NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 15 classes of notes issued by Pagaya AI Debt Grantor Trust 2026-1 & Pagaya AI Debt Trust 2026-1 (collectively "PAID 2026-1†), an unsecured consumer loan ABS transaction. PAID 2026-1 has initial hard credit enhancement levels of 84.86% for the Class A-1 Notes to 2.33% for the Class F-2 Notes. Credit enhancement is comprised of overcollateralization, subordination (except for the Class F-2 Notes), cash reserve accounts funded at closing, and exc ...

By Makiko Yamazaki TOKYO, Jan 21 (Reuters) - Fitch Ratings expects Japan's government to continue to keep deficits within manageable levels ​after a lower house election next month as Tokyo faces ‌pressure from the bond market over tax cuts, its sovereign analyst told Reuters on ‌Wednesday. Japan's government bonds tumbled this week, sending the benchmark 10-year bond yield to a 27-year high on Tuesday, after Prime Minister Sanae Takaichi made an election pledge to suspend a food levy for two ⁠years. F ...

Core Insights - TCI Fund Management's latest 13F filing highlights Chris Hohn's long-duration, quality-compounder equity strategy, with tactical adjustments in position sizes amid macro uncertainty [1] Positioning Shifts - Visa (V): TCI added 8,989,793 shares, increasing its position to 28.06 million shares valued at $9.58 billion, representing 18.2% of the portfolio, marking a 47% increase [3] - S&P Global (SPGI): TCI increased its stake by 98,247 shares to 11.19 million shares valued at $5.45 billion, making up 10.3% of the portfolio, reflecting a long-term accumulation strategy [5] - Moody's Corp (MCO): TCI added 61,500 shares, bringing its total to 13.31 million shares valued at $6.34 billion, which is 12.0% of the portfolio, indicating confidence in the credit rating agency sector [6] - Microsoft (MSFT): TCI trimmed its position by 973,027 shares to 16.59 million shares valued at $8.59 billion, representing 16.3% of the portfolio, likely for weight management rather than a change in thesis [7] - Canadian Pacific Kansas City (CP): TCI reduced its exposure by 2,961,150 shares to 49.87 million shares valued at $3.71 billion, which is 7.0% of the portfolio, indicating a balanced sizing approach [8] - Alphabet (GOOG): TCI trimmed its position by 5,369,416 shares to 7.60 million shares valued at $1.85 billion, representing 3.5% of the portfolio, reflecting competitive dynamics and margin volatility concerns [9][10] - Canadian National Railway (CNI): TCI reduced its stake by 4,221,292 shares to 18.77 million shares valued at $1.77 billion, which is 3.4% of the portfolio, suggesting a tighter capital allocation strategy [11] Portfolio Context & Themes - Structural Compounders > Cyclical Winners: TCI is focusing on businesses with long-duration cash compounding characteristics, such as Visa, Moody's, and S&P [13] - Selective Tech De-Risking: The trimming of Alphabet and Microsoft indicates caution regarding mega-cap tech valuations and competitive dynamics in AI [14] - Rail Exposure Right-Sizing: Reductions in CP and CNI reflect a disciplined approach to cyclical positioning rather than abandoning the rail theme [15] Big Picture Takeaways - TCI remains committed to owning the best businesses, sizing positions with conviction, and incrementally allocating capital during market dislocations [16]

专业度提升：五年以上经验分析师占比突破54% 人均报告产出8.42个 转自：新华财经 新华财经北京12月23日电 银行间市场交易商协会与中国证券业协会23日发布的2025年第三季度信用评 级行业运行数据显示，在债券市场评级覆盖率稳步提升的背景下，评级机构间的评级一致性整体保持稳 定。截至9月末，在银行间和交易所同时获得多家评级的758家发行人中，仅45家出现评级结果不一致， 不一致率为5.94%，且差异均仅限于1个子级，未出现大幅分歧，反映出行业评级标准趋向收敛。 业务趋势：债券评级承揽量环比增长超一成 主体评级承接更趋审慎 2025年第三季度，15家信用评级机构共承揽债券产品3553只，环比增长11.00%；而主体评级承揽量为 3505家，环比下降10.24%，呈现出"债多体少"的结构性特征。业务集中度依然显著，前三家机构业务量 合计占比近七成。 评级调整幅度与频率进一步趋于平缓。三季度全行业仅对31家发行人进行评级调整，同比减少 36.73%。其中正面调整23家，负面调整7家，上调与下调幅度均控制在1-2个子级。在更换评级机构的 219家发行人中，仅19家在新机构获得更高级别，上调率8.68%，环比微降0 ...

Core Insights - AIR, an AI-powered credit ratings firm, has raised $6.1 million to enhance its automated credit intelligence platform [1] - The company aims to evaluate the financial health of both public and private companies daily, assisting banks and private lenders in assessing creditworthiness [2] - AIR's technology allows for sensitivity analysis and stress-testing of portfolios, providing a comprehensive view of risk [2] Company Overview - Founded by veterans from Moody's, DataRobot, and Goldman Sachs, AIR focuses on transforming qualitative financial questions into quantitative metrics for better analysis [2][3] - The platform is designed to break down its analytical processes step-by-step, enabling analysts to understand how conclusions are reached [3] Technological Innovation - AIR utilizes decades of financial data, including bond spreads, to continuously update credit ratings in real-time, offering a "bias-free" perspective on risk [5] - The firm criticizes traditional credit rating methods for being slow, reactive, and often outdated, which can lead to flawed ratings and systemic issues [5] Market Context - The volume of available data for credit decisions has increased tenfold over the past decade, yet many financial institutions have not adapted their systems accordingly [5]

