Private Placement Rating Leadership

Aircraft Lease and Loans 

1. A US-based aerospace company sought a rating on a credit facility. EJR assigned a rating to the company and to the facility based on EJR's Corporate methodology.
2. An aviation finance firm sought a loan to finance aircraft acquisitions. EJR assigned a rating based on EJR's Corporate methodology.
3. An airline sought a rating for various senior secured fixed-rate notes, which Egan-Jones assigned taking into consideration a favorable loan-to-value profile among other factors.

Airline Lease Back 

1. A client sought a rating for a note backed by a ground lease. Egan-Jones assessed the value and marketability of the property, potential appreciation and depreciation, structural seniority, strength of the sponsor, cashflow and reserve adequacy, and other factors in assigning an investment grade rating.
2. A client sought a rating on debt support by equity interests in aircraft leases. Egan-Jones assessed the terms of the transaction, the credit quality of the lessee, the value of the collateral relative to rated debt, cashflow levels, and other factors in assigning an investment grade rating.
3. An international airline sought a rating associated with debt backed by a lease and other assets. EJR reviewed the transaction, the lessee, collateral, leverage, cashflow, and other factors in assigning an investment grade rating.

Asset-backed Loans 

1. A US-based opportunistic asset-backed credit financing company sought a rating for senior secured notes. EJR assigned an investment grade rating to the notes by applying EJR's Fund methodology.
2. A project finance firm approached Egan-Jones for a rating on a research facility. Upon a review of the project, development conditions, financial projections, leverage, related insurance, project sponsors and management, and construction companies, Egan-Jones assigned a senior unsecured debt rating in the "A" range.
3. The manager of a direct lending fund approached Egan-Jones for a rating. Upon reviewing the fund's market position, asset credit quality, fund credit metrics, and other factors, Egan-Jones assigned a credit rating.

Banks

1. A commercial bank approached Egan-Jones for a rating on commercial and industrial real estate debt. Upon reviewing the business position, management, asset quality, credit metrics, risk management, and other factors, Egan-Jones issued a rating for the senior unsecured notes.
2. A large U.S. bank sought a rating from Egan-Jones. After reviewing the bank's market position, management, projections, asset quality, capital adequacy, credit metrics, and other factors, Egan-Jones assigned an investment grade rating to the senior unsecured debt.
3. A commercial bank requested a rating from Egan-Jones for a portfolio of commercial, mortgage and consumer loans. After reviewing credit quality of the assets, profitability, management, and other factors, Egan-Jones assigned a rating to the senior unsecured debt.

Business Development Company (BDCs)

1. A BDC requested a rating from Egan-Jones. EJR reviewed the credit quality of holdings, stabilized income expectations and sensitivity, market conditions, re-leasing rates and normalized balance sheet leverage, which informed Egan-Jones' corporate senior unsecured debt rating, which was in the "BBB" range.
2. A BDC approached Egan-Jones for a rating. EJR evaluated the BDC's market, asset quality, cashflow, credit metrics, and other factors and issued a senior unsecured debt rating in the "BBB" range.
3. A BDC approached Egan-Jones for a rating on a portfolio of corporate debt obligations. After reviewing the portfolio's credit quality, risk control, management track record, and other aspects, Egan-Jones assigned a credit rating to the senior unsecured debt.

Credit Facility/Warehouses 

1. An insurance brokerage firm sought a rating on a credit facility. EJR assigned a rating to the company and to the credit facility based on EJR's Corporate methodology.
2. A major real estate fund sought a credit rating on a senior secured revolving loan facility. EJR assigned an investment grade rating to the facility based on EJR's Fund methodology.
3. The manager of a direct lending fund approached Egan-Jones for a rating. Upon reviewing the fund's market position, asset credit quality, fund credit metrics, and other factors, Egan-Jones assigned a rating.

Corporates (all industry groups)

1. A global, publicly traded company that provides services to telecom, cable, and media companies approached Egan-Jones for a rating. After reviewing the company's business strategy, global customer base, financial projections, and credit metrics, Egan-Jones' assigned a senior unsecured credit rating to the company.
2. A US provider of research services requested a rating. Upon reviewing the company's business model, financial projections and funding plans, Egan-Jones assigned a rating in the "BBB" range to the senior credit facilities.
3. A client sought a rating for a term loan. EJR assessed the Company's market position, projections, credit metrics and other factors in assigning a credit rating.

