June 8, 2017 / 4:42 PM / 6 months ago

Fitch Upgrades GM and GM Financial IDRs to 'BBB'; Outlook Stable

(The following statement was released by the rating agency) CHICAGO, June 08 (Fitch) Fitch Ratings has upgraded the Long-Term Issuer Default Ratings (IDRs) for General Motors Company (GM) and its finance subsidiary General Motors Financial Company, Inc. (GMF) to 'BBB' from 'BBB-' with a Stable Outlook. A full list of rating actions on GM and its subsidiaries follows at the end of this release. KEY RATING DRIVERS - GM The upgrade of GM's ratings is supported by fundamental improvement in the company's credit profile largely resulting from its work to improve product profitability while maintaining a relatively conservative balance sheet. Fitch expects the margin performance of GM's key North American operations to remain strong relative to its peers, while its aggressive efforts to restructure its global operations will drive further improvements in profitability and cash flow outside the U.S. Fitch expects the company to maintain a relatively strong liquidity position sufficient to protect against a downturn while keeping leverage near the low end of its peers. Concerns stemming from the ignition switch recall have largely abated, and Fitch expects any remaining recall-related cash costs to be manageable. CREDIT RISKS Credit risks include a slowing global auto market, including industry sales in the U.S. that Fitch expects to plateau at around 17 million units, and slower industry growth in China. In the U.S., the impact of slowing industry sales is exacerbated by higher industry price incentives, driven in part by a substantial increase in late-model off-lease vehicles hitting the used car market. Longer-term risks include expected changes in the global automotive technology landscape, including the advent of autonomous vehicles and regulatory-driven shifts toward increased vehicle electrification. Accompanying these changes will be an increasing number of new competitors trying to establish a foothold in the evolving auto market. These shifts will create pressures that will add to the host of challenges faced by the highly cyclical global auto industry. Fitch believes GM is generally well positioned to navigate these challenges, but they nonetheless pose some longer-term downside risk to the company's credit profile. GM's ratings also incorporate the risk that growth at GMF and changes in the financial subsidiary's leverage profile could put some pressure on the parent company. GMF's asset base continues to grow rapidly as it increases penetration in prime lending and retail leasing, and the financial subsidiary's debt/equity leverage has risen as GMF has borrowed to fund asset growth. Similar to the financial services operations of other manufacturers, higher leverage increases the potential that GM could need to step in to provide support to GMF in the event of a negative liquidity event. In a moderate to severe downturn, Fitch expects that GM would likely experience a significant cash outflow due to its inherent operating leverage, working capital profile, and capital expenditure needs. However, Fitch expects that the company's automotive net cash position of about $9.0 billion as of March 31, 2017 (excluding the Fitch adjustments noted below), along with about $14 billion of automotive revolver availability, would provide it with sufficient financial flexibility to withstand a severe decline in demand. GM's downturn strategy includes exercising discretion over a portion of its planned capital deployment which could further relieve liquidity pressures in a downturn. This could include reducing share repurchases, delaying certain capital expenditures, limiting pension contributions to only those that are mandatory, and holding dividends flat. In addition, various post-recession changes in GM's business profile have also positioned it to better withstand a downturn. The company's break-even sales level is lower as a result of restructuring actions and an increased use of global platforms, and its increasingly competitive product offerings are commanding higher net prices. NEW TECHNOLOGIES AND MOBILITY INITIATIVES Fitch believes GM is relatively well positioned to compete as new technologies alter personal transportation over the next decade, but uncertainty over the future technological landscape and competitive environment introduces significant risks as well. In particular, a large number of start-ups and technology companies from outside the traditional auto sector are actively working to disrupt the existing automotive business model, and GM, as well as other mass-market auto manufacturers, could face significant challenges in the face of a rapidly changing business environment. Much of GM's work in mobility has revolved around its OnStar system, which it has offered and evolved for over 20 years, and which can serve as a platform for various forms of vehicle communications. GM's mobility initiatives cover a wide range of potential solutions, from automated