Credit Rating
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KBRA Assigns Preliminary Ratings to NRMLT 2025-NQM4
KBRA has issued preliminary ratings for eight classes of notes in the $488.4 million New Residential Mortgage Loan Trust 2025-NQM4 (NRMLT 2025-NQM4) non-prime RMBS transaction, sponsored by Rithm Capital Corp. The collateral comprises 938 residential mortgages with a weighted average original credit score of 752 and LTV of 70.1%. Loans originated primarily from NewRez LLC (35.8%) and Champions Funding, LLC (25.7%). KBRA utilized its Residential Asset Loss Model (REALM) for the loan-level analysis. Further details are available in KBRA’s U.S. RMBS Rating Methodology and full rating report.
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S&P Global Adjusts Ecopetrol’s Credit Rating, Affirms Stand-Alone Profile
S&P Global Ratings downgraded Ecopetrol’s global credit rating to BB from BB+, mirroring Colombia’s sovereign rating cut. The outlook remains negative. Despite the downgrade, Ecopetrol’s Stand-Alone Credit Profile was affirmed at bb+. S&P cited Ecopetrol’s importance to national revenue and its role in the nation’s energy transition. The agency expects a leverage ratio between 2.0x and 2.5x and a 40% EBITDA margin. Ecopetrol’s 2040 strategy focusing on growth and diversification was also highlighted.
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Elbit Systems’ Long-Term Local Scale Rating Raised to “ilAA+” by S&P Global Ratings Maalot; Outlook Stable, Short-Term Rating Affirmed at “ilA-1+”
Elbit Systems Ltd. announced an upgrade of its long-term credit rating to “ilAA+” by S&P Global Ratings Maalot, citing strong operating performance and a record high backlog due to geopolitical tensions. The company’s short-term rating was reaffirmed. Elbit reported $1.9 billion in revenue and a $23.1 billion order backlog as of March 31, 2025.
