" A separate derivation of Swan — from the fowl — meant "purity.
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DERIVATION SUMMARY BRI is rated one notch below its parent.
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DERIVATION SUMMARY OT has no immediately obvious, similarly rated peers.
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"Zunum" is a derivation of "tzunuum," the Mayan word for hummingbird.
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Fluid dynamics is a direct derivation from Newton's laws of motion.
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DERIVATION SUMMARY Longfor has had stable and healthy positive CFO since 2012.
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DERIVATION SUMMARY Liverpool's 'BBB+' ratings are well-positioned relative to its peers.
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DERIVATION SUMMARY EQR along with peers Avalon Bay Communities and UDR, Inc.
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The title refers to Borinquen, a derivation of Puerto Rico's indigenous name.
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DERIVATION SUMMARY Wesfarmers rating of 'BBB+' is well-positioned relative to peers.
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DERIVATION SUMMARY The stability and visibility of cash-flow streams drive Cellnex's ratings.
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DERIVATION SUMMARY TT has a similar operating profile to other European incumbent peers.
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But the basic derivation of cells capable of transmitting heredity has been achieved.
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DERIVATION SUMMARY Renault compares well with global automotive manufacturers at the 'BBB' level.
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DERIVATION SUMMARY Parkson generally compares poorly to peers on most comparative financial metrics.
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DERIVATION SUMMARY GPT's closest rated peer is Lexington Realty Trust (LXP; BBB/Stable).
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It's likely a derivation of the second line funeral processions of New Orleans.
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The song's title refers to Borinquen, a derivation of Puerto Rico's indigenous name.
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But there is so much else in there than simple definition or derivation.
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DERIVATION SUMMARY TDC's rating reflects its leading position within the Danish telecoms market.
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DERIVATION SUMMARY Makro accounted for 25% of CP ALL's consolidated EBITDA in 2016.
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DERIVATION SUMMARY Falabella's 'BBB+' ratings reflect the company's multiformat strategy and its geographical footprint.
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DERIVATION SUMMARY TV Azteca's credit quality is well positioned in the 'B' rating category.
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DERIVATION SUMMARY Nemak's business profile is one of the strongest Latin America auto suppliers.
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DERIVATION SUMMARY The combined Becton, Dickinson and Company (BDX) and C. R. Bard, Inc.
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DERIVATION SUMMARY WPG's credit metrics are commensurate with its peers in the 'BBB' category.
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DERIVATION SUMMARY Rostelecom's IDR is comfortably positioned in the 'BBB' category on a standalone basis.
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One person after another responded with write-in votes for "dongs" or some derivation thereof.
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The word is a derivation of "arsehole," which developed from the Middle English arce-hoole.
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DERIVATION SUMMARY Banijay is the leading independent TV production studio and the fourth largest globally.
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DERIVATION SUMMARY Intralot is positioned well in the 'B' rating category compared to its peers.
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DERIVATION SUMMARY Baidu's credit profile compares favourably with its internet peers such as eBay Inc.
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DERIVATION SUMMARY Baidu's credit profile compares favourably with its internet peers, such as eBay Inc.
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DERIVATION SUMMARY SLT's National Long-Term Rating is based on a comparison of domestic peers.
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DERIVATION SUMMARY Liquid Telecom's business profile compares best with US peers Level 3 Communications, Inc.
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DERIVATION SUMMARY Fitch places Mydentist in the hospital & care home subsector of the healthcare sector.
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DERIVATION SUMMARY AAT's diversified portfolio across multiple property types leaves the company with no true peer.
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DERIVATION SUMMARY MHP is smaller than international meat processors BRF S.A. (BBB/Negative), Tyson Foods Inc.
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Don't put the name of the service, your name, or any derivation thereof in your password.
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DERIVATION SUMMARY Brinker's rating is lower than that of its casual dining peer Darden Restaurants, Inc.
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DERIVATION SUMMARY Protelindo's ratings are driven by its stable cash flow generation and conservative financial profile.
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DERIVATION SUMMARY Televisa's rating of 'BBB+' is well-positioned relative to peers in each major comparative.
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DERIVATION SUMMARY UM's operating and market position compare well relative to similarly leveraged European telecoms peers.
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The alienation felt by a pursuit of original thought, or even derivation of ones own thoughts.
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Guachinago is a derivation of the native Nahuatl language in Jalisco, Mexico, that refers to red snapper.
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DERIVATION SUMMARY TCH's 'BBB+' rating is well positioned relative to its regional peers on each major comparative.
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DERIVATION SUMMARY Bertelsmann has a relatively unique portfolio of assets spanning media, publishing, print and services businesses.
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DERIVATION SUMMARY Emirates REIT's high-quality portfolio is smaller, and more geographically concentrated, than most rated peers.
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DERIVATION SUMMARY Baidu's credit profile compares favourably with that of its internet peers, such as eBay Inc.
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DERIVATION SUMMARY CPG is rated 'CCC' because of its lack of operational depth and unsustainable business strategy.
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DERIVATION SUMMARY Sunshine's rating compares well against that of Richard Pieris & Company PLC (RICH, A(lka)/Stable).
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DERIVATION SUMMARY TML's standalone rating of 'BB' is well-positioned relative to peers in each major metric.
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DERIVATION SUMMARY Solocal Group offers a broad range of services to enhance customers' visibility on the web.
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DERIVATION SUMMARY Liquid Telecommunications Holdings Limited's business profile compares best with US peers Level 0003 Communications, Inc.
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DERIVATION SUMMARY Mastellone is the largest dairy company and the leading processor of dairy products in Argentina.
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DERIVATION SUMMARY Lenta has a stronger business profile and better credit metrics than O'Key Group SA (B+/Stable).
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DERIVATION SUMMARY Continental AG's strong business profile and profitability offset a weaker financial structure than similarly rated peers.
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DERIVATION SUMMARY TCG is the second-largest tour operator in the world, behind TUI AG based on revenue.
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DERIVATION SUMMARY PSP's rating is underpinned by a strong financial profile and a high-quality office property portfolio.
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DERIVATION SUMMARY GCX is smaller and has a weaker market position than US-based Level 3 Communications, Inc.
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DERIVATION SUMMARY Daimler's business and financial profiles are largely in line with peers at a similar rating level.
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DERIVATION SUMMARY Fonterra's rating compares well with global peers, Nestle SA (AA-/Stable) and Unilever PLC (A+/Negative).
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DERIVATION SUMMARY CSCI's rating is derived from its operational and legal linkage with its parent and ultimate parent.
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Microeconomic theory, grounded in rigorous derivation of individual behavior from utility maximization, was taken as the gold standard.
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DERIVATION SUMMARY GKN Holding's 'BBB-' rating is adequately positioned against peers in the auto and aerospace supply sectors.
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DERIVATION SUMMARY WHA has higher revenue and EBITDAR, and a more integrated business model than its property-investment peers.
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DERIVATION SUMMARY KIM's credit metrics and internal growth are commensurate with its shopping center peers in the BBB category.
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DERIVATION SUMMARY GKN Holdings' 'BBB-' rating is adequately positioned compared with peers in the auto and aerospace supply sectors.
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Instead of going into a full derivation (which involves the work-energy principle), I'm just going to define it.
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DERIVATION SUMMARY Shimao has elevated itself to a margin-focused homebuilder by moving away from a contracted sales model.
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DERIVATION SUMMARY Within the APAC retail universe Lotte Shopping is well-positioned against Lifestyle International Holdings Limited (BB+/Negative).
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The Price equation was not, as Price had hinted to him, a new derivation or correction of his ideas.
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DERIVATION SUMMARY Parkson's 'CCC' rating reflects its refinancing risk, as its bond maturity is less than six months away.
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DERIVATION SUMMARY Annington has a number of unique characteristics that distinguish it from most publicly rated real-estate peers.
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Right now, car obsessives are talking about the BMW M2, a high-performance derivation of the company's smallest coupe.
