Delhi, India
Delhi, India

Kroll is a corporate investigations and risk consulting firm based in Midtown Manhattan, New York City. It was established in 1972. It is the world's leading risk and security consultancy. Wikipedia.


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NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) announces the appointment of Michael Dean to the role of managing director within KBRA’s Issuer Relations group. Dean will focus on KBRA’s asset-backed securities business development effort. Prior to joining KBRA, Dean spent 25 years at Fitch Ratings where he was a managing director and co-head of the ABS group in North America. There he was responsible for supervising a team of credit analysts, developed and maintained global and regional criteria for ABS sectors, and produced market research. Prior to that, Dean was a managing director for research and media, where he developed Fitch research publications guidelines, supervised a research team, and oversaw distribution. Michael began his career as a reporter for The Daily Journal. Dean holds a B.A. in communications from Temple University. “We are pleased to have Mike join the KBRA team as he brings with him a vast amount of ABS market knowledge,” said Jim Nadler, President and CEO of KBRA. Please visit www.kbra.com for more details. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).


NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA with a Stable outlook to the City of Chicago, IL’s Second Lien Water Revenue Refunding Bonds, Series 2017. KBRA has also affirmed the outstanding AA rating and Stable outlook on the City of Chicago’s outstanding Second Lien Water Revenue Bonds. The City of Chicago’s Second Lien Water Revenue Bonds are limited obligations of the city having a claim on payment solely from Second Lien Bond Revenues derived from net revenues available in the city’s water fund, and deposited into the Second Lien Bonds Account, which claim is subordinate to the claim of Senior Lien Bonds. The senior lien is open, but has not been utilized since 2001 and KBRA is comfortable with the city management’s assurances that no further senior-lien issuance is contemplated. To view the report, please click here. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).


NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) has assigned a long-term rating of AA- with a Stable outlook to the City of Chicago’s Second Lien Wastewater Transmission Revenue Bonds, Project Series 2017A and Second Lien Wastewater Transmission Revenue Bonds, Refunding Series 2017B. KBRA has also affirmed the outstanding AA- rating and Stable outlook on the City of Chicago’s outstanding Second Lien Wastewater Transmission Revenue Bonds. The bonds are limited obligations of the city having a claim for payment solely from Second Lien Bond Revenues that are derived from the net revenues available for bonds in the city’s sewer fund, and deposited into the Second Lien Bond Account, which claim to the net revenues available for bonds is subordinate to the claim of Senior Lien Bonds. The senior lien is open but there are no plans to issue any additional senior lien debt. To read the full report, click here. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).


