MOH – Traded CDS 279bps, Base Case iCDS 100bps, Negative Case iCDS 168bps, 2028 4.375% Bond YTW of 6.241%, iYTW of 3.941%, Ba3 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens, Low Refinancing Need

July 12, 2022

  • Credit markets are materially overstating credit risk, with a cash bond YTW of 6.241% and a CDS of 279bps relative to an Intrinsic YTW of 3.941% and an Intrinsic CDS of 100bps. Meanwhile, Moody’s is grossly overstating the firm’s fundamental credit risk, with its Ba3 credit rating eight notches lower than Valens’ IG3+ (A1) credit rating.
  • Incentives Dictate Behavior™ analysis highlights mostly negative signals for credit holders. That said, management members are material owners of MOH equity relative to their average annual compensation, indicating they are well-aligned with shareholders for long-term value creation.

You don’t have access to the Valens Research Premium Application.

To get access to our best content including the highly regarded Conviction Long List and Market Phase Cycle macro newsletter, please contact our Client Relations Team at 630-841-0683 or email

Please fill out the fields below so that our client relations team can contact you

Or contact our Client Relationship Team at 630-841-0683