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DERIVATION SUMMARY Afflelou's Long-Term IDR of 'B'/Stable reflects a symbiotic business model with healthcare and retail components.
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DERIVATION SUMMARY KT's market position is strong, especially in fixed-line operations where its market share is around 80%.
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G, a sage professor and holy woman portrayed by Lizan Mitchell, acknowledges this derivation about halfway through the show.
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DERIVATION SUMMARY Bosch has the strongest business profile and financial structure among Fitch-rated auto suppliers, offsetting its weaker profitability.
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Vidia, his friends called him; he disliked his name, but liked the derivation, from the Sanskrit for seeing and knowing.
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DERIVATION SUMMARY Tattel is comfortably positioned in its rating category due to its strong operating position and comfortable leverage metrics.
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DERIVATION SUMMARY Jinmao's scale is similar to other Fitch-rated homebuilders such as Beijing Capital Development Holding (Group) Co., Ltd.
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DERIVATION SUMMARY Wind Tre, as a single-country operator, benefits from large scale and well-established operating positions in Italy.
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DERIVATION SUMMARY BUT's strong business profile balances a weak financial profile relative to rated retail peers in the 'B' category.
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That's a major derivation from gaming's long history of console-makers only publishing games they make on their own platforms.
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DERIVATION SUMMARY The affirmation reflects the uncertainty around GCX's ability to refinance its USD7503 million secured notes due August 2019.
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DERIVATION SUMMARY ALSN is among the smaller public capital-goods suppliers, with a more focused and less diversified product offering.
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A derivation, Saquan, is slightly more common; that name first appeared in 1975 and peaked with 48 babies in 1998.
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DERIVATION SUMMARY MIT's 'BBB+' IDR compares well with its peers, Global Logistic Properties Limited (GLP, BBB+/Stable), STAG Industrial, Inc.
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DERIVATION SUMMARY Premier Foods is one of the largest UK food producers, selling and distributing a wide range of branded products.
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DERIVATION SUMMARY UHS' 'BB+' IDR reflects the company's strong financial profile resulting from low leverage, ample liquidity and strong operating margins.
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DERIVATION SUMMARY Wanda's investment property scale is comparable to major global investment properties companies like Simon Property, Unibail and Swire Properties.
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DERIVATION SUMMARY Not applicable KEY ASSUMPTIONS Not applicable RATING SENSITIVITIES Rating sensitivities are not applicable as the ratings have been withdrawn.
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DERIVATION SUMMARY HK Land's rating is driven by its resilient rental income from its investment properties in Hong Kong's Central district.
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DERIVATION SUMMARY SLG owns high-quality, primarily NYC office portfolios, with high occupancy rates, long-term leases to solid credit tenants.
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A derivation of this theory is further explored in the meme, Have you ever met a hater doing better than you?
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DERIVATION SUMMARY Western Union's rating reflects its large scale of operations, diversified revenue streams by geography and relatively strong operating profitability.
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Moulton said the treatment of monthly data in the derivation of quarterly national income and growth estimates was a pervasive problem.
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DERIVATION SUMMARY Towergate has significantly smaller scale than its publicly rated insurance broker peers and has a less diverse product line.
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DERIVATION SUMMARY Anglian Water Services Limited is one the regulated monopoly providers of water and wastewater services in England and Wales.
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DERIVATION SUMMARY ART's 'BBB' rating sits well alongside peers such as CDL Hospitality Trusts (CDLHT, BBB-/Stable), Host Hotels & Resorts, Inc.
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DERIVATION SUMMARY Coazucar's ratings reflect its dominant domestic position as the largest sugar producer in Peru, with about 50% market share.
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DERIVATION SUMMARY Huiyuan Juice's financial profile is weaker than that of international food and beverage peers rated at 'BB' or above.
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Naturally, as is the course of tech's great derivation cycle, Facebook borrowed its "on this day" nostalgia bait ideas from Timehop.
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The Met has a fantastic show of Mexican painting up right now, and all of that art has a Catholic derivation.
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DERIVATION SUMMARY Sistema's credit profile is primarily shaped by the company's ability to control cash flows and upstream dividends from MTS.
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DERIVATION SUMMARY Naspers 'BB+' rating is weaker than its peers', with volatile FCF generation and exposure to macroeconomic and FX risks.
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DERIVATION SUMMARY LVGEM's rating is supported by its portfolio of quality investment properties, including its centrally located Shenzhen NEO office buildings.
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DERIVATION SUMMARY Telkomsel's credit metrics compare well with other-rated 'AAA(idn)' peers such as PT Profesional Telekomunikasi Indonesia Tbk (Protelindo).
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DERIVATION SUMMARY Sunshine 100 has higher leverage than its closest peer, Jingrui Holdings Limited (B-/Negative), due to a slower turnover rate.
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DERIVATION SUMMARY The rating at the lower end of the scale is largely driven by Smartfren's liquidity situation rather than peer comparison.
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DERIVATION SUMMARY Wanda's investment property business scale is comparable to major global investment properties companies like Simon Property, Unibail and Swire Properties.
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DERIVATION SUMMARY Miratorg has smaller business size and a weaker ranking on a global scale than international meat processors Tyson Foods Inc.
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DERIVATION SUMMARY Global Switch generates resilient cash flows from a geographically diverse portfolio and maintains financial metrics consistent with the 'A' category.
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DERIVATION SUMMARY ABILITY Network's 'B' IDR reflects the company's favorable operating profile in comparison to healthcare IT segment peers including Cerner Corp.
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DERIVATION SUMMARY CBS benefits from its strong portfolio of assets including the CBS Television Network, the Showtime Networks, and CBS Sports Network.
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DERIVATION SUMMARY Fitch's rating reflects STOF's steady, positive operating trends as well as its strong, competitive position in the Florida gaming market.
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DERIVATION SUMMARY BUT's strong business profile balances a weak financial profile relative to rated non-food retail peers in the 'B' category.
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DERIVATION SUMMARY TBI's ratings reflect the favourable business profile of tower companies that justifies higher leverage metrics than for most corporate credits.
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This in turn would enable us to develop more objective criteria for embryo selection and increase the efficiency of stem cell derivation.
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DERIVATION SUMMARY Grupo Unicomer's business risk profile is closer to mid-to-upper level of the 'BB' category when compared to peers.
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DERIVATION SUMMARY Ocado's 'BB-' IDR is well positioned relative to traditional food retail peers on each major comparative except scale and diversification.
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DERIVATION SUMMARY IHS Netherlands HoldCo B.V.'s 'B+' rating is constrained by the country cap associated with its home sovereign Nigeria (B+).
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An obituary on Saturday about the editor and publisher Elisabeth Sifton misstated when she began exploring the derivation of the Serenity Prayer.
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DERIVATION SUMMARY T0003R's ratings are supported by the company's above industry average revenue growth rates, good underlying operating efficiency and financial discipline.
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DERIVATION SUMMARY Sunac's homebuilding business scale, geographical diversification, project execution track record, and churn rates are comparable to Country Garden Holdings Co. Ltd.
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DERIVATION SUMMARY DDV is a global DME provider that supports the daily care and living needs of chronically ill, disabled and elderly patients.
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DERIVATION SUMMARY KIRS Group has significantly smaller scale than its insurance broker peers rated by Fitch and has a less diverse product line.
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DERIVATION SUMMARY Wanda's investment property scale is comparable to major global investment properties companies like Simon Property, Unibail and Swire Properties (A/Stable).
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DERIVATION SUMMARY Evergrande's business profile is more reflective of that of 'BB' category peers as Evergrande has a diversified geographical and product profile.
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DERIVATION SUMMARY The China homebuilder's ratings are supported by its strong contracted sales growth, regional diversification, and favourable margin compared with its peers.
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DERIVATION SUMMARY UPC performs well relative to leveraged European telecoms peers, delivering consistently strong physical performance measures, high margins and solid cash flow.