DUBAI--(BUSINESS WIRE)--Fraud, cyber, and security incidents are now the “new normal” for Gulf companies, according to the executives surveyed for the 2016/17 Kroll Annual Global Fraud and Risk Report1. The proportion of executives that reported their companies fell victim to fraud in the past year rose significantly to 88%, from 62% in 2015, highlighting the escalating threat to corporate reputation and regulatory compliance. The Gulf region saw the highest rise in fraud incidents of any region across the world. Cyber incidents were even more commonplace with 90% of executives surveyed saying their company has suffered a cyber incident over the past 12 months. Over eight in 10 (82%) reported the occurrence of at least one security incident over the course of the year. The threat from within Despite widespread concerns about external attacks, the findings reveal that the most common perpetrators of fraud, cyber, and security incidents over the past 12 months were current and former employees. Senior or middle management were cited as key perpetrators in two-fifths (36%) of fraud cases, followed by junior staff (34%). Third party entities were also considered to have significant roles in most fraud incidents, with joint venture partners, vendors, suppliers and agents names by around a quarter of respondents. Former employees were also identified as responsible for 20% of incidents reported. Over half of respondents (56%) said insiders were the key perpetrators of security incidents, with permanent employees the most common of these (24%). Tom Everett-Heath, Regional Managing Director, commented: “This year’s Kroll Global Fraud and Risk Report has the highest proportion of companies reporting fraud and rising levels of cyber and security breaches. The impact of such incidents is significant, with punitive effects on company revenues, business continuity, corporate reputation, customer relations, and employee morale, as well as the risk of regulatory intervention. “With fraud, cyber, and security incidents becoming the new normal for companies all over the world, it’s clear that organizations need to have systemic processes in place to prevent, detect, and respond to these risks if they are to avoid reputational and financial damage. As important is the need for effective, thorough and timely responses when incidents are detected.” The incidence of fraud in the GCC was 6% above the global average of 82%. The vast array of perpetrators and ever-evolving nature of incidents also reflect an increasingly complex risk management environment across the region. A broad range of cyber incidents were reported. The single most common types of incident reported was a virus or worm infestation, reported by almost one-third of all companies (30%) and data deletion or loss due to system issues (30%). In the age of big data, a fifth (20%) of respondents said data breaches resulted in loss of customer or employee data, while 16% reported loss of IP, trade secrets, or R&D. More than one in four (26%) suffered data deletion or corruption caused by malware or system issues, and 10% were victims of data deletion by a malicious insider. While insiders are cited as the main perpetrators of fraud, they are also the most likely to discover it. Half (50%) of respondents in the GCC said that a recent fraud had been discovered through a whistleblowing program, and 30% said it had been detected through an internal audit. Indeed, a majority of respondents indicated that their companies have adopted employee-focused anti-fraud measures such as staff training or whistleblowing hotlines. Almost three-quarters of respondents have adopted anti-fraud measures focusing on information such as IT security or technical countermeasures, and 68% have implemented physical security measures. Daniel Turner, an Associate Managing Director in Kroll’s Dubai office, commented: “The incidence of fraud, cyber and security incidents in the region continues to climb markedly. Companies are increasingly operating in a global business environment fraught with high and mounting risks and repercussions. These risks can be mitigated through the adoption of a conscious and proactive approach and through the implementation of employee and partner education programs and a tighter set of policies that help remove avoidable errors and poor business practices.” 1 The Kroll Annual Global Fraud and Risk Report 2016/17 includes a full detailed industry analysis across a range of fraud categories and regions. To obtain a copy please visit http://www.kroll.com/global-fraud-report For the 2016/17 Global Fraud & Risk Report, Kroll commissioned Forrester Consulting to conduct an online survey and 10 interviews with 545 senior executives worldwide across multiple industries and geographies. The survey was fielded through July and August 2016. In addition to building on prior studies’ coverage of fraud, this year the study was expanded to cover perceptions of and experiences with cyber and physical security risk. As with prior studies, respondents represented a variety of industries, including Technology and Telecoms, Professional Services, Manufacturing, Natural Resources, Construction Engineering and Infrastructure, Consumer Goods, Financial Services, Retail Wholesale and Distribution, Transportation Leisure and Tourism, and Healthcare Pharmaceuticals and Biotechnology. Respondents held senior positions within their companies, with 70% of respondents representing the C-suite. Sixty-one percent of companies had annual revenues of $500 million or more. Respondents represented all major global geographies, including 25% from Europe, 20% from Asia-Pacific, 20% from North America, 19% from Africa / The Middle East, and 16% from Latin America. Kroll is the leading global provider of risk solutions. For more than 40 years, Kroll has helped clients make confident risk management decisions about people, assets, operations and security through a wide range of investigations, cyber security, due diligence and compliance, physical and operational security and data and information management services. Headquartered in New York with more than 35 offices in 20 countries, Kroll has a multidisciplinary team of nearly 1,000 employees and serves a global clientele of law firms, financial institutions, corporations, non-profit institutions, government agencies and individuals.


NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) announced today the appointment of Carol Pierce to the role of director in KBRA’s insurance group with a focus on captives, reinsurers, and alternative capital providers. Pierce joins KBRA’s analytic team after thirteen years with Munich Reinsurance America, where she was responsible for market, competitor, and client analysis, initially for the specialty-markets division and more recently for the reinsurance division. Prior to Munich Re, Pierce worked at A.M. Best, where she managed the team responsible for expanding ratings among captive insurers. Carol has held various underwriting and product development positions with several major insurance companies during her more than thirty years in the insurance industry. Pierce is a former member of the board of directors of the Vermont Captive Insurance Association (VCIA) and the International Center for Captive Insurance Education (ICCIE). She has been an active member of the Captive Insurance Company Association (CICA) and was a past recipient of the VCIA Captive Crusader Award. Additionally, Pierce has been a frequent speaker at industry conferences and has authored a variety of articles. Pierce holds a bachelor’s degree from Smith College and an MBA from the Keller Graduate School of Management. She is a chartered property casualty underwriter (CPCU) and has earned the Associate in Reinsurance (ARe) designation. “We are excited to have Carol on our analytic team. Her unique expertise, keen understanding of the alternative risk market, overall industry knowledge, and analytic skillset are tremendous assets to our credit-ratings team as well as the markets we serve,” said Andrew Edelsberg, managing director in the insurance group. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).


