of its franchise in Puerto Rico [5]. - The company emphasizes maintaining a strong capital position while pursuing prudent growth as central to its long-term plans [5].