driving to ride sharing and car sharing. Compared to some of its competitors, GM has been a bit more willing to look outside the company for opportunities to acquire technologies, which has helped to accelerate its progress in these areas. Investments have included taking a $500 million stake in Lyft, Inc., acquiring of most of the assets of the former ride-sharing company Sidecar Technologies, Inc. and acquiring Cruise Automation, Inc., a specialist in autonomous-driving technologies. GM also began selling the Chevrolet Bolt for the 2017 model year, an electric vehicle with a 238-mile range that has been designed to incorporate various future mobility technologies. OPEL/VAUXHALL DIVESTITURE In March 2017, GM agreed to divest its European Opel/Vauxhall (Opel) unit to PSA Group (PSA). By divesting Opel, GM will shed a business that has not generated a positive operating profit for 17 years. GM will also avoid considerable future investments in the European business related to increasingly stringent fuel economy and emissions regulations, and the divestiture will allow GM to focus its investments on regions and products with significantly higher potential returns. On the other hand, it will leave GM with a smaller and less diversified business that will be more heavily dependent on the financial performance of its U.S. and China operations. GM will receive about $900 million in cash, as well as warrants in PSA with an estimated value of about $700 million. However, this will be partially offset by a roughly $400 million payment that GM will make to PSA to compensate for risks associated with the transfer of pension plans covering active Opel employees. Around the time of closing, GM also expects to make an additional debt-funded contribution of about $2.8 billion to fully fund the Opel pension plans that will be transferred to PSA. In conjunction with the divestiture, GMF plans to sell its European subsidiaries to a joint venture to be formed by PSA and BNP Paribas for about $1 billion. GMF will keep about $500 million of the proceeds to maintain its target leverage ratio and will transfer the other $500 million to GM via a special one-time dividend. Fitch has excluded the planned dividend from its forecasted FCF calculation due to its non-recurring nature. SOLID FCF POTENTIAL Fitch expects GM to generate automotive FCF after dividends of about $3 billion in 2017, which will result in an FCF margin of a little over 2% (excluding revenue from the Opel subsidiary that will be sold). Fitch expects capital spending to run in the $8.5 billion to $9 billion range for the next several years as the company makes significant investments in new platforms and powertrains. However, this is lower than Fitch's previous expectation, as Fitch expects the Opel divestiture will reduce GM's capital spending needs by about $1 billion annually. GM's capital allocation strategy continues to prioritize investing in its business, maintaining strong credit metrics and returning remaining available FCF to shareholders through share repurchases. GM currently has a $5 billion share repurchase authorization in place with no end date. The company plans to increase the pace of share repurchases in 2017 in order to reduce its cash balance to a new target level of $18 billion from the previous $20 billion following completion of the Opel divestiture. Going forward, Fitch expects GM to manage its liquidity according to its cash target, increasing or decreasing share repurchases as necessary to keep its cash around the $18 billion target level. Beyond 2017, Fitch expects GM's automotive FCF to remain substantial for an auto manufacturer. Fitch expects GM's automotive FCF margins to run in the low-single-digits over the intermediate term, equating to a Fitch-estimated post-dividend FCF in the $1.5 billion to $2.5 billion range. Fitch's longer-term FCF expectations assume that dividends from GM's China joint ventures decline somewhat from the current level of around $2 billion due to more challenging auto market conditions in the country. Fitch also expects capital spending to average around 6% of revenues over the next several years, while dividends are expected to run in the $2 billion to $2.5 billion range, with the potential for higher dividend payouts offset by ongoing share repurchases. CREDIT METRICS STRENGTHENING GM's automotive credit profile continues to strengthen, and Fitch expects the improvement to be sustainable over the intermediate term. Fitch expects EBITDA leverage (debt/Fitch-calculated EBITDA, including minority dividends) to remain below 1x over the next several years, despite a moderating demand environment. This also considers the incremental debt that GM expects to issue around the time the Opel divestiture closes in order to fund the contribution to pension plans that will transfer to PSA. Fitch expects GM's automotive debt will rise to about $13 billion following the close of the Opel divestiture from roughly $11 billion at March 31, 2017. Actual EBITDA leverage at March 31, 2017 was 