NEW YORK--(BUSINESS WIRE)--On May 2, 2017, the shareholders of Italy’s flag carrier, Alitalia, voted unanimously to file for extraordinary administration in Italy, a form of creditor protection under Italian law that is similar to U.S. Chapter 11 bankruptcy-code protection. An extraordinary administration typically seeks to restructure large-scale organizations burdened with significant debt and other liabilities. Under Italian law, administrators will be appointed to determine whether the airline should reorganize or be liquidated for the benefit of creditors. Alitalia was the subject of a bail-out in 2014 by means of a significant capital injection from Etihad Airways, with goals of achieving profitability during 2017. However, increased competition on routes operated by U.K.-based carriers and significantly higher labor costs led to the ultimate failure of Etihad Airways’ profitability goals for Alitalia. During late April 2017, labor unions representing Alitalia workers rejected a plan that called for job reductions and pay cuts for workers. Following the failure of these negotiations, Etihad Airways signaled an unwillingness to invest additional capital into the company and shareholders ultimately agreed to file for extraordinary administration proceedings on May 2, 2017. Over the past year, Kroll Bond Rating Agency (KBRA) has closely monitored the developments relating to Alitalia through discussions with aircraft lessors/servicers and industry participants as well aircraft manufacturers and has published a comment with respect to the impact on our rated ABS transactions. KBRA rates a number of aircraft lessors and is also following the developments with Alitalia’s restructuring and its impact on the lessors, some of whom have notable exposure to the airline. KBRA is also considering the potential effects of this filing with respect to certain aircraft types that may be under more pressure, given the airline’s potential plans for decreasing participation in certain markets. As such, KBRA will publish a more comprehensive commentary on the aircraft lessors and the market as a whole once more data is gathered from relevant market participants. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).


News Article | May 5, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--On May 2, 2017, the shareholders of Italy’s flag carrier, Alitalia, voted unanimously to file for extraordinary administration in Italy, a form of creditor protection under Italian law that is similar to U.S. Chapter 11 bankruptcy-code protection. An extraordinary administration typically seeks to restructure large-scale organizations burdened with significant debt and other liabilities. Under Italian law, administrators will be appointed to determine whether the airline should reorganize or be liquidated for the benefit of creditors. Alitalia was the subject of a bail-out in 2014 by means of a significant capital injection from Etihad Airways, with goals of achieving profitability during 2017. However, increased competition on routes operated by U.K.-based carriers and significantly higher labor costs led to the ultimate failure of Etihad Airways’ profitability goals for Alitalia. During late April 2017, labor unions representing Alitalia workers rejected a plan that called for job reductions and pay cuts for workers. Following the failure of these negotiations, Etihad Airways signaled an unwillingness to invest additional capital into the company and shareholders ultimately agreed to file for extraordinary administration proceedings on May 2, 2017. Over the past year, Kroll Bond Rating Agency (KBRA) has closely monitored the developments relating to Alitalia through discussions with aircraft lessors/servicers and industry participants. As noted in the table below, several KBRA-rated aircraft ABS transactions have exposure to Alitalia. At this time, KBRA does not view Alitalia’s extraordinary administration filing as having an impact on the ratings of the securities related to KBRA-rated aircraft ABS transactions. However, KBRA will continue its active dialogue with aircraft lessors and industry participants as the events relating to Alitalia’s possible reorganization continue to develop. KBRA’s Financial Institutions Group will provide commentary in the near future regarding the impact of Alitalia’s extraordinary administration filing on various lessors. To view the full comment, click here. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).