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DERIVATION SUMMARY eHi has a smaller operating scale and weaker financial profile than other Fitch-rated car rental operators, such as CAR Inc.
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DERIVATION SUMMARY ABILITY Network's IDR of 'B' reflects the company's favorable operating profile in comparison to healthcare IT segment peers including Cerner Corp.
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DERIVATION SUMMARY AT&T's rating reflects its large scale of operations, diversified revenue streams by customer and technology, and relatively strong operating profitability.
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DERIVATION SUMMARY The U.S. wireless communications tower industry is dominated by two major players, American Tower Corporation (AMT; 'BBB'/Stable) and Crown Castle.
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DERIVATION SUMMARY Lodha's rating compares well against peers Indiabulls Real Estate Limited (IBREL, B+/Stable) and Xinyuan Real Estate Co., Ltd. (B/Stable).
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Reagan had expressed the gist of the war on drugs' battle cry before, the derivation of the specific three-word catchphrase is murky.
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DERIVATION SUMMARY ASRI's Long-Term IDR is well-positioned relative to peers, such as Modernland and PT Kawasan Industri Jababeka Tbk (B+/Stable).
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DERIVATION SUMMARY Sime Darby's business profile following the proposed transaction will resemble that of China Grand Automotive Services Co., Ltd (CGA, BB-/Stable).
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DERIVATION SUMMARY Pan Brothers' IDR is well-positioned compared with higher-rated peers, such as PT Sri Rejeki Isman Tbk (Sritex; BB-/Stable).
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His original surname was Kiszkan, which was of Ukranian derivation, but he changed it to Bower when he began playing minor league hockey.
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DERIVATION SUMMARY Greenland's rating is supported by its business profile - including scale as measured by contracted sales and EBITDA, and its market position.
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DERIVATION SUMMARY ASRI's Long-Term IDR is well positioned relative to peers, such as Modernland and PT Kawasan Industri Jababeka Tbk (B+/Stable).
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DERIVATION SUMMARY EPR's leverage was 5.1x for the quarter ended June 30, 2017; FCC was 0003x for the TTM ended June 30, 2017.
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DERIVATION SUMMARY Credit metrics and cash flows of Mutlipolar rely on dividend inflow from subsidiaries, similarly to PT Indika Energy Tbk (B-/Stable).
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DERIVATION SUMMARY KIRS Group has a significantly smaller scale than its insurance broker peers rated by Fitch and has a less diverse product line.
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DERIVATION SUMMARY Sunac's homebuilding business scale, geographical diversification, project execution record and churn rates are comparable with those of Country Garden Holdings Co. Ltd.
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DERIVATION SUMMARY The ratings of MBTh's guaranteed medium-term debentures programmes are based entirely on the full, irrevocable and unconditional guarantee provided by Daimler.
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The word "weak," or some derivation of it, appears 14 times in the statement while "slow", "slower" and "slowing" make a combined five appearances.
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DERIVATION SUMMARY Pernod's business profile and profitability are well-positioned in the 'A' rating category relative to such peers as Diageo and Brown-Forman.
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DERIVATION SUMMARY Japfa's IDR can be compared with that of Fufeng Group Limited (Fufeng, BB+/Stable), which is largest producer of monosodium glutamate globally.
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DERIVATION SUMMARY GATE's rating of 'C' follows the missed coupon on 1 August 2017 and the start of the company's 30-day cure period.
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DERIVATION SUMMARY Windstream mainly targets small and mid-sized business (SMB) customers, and competes in a highly fragmented space with smaller and larger peers.
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And I worry whether it can do that when derivation is the business strategy itself: selling people new versions of things they already like.
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But they often misremember it — the usual derivation is a bit convoluted involving a technique called "completing the square" — and get the wrong answers.
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DERIVATION SUMMARY Accor's 'BBB-' is well positioned relative to European competitors Melia Hotels International and NH Hotel Group SA (B/Positive) on each major comparative.
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DERIVATION SUMMARY Windstream has a weaker competitive position based on scale and size of its operations in the higher-margin enterprise market than its peers.
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DERIVATION SUMMARY Ericsson is an established telecoms equipment manufacturer, with strong positions in mobile networks - a segment with three main companies with comparable market shares.
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DERIVATION SUMMARY Faurecia's business profile compares adequately with auto suppliers at the high-end of the 'BB' rating category/low-end of the 'BBB' category.
|
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DERIVATION SUMMARY AIS's credit profile is supported by its strong market position as the largest mobile-phone operator in Thailand and its conservative financial profile.
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DERIVATION SUMMARY The rating has been downgraded to 'D' as the company has entered into voluntary proceedings under Chapter 11 of the U.S Bankruptcy Code.
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DERIVATION SUMMARY MHP has smaller business size and weaker ranking on a global scale than international meat processors BRF S.A. (BBB/Negative), Tyson Foods Inc.
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DERIVATION SUMMARY Lodha's 'B'/Negative rating compares well against peers Indiabulls Real Estate Limited (IBREL, B+/Stable) and Xinyuan Real Estate Co. Ltd. (B/Stable).
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DERIVATION SUMMARY The downgrade of GNCs IDR to 'B-' from 'B' reflects increased refinancing risk following the company's withdrawal of its proposed term loan refinancing.
|
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DERIVATION SUMMARY Japfa's ratings can be compared with that of Fufeng Group Limited (Fufeng; BB/Stable), which is the largest global producer of monosodium glutamate.
|
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DERIVATION SUMMARY Lodha's 'B'/RWN rating compares well against peers Indiabulls Real Estate Limited (IBREL, B+/Stable) and Xinyuan Real Estate Co., Ltd. (B/Stable).
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DERIVATION SUMMARY MHP has smaller business size and weaker ranking on a global scale than international meat processors BRF S.A. (BBB-/Negative), Tyson Foods Inc.
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DERIVATION SUMMARY Guangzhou R&F's business profile is comparable with 'BB+' and 'BBB-' peers, but its financial profile is comparable with 'BB-' and 'B+' rated peers.
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DERIVATION SUMMARY Abans is a leader in consumer durable retailing in Sri Lanka, with a strong portfolio of well-known brands and an extensive distribution network.
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DERIVATION SUMMARY PLDT's credit profile reflects its strong position in both fixed and wireless markets in the Philippines, strengthening its status as an integrated telecom operator.
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DERIVATION SUMMARY Tyson's 'BBB' rating balances its moderate leverage and exposure to the potentially volatile commodity protein industry with its significant scale, diversification, and operating efficiency.
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DERIVATION SUMMARY Axtel's 'BB-' ratings reflect the company's relatively weak financial profile, mainly its high leverage compared to other 'BB' category telecom operators in the region.
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DERIVATION SUMMARY Singer is a leader in consumer durable retail in Sri Lanka, with a strong portfolio of well-known brands and an extensive distribution network.
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Of Dutch derivation and related to the Norwegian word jaegt, the word in the XVII century signified a transport for royalty or someone of distinguished rank.
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DERIVATION SUMMARY LSR is one of the leading Russian housebuilders focused on the most lucrative areas - St. Petersburg and Moscow - with a large portfolio of projects.
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DERIVATION SUMMARY CKHH's ratings are supported by its diversified business - by geography and segment - providing it with stable cash flows and supporting its strong business profile.
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DERIVATION SUMMARY Citrix's ratings and Outlook are supported by Fitch's expectations for improving execution within the context of secular growth markets and a large installed base.
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DERIVATION SUMMARY Flex's market leadership and scale, progress diversifying its end markets, and key credit metrics are comparable to similarly rated peers within the EMS sector.
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DERIVATION SUMMARY DMGT's credit profile is anchored around its B2B asset portfolio and a measured financial policy that provides the company flexibility to manage operational risks.
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DERIVATION SUMMARY Orange is rated in line with other geographically diversified European telecoms operators such as Deutsche Telekom AG (BBB+/Stable) and Vodafone Group (BBB+/Stable).