Credit Tenant Leases (CTLs)

1. An electro-mechanical and aerodynamic company sought a credit rating on its Credit Tenant Lease debt. EJR assigned an investment grade rating by applying its CTL methodology.
2. A developer seeking financing for properties leased to a government entity approached EJR to assign various credit ratings. EJR assigned investment grade credit ratings based on EJR's CTL methodology.
3. An electro-mechanical company sought a credit rating on its credit tenant lease debt. EJR assigned a rating by applying its CTL methodology.

Equipment Leases and Loans

1. An aviation finance firm sought a loan to finance aircraft acquisitions. EJR assigned an investment grade rating based on EJR's Corporate methodology.
2. A marine service firm sought a rating for its senior secured notes. Egan-Jones reviewed the structure of the transaction, the credit quality and experience of the counterparty, cashflow coverage, market value of the vessel, strength of the operator, and other factors in assigning a credit rating.
3. A rating was sought for senior secured notes for marine service vessels. EJR reviewed counterparty risk, cash flow coverage, asset values, and management experience, among other factors, in assigning an investment grade credit rating.

Financial Institutions

1. A BDC manager approached Egan-Jones for a rating on a closed-end fund. After following a review of credit quality matters, Egan-Jones provided a credit rating in the "BBB" range.
2. A mortgage REIT approached Egan-Jones for a rating on commercial real estate properties. After reviewing the firm's market position, portfolio growth, capitalization, credit ratios and other matters, Egan-Jones provided an investment grade rating to the senior unsecured debt.
3. A REIT approached Egan-Jones for a rating on a portfolio of mortgages associated with single-family and multi-family residential assets. Upon reviewing the company's business strategy, performance track record, projected financials, credit metrics, and other matters, Egan-Jones issued a rating on the senior unsecured debt in the "BBB" range.

Ground Leases

1. A Class A commercial property sponsor sought a rating for debt backed by a ground lease. EJR assigned investment grade credit ratings to the senior notes and to the subordinated notes based on EJR's Ground Lease methodology.
2. An owner of a performing retail mall sought a rating for a note backed by a ground lease. EJR assigned a rating in the "A" range to the senior notes and a slightly lower rating to the subordinated notes based on EJR's Ground Lease methodology.
3. A Class A commercial property sponsor approached EJR for a credit rating on ground lease backed notes. EJR assigned an investment grade rating to the senior notes based on EJR's Ground Lease methodology.

Insurance

1. Various insurance brokerage firms and insurance program administrators have approached EJR to rate their credit facilities.  EJR has assigned credit ratings to these firms and administrators, and to their credit facilities.

Middle Market Lending

1. A small food manufacturer sought a rating on a credit facility. EJR assigned a non-investment grade rating to the senior unsecured debt.
2. A medium size manufacturer sought a rating on a credit facility. EJR assigned non-investment grade ratings to the company and to the credit facility.
3. A client sought a rating for a term loan. EJR assessed the Company's market position, projections, credit metrics and other factors in assigning a credit rating.

Project Finance

1. A project finance firm approached Egan-Jones for a rating on a research facility. Upon a review of the project, development conditions, financial projections, leverage, related insurance, project sponsors and management, and construction companies, Egan-Jones assigned a senior unsecured debt rating in the "A" range.
2. A project finance funding company approached Egan-Jones for a rating on a renewable energy credit facility. Upon reviewing the company's patented technology, business opportunity, and power purchase agreement with major utility companies, and other items, Egan-Jones issued a rating in the "A" range.
3. A private real estate investment firm that acquires, develops, and operates multifamily properties sought a rating for a mixed-use development. EJR utilized its Project Finance and Infrastructure methodology in the determination of this credit rating.

Real Estate

1. A firm sought a rating for a real estate construction loan a multi-family development. After reviewing market conditions, sponsor profile, projections, credit metrics, and other factors, Egan-Jones assigned a rating to the loan.
2. A commercial mortgage REIT approached Egan-Jones for a rating on mortgages to institutional borrowers. After reviewing market positioning, portfolio quality, leverage, liquidity, and other matters, Egan-Jones assigned a rating in the "BBB" range.
3. A provider of short term commercial real estate loans approached Egan-Jones for a rating on a landmark hotel renovation. After reviewing collateral value, construction team, demand trends, property management, and sponsor support, Egan-Jones' assigned a rating in the range of "A".