News Article | May 8, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to 17 classes of the CFCRE 2017-C8 transaction (see ratings list below). CFCRE 2017-C8 is a $644.7 million CMBS conduit transaction collateralized by 43 commercial mortgage loans secured by 67 properties. The underlying collateral properties are located in 25 states, with four state exposures each representing more than 10.0% of the pool: California (14.2%), Ohio (13.3%), Texas (11.9%), and New York (11.1%). The pool has exposure to all the major property types, with three that each represents more than 15.0% of the pool balance: office (28.4%), retail (25.9%), and lodging (18.8%). The loans have principal balances ranging from $2.5 million to $55.0 million for the largest loan in the pool, Ohio Valley Plaza (8.5%), a 657,669 sf anchored retail center located in St. Clairsville, Ohio, approximately 70 miles southwest of Pittsburgh, Pennsylvania. The five largest loans, which also include Pershing Square Building (6.8%), Crossings at Hobart (6.6%), Yeshiva University Portfolio (5.4%), and 380 Lafayette Street (5.0%), represent 32.5% of the initial pool balance, while the 10 largest loans represent 53.2%. KBRA’s analysis of the transaction incorporated our multi-borrower rating process that begins with our analysts' evaluation of underlying collateral properties' financial and operating performance, which determine KBRA’s estimate of sustainable net cash flow (KNCF) and KBRA value using our CMBS Property Evaluation Methodology. On an aggregate basis, KNCF was 7.1% less than the issuer cash flow. KBRA capitalization rates were applied to each asset’s KNCF to derive values that were, on an aggregate basis, 40.1% less than third party appraisal values. The pool has an in-trust KLTV of 100.6% and an all-in KLTV of 100.7%. The model deploys rent and occupancy stresses, probability of default regressions, and loss given default calculations to determine losses for each collateral loan that are then used to assign our credit ratings. For complete details on the analysis, please see our presale report, CFCRE 2017-C8 published today at www.kbra.com. The report includes our KBRA Comparative Analytic Tool (KCAT). KCAT is an easy to use, Excel based workbook that provides the following information: *Notional balance **The RR Interest is intended to satisfy the definition of an eligible vertical interest under the US credit risk retention rules and will be retained by a majority-owned affiliate of Rialto Mortgage Finance, LLC. The initial aggregate amount of the RRI Interest will be equal to at least 5.0% of the certificate balance, notional amount or percentage interest, as applicable, of each class of non-residual certificates issued by the trust. All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s asset-level representations, warranties and enforcement mechanisms set forth in the related offering documents when issuing credit ratings. KBRA’s disclosure for this transaction is contained in the report entitled CMBS: CFCRE 2017-C8 Representations & Warranties Disclosure Report. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).


News Article | May 8, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) is pleased to announce the assignment of preliminary ratings to seven classes of Olympic Tower 2017-OT, a $480.0 million CMBS single borrower transaction (see ratings list below). The collateral for the securitization consists of a $480.0 million portion of a $760.0 million single, non-recourse, first lien, fixed-rate mortgage loan that is secured by the borrower’s leasehold interest in a 525,372 sf, mixed-use retail and office condominium, comprised of the office and retail portions of a 52-story mixed-use tower and three adjoining five and seven-story buildings located on Fifth Avenue between 51st and 52nd Streets. The property, which was constructed in 1975 and renovated in 2013 and 2016, contains 401,592 sf of office space, 112,452 sf of retail space, and 11,328 sf of storage space. As of April 2017, the property was 98.8% leased to 22 tenants, the five largest of which account for 75.0% of total base rent. The five largest tenants by base rent at the property are Cartier, a High Quality Credit Worthy Tenant (HQCWT); NBA Properties, Inc. (HQCWT), Versace USA, Inc. (HQCWT), Richemont North America (HQCWT), and Armani Exchange. The loan sponsors are OMERS Administration Corporation (67.0% ownership) and Crown Acquisitions (33.0% ownership). KBRA’s analysis of the transaction included a detailed evaluation of the property’s cash flow using our CMBS Property Evaluation Methodology, and the application of our CMBS Single Borrower and Large Loan Rating Methodology. The results of our analysis yielded a KBRA net cash flow (KNCF) of $64.1 million. To value the property, we applied a blended capitalization rate of 6.75% to arrive at a KBRA value of $950.1 million and a KBRA Loan to Value (KLTV) of 80.0%. In our analysis of the transaction, we also reviewed and considered third party engineering, environmental and appraisal reports; the results of our site inspection of the property, and legal documentation review. For further details on KBRA’s analysis, please see our Pre-Sale Report, entitled Olympic Tower 2017-OT, which was published today at www.kbra.com. The preliminary ratings are based on information known to KBRA at the time of this publication. Information received subsequent to this release could result in the assignment of final ratings that differ from the preliminary ratings. All Nationally Recognized Statistical Rating Organizations are required, pursuant to SEC Rule 17g-7, to provide a description of a transaction’s representations, warranties and enforcement mechanisms that are available to investors when issuing credit ratings. KBRA’s disclosure for this transaction can be found in the report entitled Olympic Tower 2017-OT Representations & Warranties Disclosure. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).


NEW YORK--(BUSINESS WIRE)--Kroll Bond Rating Agency (KBRA) releases research report entitled “Comment on Capital Bank Financial Corp. Merger with First Horizon National Corp.” The report makes the following key points: The ratings are based on KBRA’s Global Bank and Bank Holding Company Rating Methodology published on February 19, 2016. Please click here to view the report. KBRA is registered with the U.S. Securities and Exchange Commission as a Nationally Recognized Statistical Rating Organization (NRSRO). In addition, KBRA is recognized by the National Association of Insurance Commissioners (NAIC) as a Credit Rating Provider (CRP).

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