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DERIVATION SUMMARY OMI's 'BBB-' IDR reflects the issuer's strong competitive position within the medical-surgical distribution business and steady cash generation profile despite low absolute margins.
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DERIVATION SUMMARY GWTH's contracted sales of CNY2.3bn in 2016 was smaller than those of most of its 'B' rated peers, such as Xinyuan Real Estate Co., Ltd.
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DERIVATION SUMMARY Wharf's 'A-' is well-positioned relative to peers such as Sun Hung Kai Properties Limited (SHKP, A/Stable) and Hysan Development Company (Hysan, BBB+/Stable).
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DERIVATION SUMMARY Fitch continues to apply its global pharma rating approach to Bayer as over half of its pro-forma EBITDA is generated by the healthcare division.
|
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DERIVATION SUMMARY Reward Group is rated one notch below PT Japfa Comfeed Indonesia TBk (BB-/Stable), which mainly reflects Reward Group's weaker business profile and market position.
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DERIVATION SUMMARY Fitch has notched CSCECL's IDR three levels above its standalone assessment of 'BBB', to reflect CSCECL's moderate operational and strategic ties with the central government.
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DERIVATION SUMMARY ASML has one of the strongest cash-generative capabilities in the technology sector, which is supported by an 80% market share in its niche segment.
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DERIVATION SUMMARY Syngenta's key competitors are dedicated agribusinesses or large chemical companies based in Western Europe and North America and comprise BASF, Bayer, Dow, DuPont and Monsanto.
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DERIVATION SUMMARY ThaiBev's 'BBB' rating reflects its unique competitive position, with exceptionally strong competitiveness, resilient operating cash flow in the local spirits market and conservative capital structure.
|
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DERIVATION SUMMARY Express Scripts' BBB IDR reflects the company's strong position as the largest stand-alone PBM company in the U.S., moderate leverage and consistent FCF generation.
|
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DERIVATION SUMMARY Modern Land's contracted sales increased by more than 40% each year between 2013-2016, faster than that of most peers in the 'B' rating category.
|
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DERIVATION SUMMARY Sritex compares well with peers such as PT Pan Brothers Tbk (B/A(idn)/Stable) and PT Sumber Alfaria Trijaya Tbk (Alfamart, AA-(idn)/Stable).
|
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DERIVATION SUMMARY Vipshop is better-positioned relative to rated brick-and-mortar retailers in China, due to its larger operating scale, stronger market position and lower leverage.
|
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The Across clues in Mr. Eaton-Salners's puzzle are all homophones, one of two or more words pronounced alike but different in meaning or derivation or spelling.
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DERIVATION SUMMARY Kaztel's ratings are driven by the company's strong market positions in key fixed-line segments, robust FCF generation, low leverage and a benign regulatory environment.
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DERIVATION SUMMARY RSM's rating is driven by the resilient rental income from its investment properties, which are mostly in good locations in first- and second-tier cities.
|
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DERIVATION SUMMARY Fufeng's scale is in line with other 'BB' category peers, but its business profile is strong as it is the top global producer for MSG.
|
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DERIVATION SUMMARY Fitch assesses BFG's rating by notching down from its internal assessment of the creditworthiness of Shanghai SASAC, reflecting the close linkage between the two entities.
|
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DERIVATION SUMMARY The ratings on Swire Pacific are driven by its 82%-owned subsidiary, Swire Properties, which is the biggest contributor to the underlying profit of Swire Pacific.
|
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DERIVATION SUMMARY DDR maintains a stronger portfolio - as measured by in place rents, occupancy and demographics - and superior leverage metrics than similarly rated peer Brixmor Property Group, Inc.
|
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DERIVATION SUMMARY Pan Brothers has a weaker credit profile compared with Fitch-rated peers in the same industry, such as PT Sri Rejeki Isman Tbk (Sritex, BB-/Stable).
|
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DERIVATION SUMMARY FCA remains the most indebted auto manufacturer in Fitch's portfolio, despite continuous deleveraging since 2014, and the one with the weakest and least steady cash generation.
|
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DERIVATION SUMMARY The rating factors in Kotagala's weak liquidity, unsustainable leverage and limited medium-term business prospects due to inherent weaknesses in its tea and rubber plantation businesses.
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DERIVATION SUMMARY Metro AG is more weakly positioned within the sector than competitors such as Carrefour (BBB+/Stable), Tesco (BB+/Stable) and Casino Guichard Perrachon SA (BBB-/Stable).
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DERIVATION SUMMARY Moto's IDR of 'B'/Stable reflects an infrastructure-like business profile and operations in a regulated market with high barriers to entry and limited competitive pressures.
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DERIVATION SUMMARY Digicel's solid business profile, with leading mobile market shares in its well-diversified operational geographies supported by network competitiveness, is considered strong for a 'B' rating.
|
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DERIVATION SUMMARY Pernod's business profile and profitability are well-positioned in the 'A' rating category relative to peers such as Diageo (A-/Stable) and Brown-Forman (A/Stable).
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DERIVATION SUMMARY Telenet's ratings are driven by the company's strong operating profile, which is supported by a comparatively favourable market structure in broadband and a sustainable competitive position.
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DERIVATION SUMMARY The ratings have been downgraded to RD as one definition of the RD rating is expiry of a grace period following non-payment of a coupon.
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DERIVATION SUMMARY The ratings on Indosat Ooredoo's bond and sukuk programmes and the issuances from these programmes are aligned with the National Long-Term Rating on the company.
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DERIVATION SUMMARY Pinewood Group's IDR reflects the company's stable position as an infrastructure provider as well as its linkage to the health of the UK film production industry.
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DERIVATION SUMMARY Japfa's rating is well positioned relative to PT Sumber Alfaria Trijaya Tbk (Alfamart; AA-(idn)/Stable) and PT Sri Rejeki Isman Tbk (Sritex; A+(idn)/Stable).
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While there's some derivation that happens in those films, they do change (or at least mix up) what happens in each film while following the same general plot.
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"Most of them have a neural crest derivation," said Adam S. Wilkins, a visiting scientist at Humboldt University in Berlin and one of the authors of the hypothesis.
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DERIVATION SUMMARY Fitch's ratings are supported by Barracuda's focus on IT and data security for the SMB segment and the secular growth trend for the IT security industry.
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DERIVATION SUMMARY O's closest net lease peer is National Retail Properties (NNN; BBB+/Stable); O is comparable to NNN based on leverage ratio, FCC, portfolio diversification and historical profitability.
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DERIVATION SUMMARY Telefonica is rated broadly in line with other geographically diversified European telecoms operators such as Orange (BBB+/Stable), Deutsche Telekom AG (BBB+/Stable) and Vodafone (BBB+/Stable).
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DERIVATION SUMMARY Pinewood Group's IDR reflects the company's more stable position as an infrastructure provider as well as its linkage to the health of the UK film production industry.
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DERIVATION SUMMARY HT Global's ratings are constrained by its smaller scale, mid-tier position in the global IT services industry and modest cost and technology advantage over its peers.
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DERIVATION SUMMARY Vivarte is a diversified retailer in terms of price points (low cost and mid-market), locations (both downtown and out-of-town) and products (apparel and footwear).
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DERIVATION SUMMARY Michelin's strong business profile is supported by its position in the tire industry, which is less volatile and cyclical than other segments of the auto supply sector.
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Since we're on the topic, "ass" (when it means backside, not the animal) is also a derivation of "arse," and it was first used as nautical slang in 1860.
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DERIVATION SUMMARY Tewoo has higher gross revenue but a lower operating EBITDAR margin than Bunge Limited (BBB/Negative) and Tereos Union de Cooperatives Agricoles a Capital Variable (BB/Stable).
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DERIVATION SUMMARY TBI's ratings reflect the favourable business profile of tower companies, which tend to have stable cash flows that justify higher leverage metrics than for most corporate credits.