Real Estate Investment Trusts (REITs)

1. A REIT which owns and manages office and industrial properties requested a rating from Egan-Jones. After reviewing the firm's portfolio, operational performance, cash flow, and credit metrics, Egan-Jones assigned a senior unsecured debt rating in the "BBB" range.
2. A REIT approached Egan-Jones for a rating on a loan origination and servicing business. After reviewing the issuer's market position, customer acceptance, historical performance, financial performance, credit metrics, and other factors, Egan-Jones issued ratings for the senior unsecured debt and preferred equity.
3. A REIT approached Egan-Jones for a rating on a portfolio of commercial real estate debt investments. After reviewing the portfolio's market position, asset management, projections, valuations, credit metrics, and other factors, Egan-Jones issued ratings for the senior unsecured debt and the perpetual preferred stock.

Specialty Finance 

1. A specialty finance company sought a rating on a term loan to invest in a distressed loan portfolio. EJR assigned an investment grade rating based on EJR's Corporate methodology.
2. A major international bank sought a rating for longevity-linked notes guaranteed by the bank. We assessed the credit quality of the bank and the collateral value of the assets, cashflow, coverage, and other factors and issued an investment grade rating.
3. Two firms combined and issued fixed-rate senior notes to fund working capital needs for which they sought a rating. Egan-Jones reviewed various aspects of the transaction and the combined businesses, credit metrics, leverage, cashflow and other factors and issued an investment grade rating.

CRE Loans, Other

1. A mortgage REIT approached Egan-Jones for a rating on commercial real estate properties. After reviewing the firm's market position, portfolio growth, capitalization, credit ratios and other matters, Egan-Jones provided an investment grade rating to the senior unsecured debt.
2. A REIT approached Egan-Jones for a rating on a loan origination and servicing business. After reviewing the issuer's market position, customer acceptance, historical performance, financial performance, credit metrics, and other factors, Egan-Jones issued ratings for the senior unsecured debt and preferred equity.
3. A commercial real estate private credit fund contacted EJR for a rating. EJR assigned an investment grade rating to the fund.

Funds

Closed-end Funds

1. A BDC manager approached Egan-Jones for a rating on a closed-end fund. After following a review of credit quality matters, Egan-Jones provided a rating in the "BBB" range.

Credit Funds

1. An alternative investment fund investing in US and foreign syndicated loans approached EJR for a credit rating. EJR assigned a rating in the "A" range based on EJR's Fund methodology.
2. A middle market credit fund with a non-diversified portfolio sought a rating. EJR assigned a rating in the “A" range to the fund by applying EJR's Fund methodology and Corporate methodology.
3. A commercial real estate private credit fund contacted EJR for a rating. EJR assigned an investment grade rating to the fund.

CRE Funds

1. A real estate fund sought a credit rating on a senior secured revolving loan facility. EJR assigned a credit rating in the "AA" range to the facility based on EJR's Fund methodology.
2. A commercial real estate private credit fund contacted EJR for a rating. EJR assigned an investment grade rating to the fund.
3. A client sought a rating for a fund backed by commercial real estate exposures. EJR assigned a rating in the "A" range to the debt tranche based on EJR's Fund methodology.

Direct Lending Funds

1. An alternative investment fund investing in US and foreign syndicated loans approached EJR for a credit rating. EJR assigned a rating in the "A" range based on EJR's Fund methodology.
2. A middle market credit fund with a non-diversified portfolio sought a rating. EJR assigned a rating in the "A" range to the fund by applying EJR's Fund methodology and Corporate methodology.
3. A commercial real estate private credit fund contacted EJR for a rating. EJR assigned an investment grade rating to the fund.

Feeder Funds

1. A global credit fund sought a rating for feeder fund structured notes. EJR assigned a rating in the "A" range to the senior debt based on EJR's Fund methodology and Corporate methodology.
2. A private equity investment firm sought a rating for a non-diversified feeder fund backed by commercial real estate exposures. EJR assigned a rating in the "A" range to the debt tranche based on EJR's Fund methodology.
3. A global private equity firm launched a fund focused on foreign corporate lending investments. EJR assigned a rating in the "A" range to tranche feeder fund notes based on the firm's Fund methodology and Corporate methodology.

Infrastructure Debt Funds

1. A global asset manager launched a global infrastructure project finance fund and requested a rating. EJR assigned a rating in the "A" range to the fund based on EJR's Fund and Project Finance methodologies.
2. An infrastructure fund sought a rating on a capital commitment. EJR assigned a rating in the "A" range to the fund by applying the firm's Fund methodology.

