paologorgo
Chapter 11
aggiungiamo un tassello:
Mazda (MZDAF.PK) and Ford (F) plan to dissolve their China JV by 2012, giving Mazda more leeway to accelerate its business in China and further weakening ties between the two firms.
Obbligazioni societarie GM, Ford, Chrysler: il 3D dell'automotive USA
- Creatore Discussione Imark
- Data di Inizio
aggiungiamo un tassello:
Mazda (MZDAF.PK) and Ford (F) plan to dissolve their China JV by 2012, giving Mazda more leeway to accelerate its business in China and further weakening ties between the two firms.
Imark
Forumer storico
E anche Gmac, dopo l'ulteriore infusione di cash da parte dello Zio Sam, si becca il suo upgrade da Fitch e passa a B/positive...
Fitch Upgrades GMAC Inc.'s L-T IDR to 'B'; Assigns Positive Outlook
21 Jan 2010 9:31 AM (EST)
Fitch Ratings-New York-21 January 2010: Fitch Ratings has upgraded GMAC Inc.'s (GMAC) long-term and short-term Issuer Default Ratings (IDRs) to 'B' and 'B', respectively and assigned a Positive Rating Outlook. A complete list of affected ratings is detailed at the end of this release.
The upgrade follows recent actions by GMAC to address regulatory capital issues and further mitigate future volatility in its residential mortgage business. As to recent capital actions, GMAC has addressed the capital shortfall identified through the Supervisory Capital Assessment Program (SCAP), with the U.S. Treasury (Treasury) agreeing to convert its preferred investment in GMAC into common equity plus with an additional $3.8 billion of mandatory convertible preferred.
With this conversion, Treasury is now a 56% shareholder of GMAC. GMAC also improved the capital positions of Ally Bank and Residential Capital LLC.
In Fitch's opinion, these capital efforts provide further cushion and flexibility to address the mortgage business in an orderly manner. In assessing GMAC's overall capital, Fitch focused mainly on the company's ability to remain in compliance with regulatory capital requirements as these are the most operative targets of the company.
In that regard, Fitch anticipates that GMAC will remain above the 15% total risk-based capital requirement, even factoring in the adoption of FAS 166 and 167, which require consolidation of off-balance sheet vehicles.
Concurrent with the capital actions, GMAC took significant write-downs on mortgage-related assets and classified a large portion as held-for-sale. As such, Fitch believes future volatility emanating from GMAC's residential mortgage business will be significantly lower, particularly given the continued contraction of mortgage loans, which were approximately $28 billion at Sept. 30, 2009.
While the upgrade primarily reflects GMAC's more strategic actions, Fitch also incorporated the company's improved funding profile and manageable credit quality in its core automotive finance business. GMAC's funding has improved as a result of its ability to fund a greater portion of its business through Ally Bank, providing the company with a more stable and cost-effective source of funds. Fitch's assessment of asset quality principally focused on the automotive finance business as this is considered a core part of the company. While GMAC is not immune to the challenges of the weak economy, Fitch considers the company's automotive credit quality to be manageable.
As GMAC is now a bank holding company with a sizable bank, Fitch has assigned Support and Individual Ratings. Fitch assigned a '4' Support rating which reflects the sizable government support of the company to date; however, it is offset by the view that the Treasury investment is not considered to be long-term as this could be replaced by third party capital.
Thus while near-term support for the company appears strong, long-term support is less certain. Importantly, the '4' Support rating results in Fitch establishing a long-term IDR rating floor of 'B', i.e. Fitch would not likely downgrade the rating below 'B' based on this view of support. Along with the Support rating, Fitch has assigned a 'D' Individual rating to GMAC. A 'D' Individual rating implies a bank that has weaknesses regarding its profitability and balance sheet integrity, franchise, operating environment or prospects.
The Positive Outlook reflects the view that GMAC's IDR is already at Fitch's Support Floor and thus has limited downside risk. Also reflected is the possibility that, to the extent GMAC is able to further mitigate its exposure to residential mortgage assets and demonstrate and maintain core profitability, the company's ratings could be raised from their current levels.
The ratings on foreign subsidiaries principally reflect the irrevocable and unconditional guarantee from GMAC.
Fitch upgrades the following ratings and assigns a Positive Outlook:
GMAC Inc.
GMAC International Finance B.V.
GMAC Bank GmbH
General Motors Acceptance of Canada Limited
--Long-term IDR to 'B' from 'RD';
--Senior Unsecured to 'B/RR4' from 'CC'.
......