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DERIVATION SUMMARY Following last year's merger of Synlab and Labco, the combined group is the largest lab testing company in Europe, twice the size of nearest competitor, Sonic Healthcare.
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DERIVATION SUMMARY Alfamart has lower FFO-adjusted net leverage, a less aggressive financial policy and stable revenue growth compared with PT Tower Bersama Infrastructure Tbk (TBI, AA-(idn)/Stable).
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Bertoldo's "Orpheus," for all its antique inspiration, is a work of a new, or newly revived, engineering process, whose glitchy rusticity has both a human and a technological derivation.
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Work it off in local style aboard a Bellyak, a kayak derivation in which paddlers lie on their bellies and use their hands, clad in webbed gloves, to paddle.
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DERIVATION SUMMARY SCGC's standalone rating of 'BBB-'/Stable reflects its leading position in Shanghai's engineering and construction market, limited contract risk, large size, net cash position and strong liquidity.
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DERIVATION SUMMARY LVGEM has a good-quality IP portfolio that includes the centrally located Shenzhen NEO towers, which enjoyed near full occupancy and double-digit positive rental reversion on renewal.
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DERIVATION SUMMARY Majid Al Futtaim Holding LLC is one of the leading retailers and mall operators in the Middle East with strong cash-flow generation from the United Arab Emirates.
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DERIVATION SUMMARY Avon's IDR reflects its sizable scale as a leading direct-selling beauty company with $5.7 billion revenue in 2016 and its well-recognized brand in the beauty industry.
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DERIVATION SUMMARY Singtel's 'A+' ratings include a one-notch uplift above its standalone ratings to reflect Singapore's majority state ownership, in line with Fitch's Parent and Subsidiary Rating Linkage criteria.
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DERIVATION SUMMARY China Grand Auto's ratings are supported by its leading market position, large operating scale and strong business profile, but constrained by its relatively high leverage and low margins.
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DERIVATION SUMMARY SVI's business profile is supported by its focus on the growing and less volatile non-traditional end-product segment, which offers wider margin than the traditional EMS segment.
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DERIVATION SUMMARY Glenmark's 'BB' rating reflects its smaller scale and diversification compared with large generic pharmaceutical companies such as Teva Pharmaceuticals Industries Limited (BBB/Stable) and Mylan N.V. (BBB-/Stable).
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DERIVATION SUMMARY TDP is well positioned in the 'BBB' rating category relative to its regional peers given its leading market positions in the Peruvian telecom industry and solid financial profile.
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DERIVATION SUMMARY Telia's rating is supported by the company's leading market positions in its core Nordic markets, some diversification, a solid balance sheet and strong liquidity position versus close peers.
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DERIVATION SUMMARY SLT's Foreign-Currency and Local-Currency IDRs are constrained by Sri Lanka's IDRs of 'B+', given the government's ownership and significant influence on its operating and financial profile.
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DERIVATION SUMMARY VODZiggo's ratings are underpinned by a solid operating profile, strengthened by the prospect of a strong convergent position following formation of the JV and an improved operating environment.
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DERIVATION SUMMARY Swire Properties' rating of 'A' is well-positioned relative to peers such as Hongkong Land Holdings Limited (A/Stable) and Sun Hung Kai Properties Limited (SHKP, A/Stable).
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DERIVATION SUMMARY DSG's sales are less vulnerable to economic downturns than those of its rating peers Singer (Sri Lanka) PLC Company (A-(lka)/Stable), and Abans PLC (BBB+(lka)/Stable).
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"Vegetable glycerin is derived from vegetable oil, and to the extent that the derivation process is not complete, vegetable oil could be getting into the liquid," Eissenberg previously told Insider.
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DERIVATION SUMMARY CKI's Long-Term IDR incorporates a one-notch uplift on account of linkages with its parent, CK Hutchison Holdings Limited (CKHH, A-/Stable) which holds 75.67% of CKI.
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Or opt for a derivation of the same idea, and pair sparkly pants, either beaded or in metallic brocade (try Tory Burch or H&M), with a simple cashmere sweater.
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It's still unclear whether any child of a U.S. citizen will be entirely unable to acquire citizenship because of the rule, rather than just being pushed from derivation to naturalization.
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DERIVATION SUMMARY Sanofi's financial profile remains in line with the weak 'AA' rating category with debt protection ratios, profitability and cash generation trailing Novartis and Roche (both rated 'AA'/Stable).
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DERIVATION SUMMARY X4807123 benefits from a stronger business profile than Lenta LLC (BB/Stable) and O'Key Group SA (B+/Stable) due to its larger business scale and stronger format diversification.
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DERIVATION SUMMARY TREIT is significantly smaller than WHA Corporation Public Company Limited (BBB+(tha)/Negative), a leading developer of industrial estates and built-to-suit industrial properties for rent in Thailand.
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DERIVATION SUMMARY MAA's 'BBB+' rating reflects the company's ownership of multifamily assets, which Fitch views to be the most financeable amongst commercial real estate asset classes, low leverage and adequate liquidity.
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DERIVATION SUMMARY Fitch's 'BBB+' rating reflects Weichai's financial structure, flexibility, and profitability (FFO margin of more than 8% in the medium term) relative to rated diversified manufacturing and capital goods peers.
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DERIVATION SUMMARY The ratings reflect the company's strong collection of cable and regional sports networks, leading television and film studios, national television network, robust sports programming rights and local television broadcast.
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But it-- there's-- a-- derivation for what it came from when I guess the guys-- they wanna come back from a war and they're gonna buy a farm when they do.
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DERIVATION SUMMARY Vingroup's rating compares well with peers such as Modern Land (China) Co., Limited (B+/Stable), Logan Property Holdings Company Limited (BB-/Stable) and PT Modernland Realty Tbk (B/Stable).
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DERIVATION SUMMARY Dialog's business profile is better than similarly rated national peers and is supported by its market leadership in Sri Lanka's mobile industry, stable cash generation and integrated service offerings.
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DERIVATION SUMMARY Eurotorg's market position and bargaining power in Belarus is stronger than Russian peers X5 Retail Group N.V. (BB/ Stable), Lenta LLC (BB/ Stable) and O'Key Group S.A. (B+/ Stable).
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DERIVATION SUMMARY Compared with food retail peers such as Carrefour SA (BBB+/Stable) or Casino Guichard-Perrachon SA (BB+/Stable), Picard is small, and has weak geographic diversification and high leverage.
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DERIVATION SUMMARY Compared to food retail peers such as Carrefour SA (BBB+/Stable) or Casino Guichard-Perrachon SA (BB+/Stable), Picard is small, and has poor geographic diversification and high leverage.
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DERIVATION SUMMARY MTN is well positioned relative to its closest TMT peers of Etisalat, Bharti and Vimpelcom considering its strong geographic diversification and market-leading position in a majority of its regions.
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DERIVATION SUMMARY Play compares favourably with a peer group that includes smaller, single-country telecom operators such as Telefonica Deutschland, Sunrise Communications, WIND and eir, as well as the leveraged cable sector.
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DERIVATION SUMMARY EIT's natural peer group includes pan-European tower operator, Cellnex SA (BBB-/Stable) and the large US mobile tower operators, American Tower (AMT, BBB/Stable) and Crown Castle (BBB-/Stable).
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DERIVATION SUMMARY UC is smaller than the leading Latin American confectionery producer Arcor S.A.I.C. (Local-Currency IDR of BB/ Stable) and less geographically diversified, but has similarly strong brands and credit metrics.
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DERIVATION SUMMARY Greenwood is rated lower than some of its national peers, such as PT Ciputra Residence (Ciputra Residence, A+(idn)/Stable) and PT Kawasan Industri Jababeka Tbk (KIJA, A(idn)/Stable).
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DERIVATION SUMMARY The higher rating of Osprey compared to peers such as Greensands UK Limited (B+/Stable) and Kemble Water Finance Limited (BB-/Stable) reflects Anglian Water's better financial and regulatory performance.