Liquidity Funds

1. A global private investment firm with expertise in sourcing, acquiring, and managing credit investments organized a fund for investing directly or indirectly in re-performing mortgage portfolio assets. Egan-Jones assessed the credit quality of the funds’ assets, quality of the manager, coverage, and other factors and assigned an investment grade rating.
2. The fund is an alternative cash investment vehicle. To evaluate the credit quality of the fund, EJR evaluated the investment and risk management team, liquidity match-up, and overcollateralization, and other factors using Egan-Jones' Fund methodology. Egan-Jones assigned an investment grade rating.
3. A client sought a rating on a fund which will acquire structured settlement annuities. In rating the fund, Egan-Jones followed EJR's Fund methodology and issued an investment grade rating. Egan-Jones determined the indicative credit quality of the portfolio and the corresponding probability of default and estimated loss. Egan-Jones assigned ratings to the fund and to the loan based on calculation results, underlying asset credit quality, cash flow, net present value, and management.

Mezzanine Funds

1. An institutional investment firm mainly focused on lower middle market companies sought a rating from Egan-Jones. To evaluate the credit quality of the fund, we evaluated the investment and risk management team, liquidity match-up, and overcollateralization, and other factors using Egan-Jones' Fund methodology. Egan-Jones assigned an investment grade rating.
2. A client specializing in mezzanine, junior capital, senior and subordinated debt transactions in middle market companies formed a fund investing in senior subordinated debt. To evaluate the credit quality, we used Egan-Jones’ Fund methodology and Corporate methodology. Based on robust due diligence, rigorous risk management, a strong track record, and an experienced management team, Egan-Jones assigned an investment grade rating.
3. A client organized a fund targeting mezzanine investments in middle market firms. To evaluate the credit quality of the fund, we used Egan-Jones' Fund methodology and evaluated portfolio assets, the investment and risk management team, liquidity match-up, and overcollateralization, and other factors. Egan-Jones assigned an investment grade rating for the related senior loan.

Mixed Strategy Funds

1. A global private equity firm launched a fund focused on foreign corporate lending investments. EJR assigned a rating in the "A" range to tranche feeder fund notes based on the firm's Fund methodology and Corporate methodology.
2. A global aviation investment fund approached EJR for a credit rating. EJR assigned a rating in the “A“ range to the fund and fund-backed notes in accordance with EJR’s Fund methodology. Our analysis included the quantitative analysis of underlying investment asset credit profiles, the estimated annualized loss and fund-based IRR, and the estimated loss coverage ratio.
3. A global institutional asset manager requested a rating on an investment fund enabling clients to diversify their investments across asset classes, management styles, geographies, and other investment characteristics. To evaluate the credit quality of the fund, EJR evaluated the investment and risk management team, liquidity match-up, and overcollateralization, and other factors using Egan-Jones' Fund methodology. Egan-Jones assigned an investment grade rating.

Opportunistic Funds

1. A US-based opportunistic asset-backed credit financing company sought a rating for senior secured notes. EJR assigned an investment grade rating to the notes by applying EJR's Fund methodology.
2. A strategic opportunities fund sought a rating for cumulative preferred equity. EJR assigned a rating to the preferred equity by applying EJR's Fund methodology.
3. A global credit opportunities fund sought a rating for feeder fund structured notes. EJR assigned a rating to the senior debt based on EJR's Fund methodology and Corporate methodology.

Real Estate Funds

1. A leading private equity investment firm sought a rating for a non-diversified feeder fund backed by commercial real estate exposures. EJR assigned an investment grade rating to the debt tranche based on EJR's Fund methodology.
2. A major real estate fund sought a credit rating on a senior secured revolving loan facility. EJR assigned an investment grade rating to the facility based on EJR's Fund methodology.

Structured Debt Funds

1. A real estate investment manager approached Egan-Jones for a rating for a fund with less than $100MM in assets. Based on an analysis of asset credit profiles, annualized expected yields, and estimated loss coverage ratio, Egan-Jones assigned an investment grade rating.
2. A global institutional asset manager requested a rating on an investment fund enabling clients to diversify their investments across asset classes, management styles, geographies, and other investment characteristics. To evaluate the credit quality of the fund, EJR evaluated the investment and risk management team, liquidity match-up, and overcollateralization, and other factors using Egan-Jones' Fund methodology. Egan-Jones assigned an investment grade rating.
3. A client sought a rating for a loan against a fund of various direct and indirect corporate exposures. To evaluate the credit quality of the fund, we used Egan-Jones' Fund methodology and evaluated portfolio assets, the investment and risk management team, liquidity match-up, and overcollateralization, and other factors. Egan-Jones assigned an investment grade rating to the senior loan.