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  "documentTitle": "Hannon Armstrong Sustainable Infrastructure Capital (HASI)",
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  "authorName": "Carson Block",
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  "notes": "The slide uses a short-seller research note style to critique accounting practices and credit rating agency oversight.",
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      "text": "Based on cumulative income inflation estimates, we adjust Moody's key leverage ratio, Tangible Common Equity to Tangible Managed Assets, from 36.7% to 29.4%.",
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      "text": "Adjusted Operating Cash Flow: 42.1",
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      "text": "Based on cumulative income inflation estimates, we adjust Moody’s key leverage ratio, Tangible Common Equity to Tangible Managed Assets, from 36.7% to 29.4%. A TCE / TMA ratio below 30.0% could trigger a downgrade to sub-Investment Grade.",
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      "text": "Ratings agencies appear to be unquestioning of HASI's inflated figures. Moody’s recently rated HASI Baa3, describing its profitability as “stable”, despite cash earnings seemingly being almost non-existent and the inherent risks to HASI’s assets.",
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      "text": "disclosed project companies generate little to negative operating profit. It appears that HASI inappropriately, in our view, records OCF by allowing any cash distributions to be counted as OCF when HASI books non-cash HLBV income, up to the amount of such non-cash HLBV income.",
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      "text": "HASI Adjusted Operating Cash Flow (MWC Estimate) 2019 2020 Operating Cash Flow 29.5 73.3 Less SunStrong Known Cash Distributions (Not OCF) 0.0 (21.6) Less Buckeye Known Cash Distributions (Not OCF) (8.2) (9.6) Adjusted Operating Cash Flow 21.3 42.1",
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