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DERIVATION SUMMARY Pakuwon's rating is well-positioned relative to other Fitch-rated property developers, such as PT Bumi Serpong Damai Tbk (BSD, BB-/Stable), and PT Lippo Karawaci Tbk (Lippo, BB-/Stable).
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DERIVATION SUMMARY ST's rating is driven by its strong position in the automotive sector, exposure to growth segments of the semiconductor market, broad product skills and the maintenance of a conservative financial policy.
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But according to The Verge's resident teen expert, Kaitlyn Tiffany, maybe it is, assuming we're using the common derivation of the term to mean "performative caring about things you don't really care about."
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DERIVATION SUMMARY In comparison to its peers, Imperial Brands is mainly a European operator, although now with a larger US presence and with a strong presence in the medium- and low-priced segments.
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DERIVATION SUMMARY The fragmented European market for routine and specialist laboratory testing services is currently subject to an accelerating pace of consolidation, driven in part by strong private-equity involvement in the sector.
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DERIVATION SUMMARY Tahoe's business profile is similar to that of peers in the low 'BB' rating category as the company's contracted sales are increasing rapidly and it is diversified across geography and products.
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And where "The Color of Water" deals with isolation in many of the ways that "Kill 'Em and Leave" does, it is essentially a bildungsroman, a tale of the derivation of its narrator.
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DERIVATION SUMMARY As a holding company with debt that is non-recourse to Bezeq, its key operating subsidiary, B-Com relies on uninterrupted flow of dividends from Bezeq for servicing its debt obligations.
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DERIVATION SUMMARY Sky's broader peer group includes telcos such as BT Group plc, Royal KPN N.V. (BBB/Stable) and TDC A/S (BBB-/Stable), sub-investment grade cable operators such as Virgin Media Inc.
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DERIVATION SUMMARY MPM's rating of 'BB-' is well positioned relative to peers such as China Grand Automotive Services Co., Ltd (CGA, BB-/Stable) and PT Sri Rejeki Isman Tbk (Sritex, BB-/A+(idn)/Stable).
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DERIVATION SUMMARY IBREL's 'B+' rating compares well against peers Lodha Developers Private Limited's (B/Rating Watch Negative), PT Alam Sutera Realty Tbk (ASRI, B/Rating Watch Negative) and Times Property Holdings Limited (B+/Positive).
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DERIVATION SUMMARY Alibaba's ratings reflect its strong business profile, driven by its dominant market position in China's online shopping market and thriving ecosystem, and its solid financial profile with robust profitability and cash generation.
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Indeed, the tendency to substitute compulsory arbitration for judicial action as the means for combating the derivation of individual rights is a major ongoing threat to laws protecting against fraud, discrimination and other abuses.
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DERIVATION SUMMARY Fitch believes the consolidated profile of Ciputra Development compares well with national peers, such as PT Lippo Karawaci Tbk (A+(idn)/Stable) and PT Kawasan Industri Jababeka Tbk (KIJA, A(idn)/Stable).
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DERIVATION SUMMARY Hengdeli is weaker in terms of scale, profitability and interest coverage than other Fitch-rated retailing peers like Lifestyle International Holdings Limited (BB+/Negative) and Golden Eagle Retail Group Limited (BB-/Negative).
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DERIVATION SUMMARY Yida's business profile as a leading regional homebuilder in Dalian and business park developer, with a sufficient and sound-quality landbank to support its property development, is commensurate with a 'B' rating.
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DERIVATION SUMMARY Mylan N.V.'s rating of 'BBB-' reflects the company's favorable position relative to smaller industry peers on the basis of scale, geographic end-markets and the level of differentiation of its products.
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DERIVATION SUMMARY Toys' CCC rating reflects the long-term competitive and secular headwinds faced by the company that have led to meaningful top-line and EBITDA declines and questions regarding long term competitive viability.
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DERIVATION SUMMARY SIC's ratings are comparable with that of fellow Sinochem Group subsidiary Sinofert Holdings Limited (BBB+/Stable), which is rated top down one notch from Sinochem Hong Kong Group) Company Limited (A-/Stable).
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DERIVATION SUMMARY Alibaba's ratings reflect its strong business profile, driven by its dominant market position in China's online shopping market and thriving ecosystem, and its solid financial profile, with robust profitability and cash generation.
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DERIVATION SUMMARY Cathay No.2's ratings are supported by its prudent financial management and resilient rental income from its investment properties, which are in Taipei's mature CBD area and well-served by public transportation.
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DERIVATION SUMMARY Compass is rated one notch above its closest peer Sodexo SA (BBB+/Stable) as its profitability and leverage metrics are moderately stronger and we expect leverage to be slightly lower over FY17-FY19.
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DERIVATION SUMMARY Nan Fung's rating is driven by its stable rental income from investment properties and EBITDA income from investments in Hong Kong, which provide sufficient interest coverage of above 2x for the current rating.
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DERIVATION SUMMARY The ratings reflect CBS' strong positioning of its programming assets relative to peers, including the broadcast CBS Television Network which was consistently been No. 1 in primetime ratings for the last nine years.
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It's no secret that male charisma, whatever its derivation — political office, sexual magnetism, real estate fortunes — is a sexual draw for a lot of women, even at this late date in the male-female situation.
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DERIVATION SUMMARY Wuzhou's business risk is high due to weak demand for its main trade-centre products stemming from poor sentiment among China's small- to medium-sized enterprises, which comprise most of its customer base.
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DERIVATION SUMMARY Wuzhou's business risk is high due to weak demand for its main trade-centre products stemming from poor sentiment among China's small- to medium-sized enterprises, which comprise most of its customer base.
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DERIVATION SUMMARY T2R, the smallest of the four Russian facilities-based mobile operators, lacks scale versus its larger peers and has lower profitability, driven by its still low market share in the lucrative Moscow market.
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DERIVATION SUMMARY DFG's rating is equalised to its parent DFM, which is based on a standalone rating of 'BBB+' plus a two-notch uplift reflecting DFM's moderate operational and strategic linkages with the central government.
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DERIVATION SUMMARY Sony's credit profile continues to improve with the benefit of restructuring and is narrowing the gap with other Asia-based consumer electronics companies, such as Panasonic Corporation (Panasonic, BBB/Stable) and LG Electronics Inc.
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DERIVATION SUMMARY PMI is the highest rated issuer in the tobacco industry, reflecting its position as the largest international player, followed by British American Tobacco (BAT, BBB/Stable), its price leadership, strong profitability and geographic diversification.
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By all appearances, it would be the least tech-intensive car in the portfolio: a derivation of the all-wheel-drive Huracán, it is unapologetically rear-wheel drive in an era of all-wheel-drive supercars.
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But what did you learn, working at Hulu in the early days, that is worth thinking about as you're watching HBO and Netflix and Disney/Comcast/Fox, some derivation of that, all fight for streaming video?
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DERIVATION SUMMARY UPC's ratings are positioned solidly within the leveraged telecom peer group; with immediate peers being other LG cable operations - Virgin Media Inc, Telenet Group Holding N.V (both BB-/Stable) and Unitymedia GmbH (B+/Stable).
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DERIVATION SUMMARY Golden Eagle has a decent scale of operations and profitability compared with global peers, but relatively higher leverage and negative FCF may cause its financial profile to weaken if the retail environment remains unfavourable.
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DERIVATION SUMMARY Sime Darby's ratings can be compared with rated auto dealers in Asia such as China Grand Automotive Services Co., Ltd (China Grand Auto, BB-/Stable) and PT Mitra Pinasthika Mustika Tbk (MPM, BB-/Stable).
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DERIVATION SUMMARY Yango has larger scale in terms of contracted sales and higher EBITDA than 'B' rated Chinese homebuilders like Guorui Properties Limited (B/Stable), Hong Yang Group Company Limited (B/Stable) and Oceanwide Holdings Co. Ltd.
