CRT-Eligible Profile Summary
CAS Bond Ratings
M-1 Rating Transition Matrix
At Issuance Rating
AA
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
1
1
4
1
4
1
1
3
4
1
2
6
1
4
3
1
3
1
8
3
3
2
2
2
3
5
18
4
1
6
18
1
5
7
4
7
M-2 Rating Transition Matrix
54
B+
M1
AAA
AA+
AA
AA-
A+
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
Current Rating*
At Issuance Rating
A
A-
BBB+
BBB
BBB-
BB+
BB
BB-
B+
B
B-
M2
AAA+
2
4
6
AAA
AAA-
2
1
1
3
2
1
1
2
623212
16
1
AA+
3
AA
AA-
2 2
A+
A
3
1
1
A-
BBB+
15
14
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31
14
1
1
BBB
BBB-
BB+
BB
BB-
B+
1
B
B-
Current Rating*
At Issuance
All CAS M-1 and M-2 bonds have current ratings the same
as or higher than their rating at issuance.
Additional Ratings
In 2023*, CAS bonds have received 118 upgrades on M1,
M2 and B1 bonds.
Upgrade
No Change
Downgrade
* Current ratings as of 01/16/24View entire presentation