0.6x. Funds from operations (FFO) adjusted leverage, which was 0.9x at March 31, 2016, is likely to remain low as well, although variability in FFO could cause more volatility in this metric. Fitch expects GM's automotive EBIT margins to run in the 5% to 6.5% range over the intermediate term, which are relatively solid, given the low-margin nature of the global auto manufacturing industry. Margins will be supported by the Opel divestiture, as Opel has not generated a positive EBIT margin since 1999. However, GM's margins are still likely to be pressured in its other global regions as slowing U.S. industry sales ratchet up competition in the North American market, South American sales remain weak, and sales in the Asia Pacific region remain uneven. Despite this pressure, Fitch expects North American margins to continue running near 10%, which is strong by historical standards, as the company continues to benefit from consumers' preference for light trucks and SUVs in a low-fuel price environment. According to Fitch's Criteria for Rating Non-Financial Corporates, when analyzing a corporate issuer with a captive finance subsidiary Fitch calculates an appropriate target debt-to-equity ratio for the finance subsidiary based on asset quality, funding and liquidity. If the finance subsidiary's target ratio is lower than its actual ratio, Fitch models an equity injection from the parent to the finance subsidiary to bring the ratio down to the target level. For GMF, Fitch calculated a target ratio of 5.0x, which is below its actual ratio of 8.6x at March 31, 2017. (For purposes of this analysis, when calculating the actual ratio, Fitch adjusted GMF's debt and equity to reflect its debt at principal value.) Fitch then assumed that GM makes a $5.6 billion cash-funded equity injection into GMF to bring GMF's debt-to-equity ratio down to the target level. Fitch has treated this cash injection as "not readily available cash" in its forecast models, as discussed further in "Liquidity" below. PENSION FUNDING The funded status of GM's pension plans has improved significantly over the past six years, in part due to the company shifting its U.S. salaried plan to an annuity in 2012. At year-end 2016, the company's global pension plans were underfunded by $18 billion on a GAAP projected benefit obligation (PBO) basis, leading to a funded status of 80%. The company's U.S. plans were 90% funded, with an underfunded position of $7.2 billion. GM contributed a total of $3.1 billion to its global pension plans in 2016, including $2.0 billion in debt-funded voluntary contributions to its U.S. hourly plan. In 2017, the company plans to contribute about $1 billion to its global pension plans, comprised of $970 million in contributions to non-U.S. plans and $73 million to U.S. non-qualified plans. KEY RATING DRIVERS - GMF The affirmation of GMF's IDRs and senior unsecured debt ratings are a result of the direct linkage to GM's ratings. Fitch considers GMF to be a 'core' subsidiary of GM based on actual and potential support provided to GMF from GM, an increasing percentage of GMF's earning assets related to GM, and strong financial and operational linkages between the companies. The ratings also reflect GMF's seasoned management team, improved funding profile, consistent operating performance, improving asset quality, and adequate liquidity. LEASE GROWTH VIEWED WITH INCREASING CAUTION Overall asset quality for the captive has improved as a result of the launch of a retail prime product in the U.S. in 2014, securing GM's lease exclusivity in 2015, and subvented loan exclusivity in 2016. Subprime loans (defined as loans with a FICO score below 620) represented 43% of the North America retail auto loan portfolio as of March 31, 2017, down from over 57% in 1Q16, as prime loan and lease originations increased to 75% of total originations compared with 68% a year ago. Roughly 87% of GMF's loans and leases now relate to financing new GM vehicles, as the company continues to transition to a full-service captive following GM's acquisition of AmeriCredit in 2010. Although North America lease originations declined slightly to $6.3 billion in 1Q17 from $6.7 billion in 1Q16, GMF's lease portfolio grew 52% year over year driven by continued market share gains from the lease subvention exclusivity on GM brands, which began in the first half of 2015. At 1Q17, GMF's lease portfolio represented 54% of North America earning assets versus 51% a year ago. Leasing involves additional risk for GMF as it exposes the company to residual value impairment, the risk of which has increased more recently as used car values are being negatively impacted by an increase in the supply of off-lease vehicles and increased incentives being offered on new vehicles. Fitch expects GMF to more conservatively assess residual values in order to minimize future losses as leased vehicles are returned and sold, particularly with used car values expected to moderate further over the near-to-medium term. IMPROVING CREDIT PERFORMANCE GMF's credit