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DERIVATION SUMMARY Novartis' rating of 'AA' remains well positioned in the Fitch-rated global pharma universe, demonstrating a similar size to its closest European peer Roche ('AA'/Stable), but slightly weaker financial leverage and interest coverage ratios.
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DERIVATION SUMMARY There are no directly comparable peers in the same industry rated on the Indonesian national scale, so Fitch has compared Finnet to companies in other sectors, such as PT Berlina Tbk (Berlina, A-(idn)/Stable).
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DERIVATION SUMMARY GSK's rating of 'A' remains well positioned in the global pharma universe, with a similar size compared to its higher-rated peer Sanofi (AA-/Negative) and with scale advantages over UK peer AstraZeneca (A-/Negative).
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DERIVATION SUMMARY SIH's IDR of 'BBB' reflects its credit profile from its toll-road operations and logistics business at a 'BBB-' standalone rating, with a single-notch uplift for implied support from its 44.3% shareholder, Shenzhen's municipal government.
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DERIVATION SUMMARY Relative to the broader mall REIT sector, WPG's levels of occupancy, SSNOI growth, leasing spreads and tenant quality are weaker than Simon Property Group (IDR of A) and similar to 'B'-mall peer CBL & Associates, Inc.
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DERIVATION SUMMARY Atrium European Real Estate Limited (BBB-/Stable), which largely focuses on retail investments in Poland, maintains a similarly conservative financial profile and good key performance indicators, such as high occupancy rates and reasonably long lease maturities.
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DERIVATION SUMMARY CNLP's business profile is in line with the 'B+'/'BB-' category, but the recurring EBITDA interest coverage of only 0003x is more in line with a 'B-' rating, which results in a final rating of 'B'.
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DERIVATION SUMMARY The lack of alternative uses and limited secured debt financeability of CXW's assets results in Fitch analyzing the company as a traditional corporate entity, as opposed to an asset-rich equity REIT, despite the tax election.
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DERIVATION SUMMARY The rating of Segro is positioned in line with other major UK REITS such as British Land (BBB+) and Hammerson (BBB+), reflecting its strong industrial portfolio of large "big box" logistics and edge-of-town industrial.
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DERIVATION SUMMARY The rating of SEGRO is positioned in line with other major UK REITS such as British Land (BBB+) and Hammerson (BBB+), reflecting its strong industrial portfolio of large "big box" logistics and edge-of-town industrial.
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DERIVATION SUMMARY RFC is a global dairy company that is well positioned relative to its closest peers in the dairy market, such as Nestle SA (AA-), Fonterra Co-operative Group Limited (A) and Land o Lakes Inc. (BBB-).
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It was after she retired from editing full time in 2008 that she began exploring the derivation of the Serenity Prayer, which had been widely attributed to Niebuhr and popularized by Alcoholics Anonymous and other 12-step programs.
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DERIVATION SUMMARY Carrefour has a stronger business profile than its European peers such as Ahold Delhaize NV (BBB/Stable), Tesco PLC (BB+/Stable) and Casino Guichard Perrachon SA (BB+/Stable), despite increasing weaknesses in its core French market.
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DERIVATION SUMMARY Modernland is well-positioned relative to other Fitch-rated property developers, such as PT Kawasan Industri Jababeka Tbk (KIJA, B+/Stable), PT Alam Sutera Realty Tbk (ASRI, B+/Negative) and Lodha Developers Private Limited (Lodha; B/Negative).
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One such derivation of quantum theory based on axioms about information was proposed in 2010 by Chiribella, then working at the Perimeter Institute, and his collaborators Giacomo Mauro D'Ariano and Paolo Perinotti of the University of Pavia in Italy.
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DERIVATION SUMMARY Tauron's and Energa S.A.'s (BBB/Stable) business profiles benefit from the large share of regulated distribution in EBITDA, which provides good cash flow visibility at times when another key segment, conventional power generation, is under pressure.
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DERIVATION SUMMARY Fitch considers Theramex in the framework of the Ratings Navigator for pharmaceutical companies, despite some consumer angle of its branded products, where the demand is generated through a pull-marketing strategy at the level of drug prescribers.
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DERIVATION SUMMARY Oceanwide has a larger scale in terms of contracted sales and EBITDA than other China-based property companies rated in the 'B' category, such as Redco Properties Group Ltd (B/Stable) and Guorui Properties Limited (B/Stable).
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Today we're speaking about his latest release Bassey, a record named after a derivation of the Igbo word for God, which uses music as not only a means to create but a tool for exploring the wider themes of self.
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DERIVATION SUMMARY A close peer for TBLA is PT Japfa Comfeed Indonesia Tbk (Japfa, BB-/AA-(idn)/Stable), whose rating is supported by the earnings stability provided by its animal-feed segment, which accounts for around 35% of overall revenue.
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DERIVATION SUMMARY Sky's broader peer group includes telcos such as BT Group (BBB+/Stable), KPN (BBB/Stable) and TDC (BBB-/Stable); sub-investment grade cable operators such as Virgin Media and Telenet; both 'BB-'/Stable and media conglomerate, Vivendi (BBB/Stable).
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DERIVATION SUMMARY TN's rating is driven by the support it receives from the government but it is notched lower than that of than Namibia Power Corporation (BBB-/Negative) under our parent-subsidiary linkage methodology, due to TN's weaker legal links.
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DERIVATION SUMMARY BWA has a relatively strong competitive position focusing on automotive powertrain and drivetrain technologies that are likely to grow in demand over the longer term as auto manufacturers increasingly focus on ways to make vehicles more fuel efficient.
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DERIVATION SUMMARY Ciputra Development's profile is well-positioned relative to other 'BB-' rated developers such as PT Pakuwon Jati Tbk (PWON, BB-/Positive), PT Bumi Serpong Damai Tbk (BSD, BB-/Stable) and PT Agung Podomoro Land Tbk (APLN, BB-/Stable).
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DERIVATION SUMMARY SPG's 'A' Issuer Default Rating (IDR) reflects the company's high-quality retail real estate portfolio, cycle-tested management team, its market-leading access to capital, and its significant scale which influences efficiencies and the aforementioned access to capital.
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" His artistry and experimentation with color elevated his projection pieces to a new artistic practice, while his iconic pieces did not fall prey to derivation, as Wilfred once conceded he had "no pet color... the whole spectrum is my favorite.
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DERIVATION SUMMARY Over the past two years, Conagra has transitioned into a pure play, branded, packaged food company after its divestitures of its commercial businesses including Lamb Weston, Spicetec Flavours & Seasonings and JM Swank businesses along with Conagra's private label business.
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Enrigue's charm can work in unexpected ways, as in several chapters presented as email exchanges with an editor, who delivers the age-old reminder of an approaching deadline and bandies with the author about the derivation of certain tennis terms.
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DERIVATION SUMMARY PepsiCo's significant scale, geographic reach, distribution, product diversification including strong margins in its Frito-Lay North America segment, and brand strength as the world's second largest food and beverage company strongly positions the company relative to its peers.
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DERIVATION SUMMARY The ratings and Outlook reflect Fitch's expectations for ongoing top-line headwinds and questions regarding at what point positive trends in Seagate's long-term growth businesses, high-capacity drives and non-client compute markets, will be more evident.
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DERIVATION SUMMARY Shougang's ratings are credit linked to the Beijing municipality, reflecting the company's strong operational and strategic ties with the Beijing government through carrying out government-directed initiatives, such as the New Shougang Beijing Development and the Caofeidian Development.
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Like many place names around the country, Minnesota is a derivation of a Native American word ("Mní sóta" means clear blue water in Dakota), but its appropriation by a state responsible for many atrocities against Native people warrants Heap of Birds's critical treatment.
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DERIVATION SUMMARY Times Property expanded by about 50% in 2016 to reach a contracted sales scale similar to 'BB' category peers such as Yuzhou Properties Company Limited's (BB-/Stable)'s CNY23 billion and China Aoyuan Property Group Limited's (BB-/Stable) CNY26 billion.