Core Insights - S&P Global has successfully completed the acquisition of ORBCOMM's Automatic Identification System (AIS) business, which enhances its maritime analytics and global trade intelligence offerings, supporting its global supply chain strategy [1][3] - The AIS business is recognized as a leading provider of satellite data services for tracking and monitoring vessels, which will be integrated into S&P Global Market Intelligence [1][3] - A strategic alliance framework has been established between S&P Global and ORBCOMM to develop a diverse range of supply chain data and insights, reinforcing S&P Global's commitment to investment in the maritime sector [2] Company Overview - S&P Global (NYSE: SPGI) provides essential intelligence, enabling governments, businesses, and individuals to make informed decisions through data and technology [7] - The company is widely sought after for its credit ratings, benchmarks, analytics, and workflow solutions across global capital, commodity, and automotive markets [9] Acquisition Details - The acquisition agreement was initially announced in April 2025, and S&P Global does not anticipate a material financial impact from this transaction on its overall operations [3] - The AIS business will enhance S&P Global's existing maritime, risk, and trade solutions, further solidifying its position in the industry [2]

Core Viewpoint - The SEC is actively investigating Egan-Jones Ratings for potential improper influence on its rating procedures, reflecting a heightened regulatory scrutiny in the private credit market [2][4]. Company Overview - Egan-Jones Ratings Co. operates from a modest location and has established itself as a significant player in the private credit ratings market, rating over 3,000 private credit investments last year with a small team of about 20 analysts [4][9]. - The firm is recognized as a Nationally Recognized Statistical Rating Organization, allowing its ratings to be utilized by US insurers for regulatory capital calculations [6]. Industry Context - The private credit market is rapidly expanding, with approximately one-third of the $6 trillion in cash and invested assets held by US life insurers allocated to private credit investments [7]. - The role of smaller rating agencies like Egan-Jones has come under scrutiny, as their ratings are increasingly relied upon by insurers, raising concerns about the quality and potential for inflated assessments of creditworthiness [10]. Regulatory Environment - The SEC's investigation into Egan-Jones began during the Biden administration and is part of a broader effort to ensure integrity in the ratings process, especially as the private credit market grows [4][5]. - The SEC has not yet accused Egan-Jones or its executives of any wrongdoing, indicating that the investigation is still ongoing and its outcomes remain uncertain [4].

Core Viewpoint - KBRA has assigned preliminary ratings to eight classes of notes issued by Pagaya AI Debt Grantor Trust 2025-R3 and Pagaya AI Debt Trust 2025-R3, indicating a structured approach to evaluating the creditworthiness of this unsecured consumer loan ABS transaction [1] Summary by Categories - **Credit Enhancement Levels** - The initial hard credit enhancement levels range from 48.05% for Class A Notes to 7.50% for Class E Notes, showcasing a significant level of protection for investors [1] - **Components of Credit Enhancement** - Credit enhancement is comprised of overcollateralization, subordination (except for Class E Notes), and a cash reserve account funded at a certain level, which collectively aim to mitigate risks associated with the ABS transaction [1]

Core Viewpoint - Moody's has maintained France's credit rating but revised its outlook from stable to negative, reflecting concerns over political instability and fiscal challenges [1][10]. Group 1: Credit Rating and Outlook - Moody's decision to maintain France's rating while downgrading the outlook indicates a cautious approach, allowing time to assess the government's actions [2][11]. - The negative outlook aligns with concerns raised by other agencies regarding political instability and its impact on fiscal policy [3][11]. Group 2: Fiscal Challenges - France faces an elevated fiscal deficit, projected to be 5.8% in 2024, with expectations of a slight decline to 5.4% [14]. - The government's recent decision to suspend pension reforms to gain political support will incur costs of €400 million in 2026 and €1.8 billion in 2027, necessitating discussions on tax increases [5][4]. Group 3: Wealth Tax Debate - The proposal for a wealth tax, particularly the Zukman tax, has sparked significant political debate, with suggestions to tax fortunes above €100 million at a minimum of 2% [6][15]. - The socialist party is advocating for a modified wealth tax targeting individuals with fortunes exceeding €10 million, proposing a 3% tax with exemptions for innovative and family-owned businesses [7][17]. - The ongoing discussions around the wealth tax are critical for the government's stability, with potential implications for fiscal consolidation and economic investment [9][18].

Core Viewpoint - Moody's has placed France's credit rating on watch for a potential downgrade due to political instability and economic challenges, following similar actions by other rating agencies [3][4][5]. Group 1: Credit Rating Changes - Moody's changed its outlook on French government bonds from Stable to Negative, currently rating them Aa3, equivalent to AA- [3]. - S&P downgraded French bonds to A+ from AA- on October 17, 2025, marking a significant shift in the perception of France's creditworthiness [3][4]. - Fitch Ratings had previously downgraded France to A+ from AA- in September, citing government fragmentation and political deadlock [4]. Group 2: Economic Challenges - The political instability in France is seen as a barrier to addressing key policy challenges, including a high fiscal deficit, rising debt burden, and increasing borrowing costs [5]. - France's attempts to reform its pension system and reduce its deficit below 5% of GDP have been unsuccessful, leading to a lack of agreement on the budget [6]. - The resignation of Prime Minister Sébastien Lecornu after just one month in office highlights the ongoing governance issues [6]. Group 3: Market Reactions - The yield on France's 10-year bonds has increased from 3.186% at the end of 2024 to 3.436%, surpassing yields of Greece, Italy, Portugal, and Spain [7]. - Despite the political chaos, French stocks have shown resilience, with the iShares MSCI France ETF gaining 26%, outperforming the S&P 500's 15% rise [8].