performance has remained fairly stable in recent years despite the shift in the portfolio toward prime assets, as higher losses from portfolio seasoning have been offset by the mix shift toward prime quality loans and leases. Retail auto net charge-offs were 1.9% 1Q17, unchanged from 1Q16. Fitch expects recovery rates on defaulted loans to experience downward pressure as used car values moderate from elevated levels, further supporting its view on normalizing credit trends and likely pressure on residual values. The net charge-off rate on retail auto loans in North America was 2.3% in 1Q17, down from 2.6% in 1Q16 despite the drop in recovery rate to 51.6% from 54.1%. PROFIT MARGINS COMPRESS FURTHER GMF's profitability is solid driven by its growth in earning assets, but margins and return ratios have gradually compressed reflecting the shift in the loan origination mix from higher-yielding, higher-risk subprime loans to lower-yielding, lower-risk prime and commercial loans. This trend is partially offset by an improvement in operating expense efficiency, driven by a higher prime credit mix and servicing scale. GMF's return on assets has steadily declined from over 3% in 2011, falling to 0.89% annualized in 1Q17, compared to 0.95% in 1Q16, which is more consistent with its peers. Fitch expects this downward trend to continue over the near-term, albeit at a more moderate pace. The pre-tax margin continued to compress, to 9% in 1Q17, down from 10.8% in the year ago quarter, given the mix shift toward prime lending. Fitch expects GMF to remain solidly profitable through the remainder of 2017, and for pre-tax income growth to be driven by strong earning asset growth, stable credit performance, and improved operating cost efficiency. Partially offsetting these positive drivers should be further net interest margin compression reflecting the mix shift toward lower-yielding assets, further downward pressure on used car values, and higher interest expense due to the ongoing shift toward a higher mix of unsecured funding. IMPROVING FUNDING PROFILE GMF's funding profile and diversification has steadily improved over the past few years, with increased utilization of the unsecured debt markets. Still, the company remains reliant on secured debt for a meaningful portion of its funding, with approximately 53% of funding in the form of ABS debt and secured revolving (warehouse) facilities as of 1Q17. Despite the recent improvement, secured funding as a percentage of total funding remains high relative to GMF's captive peers. Fitch expects unsecured debt as a percentage of total debt will continue to increase toward 50% of GMF's funding, which Fitch views favorably as it improves the firm's funding flexibility. LEVERAGE CONTINUES TREND HIGHER While leverage levels have increased in recent years to support portfolio expansion, Fitch believes the increase can be partly explained by the steady improvement in the asset quality of its portfolio since acquiring AmeriCredit, a subprime-focused auto finance company, in 2010. Leverage (measured as debt to tangible equity) was 10.3x at March 31, 2017, up from 8.4x a year ago. Management-calculated leverage (earning assets to tangible equity) was 10.9x at March 31, 2017, up from 8.8x a year ago but below the 11.5x ceiling currently permitted by the support agreement between GM and GMF. Fitch expects leverage to increase over the near term as earning assets continue to grow, before moderating over the medium term as earning asset growth normalizes. Should assets exceed $100 billion, the support agreement permits leverage to increase to 12x, which Fitch views as high in relation to its peers, most of which have higher asset quality. At current levels, GMF's leverage is roughly in-line with its auto captive peers, namely Ford Motor Credit Company ('BBB'/Outlook Stable) and Toyota Motor Credit Corporation ('A'/Outlook Stable), despite Fitch's view that GMF's underlying portfolio is of lower credit quality. Further increases in GMF's leverage without a commensurate improvement in asset quality of the earning assets, would be viewed negatively by Fitch. SOLID LIQUIDITY POSITION Fitch believes GMF's liquidity position is strong. Available liquidity was $12.4 billion as of March 31, 2017, including $2.7 billion in unrestricted cash, $8.3 billion of borrowing capacity on unpledged assets, $0.4 billion of borrowing capacity on committed unsecured credit lines and $1.0 billion of borrowing capacity on its intercompany credit facility. Liquidity is further enhanced by GM's decision to not take dividends out of GMF, except for the aforementioned one-time special dividend payment to GM related to the divestiture of GMF's European operations, for as long as it needs capital to support asset growth. Unsecured debt maturities are believed to be manageable, with $7.3 billion of debt maturing in 2017. The upgrade of GMF's short-term IDR to 'F2' from 'F3' reflects potential liquidity support available from GM as well as GMF's good standalone liquidity profile, in terms of