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DERIVATION SUMMARY LSR's ratings incorporate industry cyclicality and capital intensity, high execution risk should the company develop too many projects simultaneously, lack of medium-term certainty over project development, and higher-than-average risks associated with the Russian business environment and jurisdiction.
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DERIVATION SUMMARY Fitch's ratings reflect EPR's consistent cash flows generated by the company's triple-net leased megaplex movie theaters and other investments across the entertainment, education and recreation segments, resulting in maintenance of strong leverage and fixed-charge coverage metrics for the rating.
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DERIVATION SUMMARY Telkom's IDRs continue to be capped due to the strong links between the company and its majority owner, the Indonesian sovereign (BBB-/Positive), which exerts significant influence over the company's key operating and financial decisions through control of the board.
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House manages to establish aesthetic ownership of a hefty slice of popular culture and a reputation for clearly delineated vision, even when they are completely transparent about their influences — a neat trick in a scene where there is no greater crime than hollow derivation.
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DERIVATION SUMMARY SRC leverage ratio of 0003x for the quarter ended June 30, 2017, FCC of 3.5x for the TTM ended June 30, 2017, and unencumbered asset coverage of net unsecured debt of 2.0x compare adequately to net lease peers in the 'BBB' category.
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This discovery, indeed, is almost of that kind which I call Serendipity, a very expressive word, which, as I have nothing better to tell you, I shall endeavour to explain to you: you will understand it better by the derivation than by the definition.
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DERIVATION SUMMARY McDonald's 'BBB'/'F200113' ratings balance its shareholder-friendly financial strategy with its substantial cash flow, significant scale and Fitch's view that total adjusted debt/EBITDAR will stay in the mid-to-high 200103x range and FCF at about $21000 billion or more annually.
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Since releasing his deep, purposeful 2017 EP Bassey (named after a derivation of the Igbo word for God), he's played an integral part in the Mercury Prize-nominated group Everything Is Recorded where he's worked alongside the likes of Kamasi Washington, Giggs, Sampha, and Ibeyi.
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DERIVATION SUMMARY Unilever's 'A+' rating reflects its position as the world's third-largest food and consumer products company, the stability of its operating profile, and the expectation that it will generate sufficient FCF to fund the majority of its bolt-on M&A spending.
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Atrium updated its maximum legacy legal settlement to EUR44 million and the related remaining cash outflow should not meaningfully impact the leverage DERIVATION SUMMARY Atrium is smaller than most EMEA REITs, but leverage is lower both in terms of LTV and net debt to EBITDA.
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DERIVATION SUMMARY Dufry's IDR of 'BB-' reflects a low investment grade business risk profile, evident in scale, the quality of the concession portfolio and strong cash flow generation, constrained by an elevated indebtedness level which is more in line with the 'B' rating category.
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DERIVATION SUMMARY MSSL's large scale, leading market position in its product categories and adequate diversification across OEM customers, geographies and products positions it well with respect to peers such as Metalsa, S.A. de C.V. (BBB-/Stable), Nemak, S.A.B. de C.V.(BB+/Positive) and Faurecia S.A. (BB/Stable).
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DERIVATION SUMMARY Cosan Limited's business portfolio compares similarly with Votorantim S.A's (VSA, IDR BBB-/Negative) in terms of industry diversification, though VSA's subsidiaries hold a clearer competitive global position due to strong market positions and cost structures that are among the lowest in their respective industries.
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DERIVATION SUMMARY MSSL's large scale, leading market position in its product categories and adequate diversification across OEM customers, geographies and products, positions it well with respect to peers such as Metalsa, S.A. de C.V. (BBB-/Stable), Nemak, S.A.B. de C.V.(BB+/Positive) and Faurecia S.A. (BB/Stable).
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DERIVATION SUMMARY AutoNation's 'BBB-' IDR reflects the company's position as the largest automotive retailer in the U.S., along with the company's positive FCF generation and reasonable credit metrics, all of which enable it to remain financially flexible as it operates within an inherently cyclical automotive retail industry.
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DERIVATION SUMMARY CR Land's scale, with contracted sales of CNY108 billion, and nationwide presence gives it product and market diversification similar to most leading homebuilders rated at around 'BBB+', including China Overseas Land & Investment Limited (COLI; A-/Stable; standalone profile BBB+/Stable), China Vanke Co., Ltd.
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DERIVATION SUMMARY Vanke's rating is driven by its position as one of the top three homebuilders by sales in China and its ability to maintain a healthy financial profile as contracted sales rose by a CAGR of over 20% since 2007 and reached CNY13 billion in 9M17.
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DERIVATION SUMMARY DT's profitability and FCF generation are lower than at similarly rated peers; however, it benefits from wider geographic diversification and stronger growth profile, primarily in the US. DT's market position and financial performance is stronger in the core domestic market compared with most other European incumbent operators.
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DERIVATION SUMMARY AZ's downgrade to 'A-' reflects increased business and financial risks resulting from the acceleration of investments in the group's science base, at a time of growing near-term top-line pressure associated with the loss of patents on key drugs and sales-at-risk from patent expiries.
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DERIVATION SUMMARY The rating differential between O'Key (B+/Stable) and its Russian peers X5 (BB/Stable) and Lenta (BB/Stable) stems from the company's weaker business profile due to its smaller scale and market position, more limited growth prospects as well as more volatile margins and LfL sales performance.
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DERIVATION SUMMARY Fitch has observed significant rating pressure in the UK leveraged care home sector stemming from a reduction of local authorities' fee rates in real terms, increasing costs due to higher national living wage from April 2016 and growing use of agency due to a shortage of nurses.
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DERIVATION SUMMARY WTT's ratings reflects its high 2017 Fitch-estimated FFO adjusted net leverage of 6.0x, but with potential to improve over the medium term; small scale; and "market challenger" market position in the Hong Kong enterprise market, despite a relatively better business risk profile than some peers.
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DERIVATION SUMMARY MSSL's sizeable scale, leading market position in its product categories as well as good degree of diversification across OEM customers, geographies and products, positions it well with respect to peers such as Metalsa, S.A. de C.V. (BBB-/Stable), Nemak, S.A.B. de C.V.(BB+/Positive) and Faurecia S.A. (BB/Stable).
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DERIVATION SUMMARY CSC's projects are located in Tier 1 and 7503 cities in China, which are better located than those of the other two Fitch-rated trade centre developers - Hydoo International Holding Limited (B-/Stable) and Wuzhou International Holdings Limited (CCC), whose projects are mainly in Tier 3 and 4 cities.
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DERIVATION SUMMARY In a post-RAI merger scenario, BAT would have an initially very high pro forma annualised net leverage of over 5.5x for a 'BBB' rated tobacco company ('BBB' FFO adjusted net leverage median is 3.5x; 'BB' is 4.5x) and this would fall in 7503 (second full year) below 5.0x.
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The presidential candidate ran into a dude who happens to be a president himself -- president of a Maltese club in Astoria, NY. The South Bend Mayor speaks the official language of Malta, which is not surprising because it's a derivation of English, Italian and French ... languages in which he's fluent.
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Chase, for instance, allows flexibility as long as the name on the card is a "reasonable" derivation of the legal name — like a middle name that appears on government documents, or an initial instead of the full first name, which is an option that could help transgender people as well.
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Under the new rule, some children of U.S. citizens abroad who were previously eligible to acquire citizenship through derivation — the simpler process of becoming a citizen by virtue of a parent's nationality — would now have to seek citizenship through naturalization, the process available to foreign nationals without U.S. citizen parents.
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DERIVATION SUMMARY Localiza's 'BBB-/AAA(bra)' ratings reflects its leadership position in the Brazilian fleet and car rental industry, that is more than two times larger than its closest competitors Movida Participacoes S.A (Movida/A+(bra)), Unidas S.A (Unidas/AA-(bra)) or Companhia de Locacao das Americas (Locamerica/AA-(bra).
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