Recent Analysis

Daily Comment: Net Neutrality Repealed

The Federal Communications Commission voted to repeal net neutrality, dismantling the rules governing how internet-service providers treat traffic on their networks. Also in this report Andeavor, DDR, Disney, FOX, Humana

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Daily Comment: Fed Delivers to Forecast

The FOMC delivered on an expected 25 bp increase in the Federal Funds rate. Also in this report: Vornado, the Fed and DFAST/CCAR, Oasis Petroleum, Ally.

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Daily Comment: Tax Reform Cometh

Republicans say they are narrowing their differences over the House and Senate tax bills, raising the possibility that final legislation could be passed next week. Also in this report: New Jersey Turnpike Authority, Kimco, Whiting Petroleum, Hartford City Council.

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UnitedHealth (UNH)

We have an Underperform recommendation on UnitedHealth due to very tight trading levels despite a positive outlook on its business operations.

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AIG (AIG)

Although AIG has struggled with weak underwriting performance, we see no reason for creditors or policyholders to panic. AIG still has a very reasonable credit profile, strong HoldCo liquidity, and has the ability to delay/reduce the remaining capital management still plans to return to shareholders over the course of 2017.

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Liberty Mutual

We expect Liberty Mutual to outperform its peers as its underlying credit profile continues to improve. Our favorable outlook is supported by the company’s strong franchise, diversified product offerings, steady underwriting profits, and leading position in both personal and commercial lines.

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Daily Comment: Quite the Bid for 3-yr Bonds

The Treasury Department’s $24 bn 3-yr note sale achieved a bid-to-cover ratio of 3.15, its highest reading in over two years, Also in this report: Packaging Corp., Hess, FOX, DIS, Basel Bank Supervision.

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Travelers (TRV)

We have an Underperform recommendation on Travelers as a result of tight trading levels rather than a fundamental concern about its credit.

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