the short duration of its assets relative to its overall debt, low reliance on short-term debt and commercial paper issuance, solid asset quality, and strong cash flow generation capacity. EUROPEAN SUBSIDIARY IDRs REMAIN ON EVOLVING WATCH The long-term IDRs of GMF's European subsidiaries, Opel Bank GmbH, GMAC (UK) Plc, and General Motors Financial International B.V (GMI) remain at 'BBB-'. On March 30, 2017, Fitch placed the IDRs of these entities on Rating Watch Evolving, following the announced sale of GM's European operations to a 50%/50% joint venture between Banque PSA and BNP Paribas. The sale is subject to various regulatory approvals but is expected to close by the end of 2017 at which time Fitch expects to resolve the Evolving Watch. The Rating Watch Evolving does not extend to GMI's Euro Medium Term Note Programme, as it is guaranteed by GMF until the notes are fully repaid. DERIVATION SUMMARY GM's operating and financial profiles are generally in line with mass-market automotive peers at a similar rating level. The company has a relatively strong competitive position, with a top-five market share in most of the markets where it operates, including top positions in the U.S. and China. The company's product lineup has improved significantly in the post-recession period, which has translated to higher revenue and profit per vehicle, particularly in North America. GM's credit metrics are somewhat strong relative to similarly rated peers. EBIT and EBITDA margins have recently been at the higher end of peer group, driven by a strong performance in North America, and Fitch expects restructuring actions to support margins going forward. Post-dividend FCF margins have also been at the higher end and will be enhanced by lower capital spending following the Opel divestiture. Leverage remains low relative to its peer group, with debt/EBITDA below 1x, and Fitch expects it to remain low following the likely debt issuance later this year that will coincide with Opel divestiture. Capital deployment has been more shareholder-focused than some of its global peers, with the company expected to allocate all available post-dividend FCF to share repurchases after investing in its business, while maintaining its focus on investment-grade credit metrics. KEY ASSUMPTIONS Fitch's key assumptions within its rating case for the issuer include: --U.S. industry light vehicle sales total about 17 million units in 2017, and global sales rise in the low-single-digit range. --Beyond 2017, U.S. industry sales plateau at around 17 million units per year, the Chinese market grows at a low- to mid-single digit rate, and South America slowly improves, but other developing markets are uneven. --Over the intermediate term, GM's revenue growth is tied primarily to volume growth in the regions where it has a presence, as well as modest price increases, while global market share is held about constant. --The Opel divestiture is completed near year-end 2017. --GM issues $2.8 billion in debt in late 2017 to fund a contribution to Opel pension plans that will move to PSA. --The company discontinues Chevrolet sales in India and sells stakes in certain African truck operations to Isuzu. --Automotive EBITDA margins run in the 10% to 11% range following the Opel divestiture as production volumes grow modestly, the company makes continued progress on cost efficiencies, and profitability rises with new model introductions, while spending on mobility initiatives, as well as increased vehicle technology investments put some downward pressure on margins. --Capital spending runs at about 6% of automotive revenue over the intermediate term. --The company allocates all available post-dividend FCF to share repurchases. --The company maintains a target automotive cash balance of about $18 billion following the Opel divestiture, augmented by about $14 billion of automotive revolver availability. RATING SENSITIVITIES GM Future Developments That May, Individually or Collectively, Lead to Positive Rating Action --Maintaining a North American automotive EBIT margin above 10% on a sustained basis; --Maintaining a global automotive EBIT margin above 5.5% on a sustained basis; --Maintaining a post-dividend FCF margin of 2.3% or higher; --Maintaining gross EBITDA leverage in the low 1x range or below on a sustained basis. Future Developments That May, Individually or Collectively, Lead to Negative Rating Action --A decision to reduce the company's automotive cash target to below $18 billion following the Opel divestiture; --A sustained period of negative FCF, excluding non-recurring items; --A material increase in leverage to fund shareholder-friendly activities; --An unexpected merger or acquisition that materially weakens the company's credit profile. GMF The long-term IDRs, senior unsecured ratings and Rating Outlook for GMF are linked to the ratings of its parent, with the exception of the IDRs of the three European subsidiaries, which are currently on Rating Watch Evolving pending the sale. GMF's ratings will move in tandem