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Inside Africa: February 2026

This compendium brings together Moody’s recent research on African sovereign, banking and corporate finance credit.

Moody's Ratings assigns provisional ratings to OBX 2026-INV1 Trust Pri...

Moody's Ratings (Moody's) has assigned provisional ratings to 64 classes of residential mortgage-backed securities (RMBS) to be issued by OBX 2026-INV1 Trust, and sponsored by Onslow Bay Financial LLC.                 The securities are backed by a pool of prime jumbo (0.6% by balance) and GSE-eligi...

Sustainable Finance – Global: Governance remains a key driver of credi...

Governance risks were key drivers of changes to our credit impact and issuer profile scores in 2025, which were largely stable.

Moody's Ratings affirms SSE's ratings; outlook remains stable

Moody's Ratings (Moody's) has today affirmed the Baa1 long-term issuer and senior unsecured ratings of SSE plc (SSE) and the Baa3 ratings on the company's junior subordinated (hybrid) instruments. SSE's Prime-2 other short-term rating has also been affirmed. We have also affirmed the Baa1 ratings ...

OBX 2026-INV1 Trust: First investor issue from OBX Trust in 2026

This report explores the credit quality of the transaction, including both credit strengths and challenges, and addresses the transaction’s assets and structure.

Moody's Ratings assigns provisional ratings to Nissan Auto Lease Trust...

Moody's Ratings (Moody's) has assigned provisional ratings to the notes to be issued by Nissan Auto Lease Trust 2026-A (NALT 2026-A). This is the first auto lease transaction of the year for Nissan Motor Acceptance Company LLC (NMAC, Ba2). The notes will be backed by a pool of closed-end retail auto...

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Lazard Group LLC and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 6 February 2026 in which we reassessed the appropriateness of the ratings in the context o...

Nissan Auto Lease Trust 2026-A: Pre-Sale - Nissan issues its first aut...

Our credit view of the transaction, including our analysis of the assets and the securitization structure.

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Eesti Energia AS and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 5 February 2026 in which we reassessed the appropriateness of the ratings in the context o...

Moody's Ratings affirms Aa1 rating to preferred shares issued by Black...

Moody's Ratings (Moody's) has affirmed the long-term Aa1 rating to Variable Rate Muni Term Preferred Shares (VMTP Shares) issued by BlackRock MuniHoldings Fund, Inc. (NYSE: MHD) following the reorganizations of four other BlackRock closed-end funds into the fund. The outlook is stable. Effective 9 F...

Insurance – Kazakhstan: Outlook positive thanks to healthy economy and...

Our outlook for Kazakhstan's (Baa1 stable) P&C insurance sector is positive.

Insurance – Uzbekistan: Strong economy and regulatory initiatives driv...

Our outlook for Uzbekistan's non-life insurance sector is positive.

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Stena AB and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 6 February 2026 in which we reassessed the appropriateness of the ratings in the context of the re...

Pensions – Canada: One year out: Preparing for effects of Canada’s Pen...

Canada's Pension Protection Act, which comes into effect in April 2027, prioritizes the treatment of unfunded pension liabilities, raising the credit risk for lenders.

Perusahaan Gas Negara Tbk (P.T.): Update following outlook change to n...

Our credit view of this issuer reflects its dominant market position, against its sizable capex and Gas supply-demand gap that is likely to increase.

Moody's Ratings affirms Intrum's ratings, changes outlook to positive ...

Moody's Ratings (Moody's) has today affirmed Intrum AB (publ) (Intrum)'s Caa2 corporate family rating (CFR),  Intrum Investments and Financing AB's (Intrum Investment and Financing) Caa3 backed senior secured rating related to the Guaranteed Senior Global Notes (2.0 lien notes), and Intrum Investmen...

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Dermatology Intermediate Holdings III, Inc. and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 9 February 2026 in which we reassessed the appropriateness of t...

Moody's Ratings announces completion of a periodic review of ratings o...

Moody's Ratings (Moody's) has completed a periodic review of the ratings of Comboios de Portugal and other ratings that are associated with this issuer. The review was conducted through a rating committee held on 9 February 2026 in which we reassessed the appropriateness of the ratings in the conte...

Hypo-Bank Burgenland AG: Update following rating affirmation

Our credit view of Bank Burgenland reflects its good capitalisation, and strong deposit base and liquidity, which mitigate the integration risk arising from the Anadi acquisition.

Moody's Ratings affirms Kersia's rating at B3, stable outlook

Moody's Ratings (Moody's) affirmed Kersia International SAS' (Kersia or the company) B3 corporate family rating (CFR), B3-PD probability of default rating. Concurrently, we have assigned B3 ratings to the €715 million senior secured term loan, the £45 million senior secured term loan and the €150 mi...

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