On Friday, Moody’s Corporation (NYSE:MCO)’s shares inclined 0.05% to $110.06.
Moody’s Corporation (MCO) has updated its methodology for the financial statement adjustments it uses in rating analysis for non-financial corporate globally. The main changes are revised standard adjustments for operating leases and refinement of the criteria for when adjustments are made for securitizations and factoring arrangements.
The updated methodology, “Financial Statement Adjustments in the Analysis of Non-Financial Corporations,” is now accessible on www.moodys.com and can be accessed via this link: http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_181430. The update follows a market consultation initiated via a Request for Comment that was published in April 2015.
The most noteworthy changes relate to Moody’s approach to operating leases, placing greater emphasis on capitalizing the minimum legal obligation under lease commitments, which the rating agency estimates by a present value calculation. Moody’s previous approach to capitalizing operating leases derived a debt adjustment for most issuers from a multiple of annual rent. The multiples Moody’s used varied by sector and were established to align with a scenario in which a company borrows to buy assets rather than leasing them. The lower adjusted debt amounts that result in most cases under Moody’s updated approach align with a view that companies leasing assets have more flexibility in their legal and financial arrangements than when they incur debt to purchase the assets.
Under the updated methodology, Moody’s will continue adjusting debt by calculating a present value for each company. The rating agency will use this amount or the amount derived from the use of a sector multiple applied to annual rent. However, present value will be the basis for the capitalized debt amount for many more companies than before because the sector multiples will be lower than they were formerly in almost all cases. Ranging from 3x to 6x, rather than 5x to 8x, the new multiples will serve as a minimum floor to the present value calculation because Moody’s anticipates that companies with very short lease tenors will renew most leases.
Moody’s Corporation provides credit ratings; and credit, capital markets, and economic related research, data, and analytical tools worldwide. The company operates through Moody’s Investors Service and Moody’s Analytics segments. The Moody’s Investors Service segment publishes credit ratings on debt obligations and entities that issue such obligations comprising various corporate and governmental obligations, structured finance securities, and commercial paper programs. This segment provides ratings in about 120 countries.
Brunswick Corporation (NYSE:BC)’s shares dropped -2.20% to $52.56.
Brunswick Corporation (BC) named Brent Dahl as the Company`s vice president - internal audit. He will report to William L. Metzger, senior vice president and chief financial officer. The appointment is effective immediately.
Dahl will be responsible for the internal audit function serving the corporate office, as well as Brunswick`s business units. Dahl most recently was assistant corporate controller for Brunswick, and has been with the Company since 2002. During this time, Dahl has served in a number of roles of increasing responsibility, including controller of the Company`s former bowling & billiards operation.
Brunswick Corporation designs, manufactures, and markets recreation products in the United States and internationally. The company’s Marine Engine segment offers outboard engines, sterndrive propulsion systems, and inboard engines under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Sport Jet and Mercury Jet Drive, MotorGuide, Axius, and Zeus brands; and marine electronics and control integration systems, steering systems, instruments, controls, propellers, trolling motors, fuel systems, service parts, and marine lubricants under the Quicksilver, Mercury Precision Parts, Mercury Propellers, Attwood, Land N Sea, Kellogg Marine Supply, Diversified Marine Products, Bell Recreational Products, Sea Choice, and MotorGuide brands, in addition to supplies integrated diesel propulsion systems.
At the end of Friday’s trade, Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA)‘s shares dipped -2.62% to $23.78.
Momenta Pharmaceuticals, Inc. (MNTA) declared that Sandoz has initiated its U.S. launch of once daily Glatopa(TM) (glatiramer acetate injection), a generic equivalent of daily COPAXONE(R) 20 mg, developed under a partnershipagreement between Momenta and Sandoz. Glatopa is the first AP-rated substitutable generic indicated for the treatment of patients with relapsing-forms of multiple sclerosis (RRMS), a chronic disease of the central nervous system characterized by inflammation and neurodegeneration.
Under the terms of its partnershipagreement with Sandoz, Momenta will receive a $10.0 million milestone payment upon first commercial sale. Momenta is also eligible to receive up to $120 million in remaining milestone payments upon the achievement of certain U.S. commercial an
Momenta Pharmaceuticals, Inc., a biotechnology company, focuses on developing generic versions of complex drugs, biosimilars, and novel therapeutics for oncology and autoimmune diseases. The company’s complex generics programs comprise Enoxaparin sodium injection, a generic version of Lovenox that is used for the prevention and treatment of deep vein thrombosis, and to support the treatment of acute coronary syndromes; and M356, a generic version of Copaxone, which is a complex drug comprising of a synthetic mixture of polypeptide chains for the treatment of patients with relapsing-remitting multiple sclerosis.
Brixmor Property Group Inc (NYSE:BRX), ended its Friday’s trading session with -0.21% loss, and closed at $24.08.
Brixmor Property Group Inc (BRX) declared that it has established an “at the market” stock offering program through which it may sell up to an aggregate of $400 million of its common stock. The stock would be offered through RBC Capital Markets, BNY Mellon Capital Markets, LLC, Jefferies, MUFG, Scotiabank and SunTrust Robinson Humphrey, who will be acting as sales agents.
The program would allow the Company to sell up to $400 million of its common stock from time to time through the sales agents for approximately a three-year period. The sales, if any, would be made in “at the market” offerings as defined in Rule 415 of the Securities Act of 1933. In addition, the common stock may be offered and sold through privately negotiated transactions. The Company intends to use the proceeds from any offering for general corporate purposes.
Brixmor Property Group Inc. owns and operates various grocery-anchored community and neighborhood shopping centers in the United States. As of March 31, 2013, the company owned interests in 532 community and neighborhood shopping centers comprising 526 wholly owned community and neighborhood shopping centers; and 6 community and neighborhood shopping centers held through unmerged real estate joint ventures. Brixmor Property Group Inc. was formerly known as CENTRO SUPER RESIDUAL HOLDING 2 LLC.
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