with its parent, although any change in Fitch's view on whether GMF remains core to its parent could change this rating linkage. Fitch cannot envision a scenario where GMF would be rated higher than the parent. A material increase in leverage without a corresponding improvement in the credit quality of the portfolio, an inability to access funding for an extended period of time, consistent and sustained operating losses and/or significant deterioration in the credit quality of the underlying loan and lease portfolio could become constraining factors on the parent's ratings. Additionally, were GM or GMF's liquidity profile to deteriorate materially, this could result in GMF's short-term IDR being downgraded to 'F3' from 'F2' even if the long-term IDR was unchanged. LIQUIDITY Fitch expects GM's automotive liquidity, including both cash and revolver capacity, to remain strong, which will provide the company with a substantial cushion in the event of an unexpected downturn. The company currently maintains an average cash target of $20 billion, approximately $2 billion of which is related to its European operations. Once GM completes the Opel divestiture, the company intends to target a lower cash balance of $18 billion on average. Fitch views the reduced liquidity target as sufficient to provide downside protection given the reduced size of the company following the divestiture. At March 31, 2017, GM's actual automotive cash, including marketable securities, totaled a little above $20 billion, in-line with its target level. In addition to its cash, GM's liquidity is enhanced by access to two primary unsecured revolvers, a $4 billion facility that matures in 2019 and a $10.5 billion facility that matures in 2021. Of the total capacity of $14.5 billion, $14 billion was available at March 31, 2017, after accounting for about $500 million in letters of credit. GMF has the ability to borrow up to $1 billion on the 2019 revolver and up to $3 billion on the 2021 facility, but it had no borrowings outstanding against either facility at March 31, 2017. The credit agreement for the primary revolvers contains a minimum liquidity covenant that requires the company to maintain minimum liquidity of $2.0 billion in the U.S. and $4.0 billion globally, including revolver availability. Including available capacity on its primary revolvers, GM's total automotive liquidity position was over $34 billion or nearly $23 billion net of automotive debt. However, in addition to the captive-finance adjustment discussed above, Fitch has treated $3 billion in cash as "not readily available" in its forecast, reflecting cash permanently reinvested outside the U.S. and cash that Fitch estimates is needed to cover seasonal changes in cash flows. However, even after excluding these amounts from its liquidity calculations, Fitch views GM's liquidity position as relatively strong and sufficient to help the company withstand a moderate to severe downturn. FULL LIST OF RATING ACTIONS Fitch has upgraded the following ratings with a Stable Outlook: GM --Long-term IDR to 'BBB' from 'BBB-'; --Unsecured credit facility rating to 'BBB' from 'BBB-'; --Senior unsecured rating to 'BBB' from 'BBB-'. GMF --Long-term IDR to 'BBB' from 'BBB-'; --Senior unsecured debt to 'BBB' from 'BBB-'; --Short-term IDR to 'F2' from 'F3'. Opel Bank GmbH --Senior unsecured debt to 'BBB' from 'BBB-'. GMAC (UK) Plc --Short-term debt to 'F2' from 'F3'. General Motors Financial International B.V. --Euro Medium Term Note Programme to 'BBB' from 'BBB-'. Fitch maintains the following ratings on Rating Watch Evolving: Opel Bank GmbH --Long-term IDR at 'BBB-'; --Short-term IDR at 'F3'. GMAC (UK) Plc --Long-term IDR at 'BBB-'; --Short-term IDR at 'F3'. General Motors Financial International B.V. --Long-term IDR at 'BBB-'. Contact: Primary Analyst (GM) Stephen Brown Senior Director +1-312-368-3139 Fitch Ratings, Inc. 70 West Madison Street Chicago, IL 60602 Secondary Analyst (GM) Craig D. Fraser Managing Director +1-212-908-0310 Primary Analyst (GMF and Affiliates) Michael Taiano, CPA Director +1-646-582-4956 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst (GMF and Affiliates) Jared Kirsch, CFA Associate Director +1-212-908-1332 Committee Chairperson (GM) Eric Ause, CFA Senior Director +1-312-606-2302 Committee Chairperson (GMF and Affiliates) Nathan Flanders Managing Director +1-212-908-1827 Media Relations: Alyssa Castelli, New York, Tel: +1 (212) 908 0540, Email: alyssa.castelli@fitchratings.com. Summary of Financial Statement Adjustments - Based upon its Criteria for Rating Non-Financial Corporates, Fitch has assumed a hypothetical equity injection from GM to GMF as detailed above. Additional information is available on www.fitchratings.com. For regulatory purposes in various jurisdictions, the supervisory analyst named above is deemed to be the primary analyst for this issuer; the principal analyst is deemed to be the secondary. 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  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below