Business & Finance
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KKR Real Estate Finance Trust Inc. — Moody’s assigns first-time Ba2 backed senior secured rating to KKR Real Estate Finance Trust’s Term Loan B; outlook stable

Edna J. May

Rating Action: Moody’s assigns first-time Ba2 backed senior secured rating to KKR Real Estate Finance Trust’s Term Loan B; outlook stable

New York, July 27, 2020 — Moody’s Investors Service, (“Moody’s”) has assigned a first-time Ba3 corporate family rating to KKR Real Estate Finance Trust Inc. (KREF) and a backed Ba2 rating to the company’s senior secured term loan B, issued by subsidiary KREF Holdings X LLC. The outlook for both entities is stable.

The rapid and widening pandemic and corresponding deterioration in the global and US economic outlooks are leading to significant declines in commercial activity, eroding the financial … Read More

Business & Finance
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German Finance Minister Knew of Wirecard Issues a Year Before Collapse

Edna J. May

(Bloomberg) — German Finance Minister Olaf Scholz was aware of potential market manipulation at Wirecard AG almost a year and a half before the company collapsed, putting pressure on a key figure in Angela Merkel’s government.

Financial watchdog BaFin informed Scholz in February 2019 about the case “because of the suspicion of a violation against the prohibition of market manipulation,” according to a report by the Finance Ministry seen by Bloomberg.

His early knowledge of the allegations swirling around Wirecard increases scrutiny on the highest-ranking Social Democrat in Merkel’s coalition and lays bare the delicate political dynamics just over a

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Business & Finance
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Mohawk Industries, Inc. — Moody’s

Edna J. May

Announcement: Moody’s – Mohawk Industries Inc.: Allegations of accounting improprieties are credit negative

Global Credit Research – 13 Jul 2020

New York, July 13, 2020 — Moody’s Investors Service, (Moody’s) commented that allegations against Mohawk Industries, Inc (Mohawk) of channel stuffing and intentionally overproduced product are credit negative and suggest aggressive business practices and potential corporate governance weaknesses. However, because the company has good liquidity bolstered by recent debt offerings and the allegations will take time to litigate, there is no impact on the company’s Baa1 senior unsecured rating and stable outlook.

For further information please see Moody’s Issuer Comment

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Business & Finance
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German ministers face grilling over Wirecard collapse

Edna J. May

Frankfurt am Main (AFP) – Germany’s finance and economy ministers will be grilled by lawmakers on Wednesday about the massive fraud scandal that brought down payments provider Wirecard, amid criticism that authorities failed to act on early warning signs.

Wirecard filed for insolvency last month after admitting that 1.9 billion euros ($2.2 billion) missing from its accounts did not exist.

Former CEO Markus Braun has been arrested on suspicion of falsifying accounts and market manipulation.

The Wirecard revelations have stunned Germany, drawing comparisons with the Enron accounting scandal in the United States almost two decades ago.

Germany’s parliamentary finance committee

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