The company said, "As previously announced, the Company indefinitely suspended its quarterly cash distribution as a result of not meeting the required fixed charge coverage
ratio contained in the senior unsecured notes due 2020.
Fixed Charge Coverage
(FCC) has been mainly stable with a 2.7x coverage for the TTM as of Sept 30, 2018, 2.9x for FY17, and 2.8x for FY16.
RAM Ratings said the REIT's strong operating cashflow of above RM400 million annually, together with superior coverage ratios as demonstrated by its fixed charge coverage
ratio and funds from operations financing coverage ratio of 7.49 times and 0.38 times, respectively, were among the highest compared to peers.
The company said the amended terms include revisions to leverage ratio, fixed charge coverage
ratio, applicable rate as well as its annual excess cash flow.
with the expectation that fixed charge coverage
will grow to 1.1X in
Additionally, Great-West s interest coverage and fixed charge coverage
are expected to remain within A.M.
The company said that the revisions would add clarity and enhance calculation of the Fixed Charge Coverage
XL Group's debt-to-adjusted capital ratio and rolling three-year fixed charge coverage
remains comfortably within the range that is commensurate with the assigned rating, AM Best added.
The obligation to provide, and the amount of, deposits required would be based upon a matrix measuring, on a quarterly basis, both a fixed charge coverage
ratio and unrestricted cash of Air Canada.
After their exhaustive study, they found the most common items found in debt covenants were debt-to-cash flow measures and both interest coverage and fixed charge coverage
By contrast, cash flow loans typically come with stringent -- sometimes highly restrictive -- financial covenants, such as a leverage ratio maximum, fixed charge coverage
, interest coverage and minimum EBITDA (earnings before interest, taxes, depreciation and amortization).
The rating downgrade is a result of slower-than-anticipated improvement in UDR's credit profile, and Moody's expectation that future improvement could take several years as UDR's new management refocuses the company Moody's noted that the real estate investment trust's (REIT's) fixed charge coverage
measures remain at the low end of similarly rated peers, and that effective leverage and secured debt levels remain high.