Fitch Upgrades GMAC Inc.'s L-T IDR to 'B'; Assigns Positive Outlook
21 Jan 2010 9:31 AM (EST)
Fitch Ratings-New York-21 January 2010: Fitch Ratings has upgraded GMAC Inc.'s (GMAC) long-term and short-term Issuer Default Ratings (IDRs) to 'B' and 'B', respectively and assigned a Positive Rating Outlook. A complete list of affected ratings is detailed at the end of this release.
The upgrade follows recent actions by GMAC to address regulatory capital issues and further mitigate future volatility in its residential mortgage business. As to recent capital actions, GMAC has addressed the capital shortfall identified through the Supervisory Capital Assessment Program (SCAP), with the U.S. Treasury (Treasury) agreeing to convert its preferred investment in GMAC into common equity plus with an additional $3.8 billion of mandatory convertible preferred.
With this conversion, Treasury is now a 56% shareholder of GMAC. GMAC also improved the capital positions of Ally Bank and Residential Capital LLC.
In Fitch's opinion, these capital efforts provide further cushion and flexibility to address the mortgage business in an orderly manner. In assessing GMAC's overall capital, Fitch focused mainly on the company's ability to remain in compliance with regulatory capital requirements as these are the most operative targets of the company.
In that regard, Fitch anticipates that GMAC will remain above the 15% total risk-based capital requirement, even factoring in the adoption of FAS 166 and 167, which require consolidation of off-balance sheet vehicles.
Concurrent with the capital actions, GMAC took significant write-downs on mortgage-related assets and classified a large portion as held-for-sale. As such, Fitch believes future volatility emanating from GMAC's residential mortgage business will be significantly lower, particularly given the continued contraction of mortgage loans, which were approximately $28 billion at Sept. 30, 2009.
While the upgrade primarily reflects GMAC's more strategic actions, Fitch also incorporated the company's improved funding profile and manageable credit quality in its core automotive finance business. GMAC's funding has improved as a result of its ability to fund a greater portion of its business through Ally Bank, providing the company with a more stable and cost-effective source of funds. Fitch's assessment of asset quality principally focused on the automotive finance business as this is considered a core part of the company. While GMAC is not immune to the challenges of the weak economy, Fitch considers the company's automotive credit quality to be manageable.
As GMAC is now a bank holding company with a sizable bank, Fitch has assigned Support and Individual Ratings. Fitch assigned a '4' Support rating which reflects the sizable government support of the company to date; however, it is offset by the view that the Treasury investment is not considered to be long-term as this could be replaced by third party capital.
Thus while near-term support for the company appears strong, long-term support is less certain. Importantly, the '4' Support rating results in Fitch establishing a long-term IDR rating floor of 'B', i.e. Fitch would not likely downgrade the rating below 'B' based on this view of support. Along with the Support rating, Fitch has assigned a 'D' Individual rating to GMAC. A 'D' Individual rating implies a bank that has weaknesses regarding its profitability and balance sheet integrity, franchise, operating environment or prospects.
The Positive Outlook reflects the view that GMAC's IDR is already at Fitch's Support Floor and thus has limited downside risk. Also reflected is the possibility that, to the extent GMAC is able to further mitigate its exposure to residential mortgage assets and demonstrate and maintain core profitability, the company's ratings could be raised from their current levels.
The ratings on foreign subsidiaries principally reflect the irrevocable and unconditional guarantee from GMAC.
Fitch upgrades the following ratings and assigns a Positive Outlook:
GMAC Inc.
GMAC International Finance B.V.
GMAC Bank GmbH
General Motors Acceptance of Canada Limited
--Long-term IDR to 'B' from 'RD';
--Senior Unsecured to 'B/RR4' from 'CC'.
......
discipline
Guest
Questa neppure lo squalo l'avrebbe immaginata
Sul tlx oggi (ma diciamo pure in settimana) le quotazioni erano deboli e tendendi al calo. ho mollato la '10, ma a questo punto tengo le 2011 come dei pct e le 2012 come assicurazione sul dollaro
azetaelle
investitore(s)qualificato
in mancanza di iMark (che salutiamo virtualmente), cerchiamo di supplire...
Ford torna all'utile con 2,7 mld dollari
E' la prima volta che chiude un anno in profitto dal 2005
(ANSA) - ROMA, 28 GEN - Ford Motors torna all'utile nel 2009 con 2,7 miliardi di dollari, dopo il 'rosso' record di 14,7 miliardi registrato nel 2008. La casa automobilistica prevede di realizzare profitti nel 2010. L'utile operativo dell'intero 2009 e' stato di 454 milioni. E' la prima volta che Ford chiude un anno in profitto dal 2005. Nel quarto trimestre 2009, il gruppo ha registrato un utile netto di 868 milioni contro una perdita di 5,98 milioni dello stesso periodo 2008.
Ford torna all'utile con 2,7 mld dollari
E' la prima volta che chiude un anno in profitto dal 2005
(ANSA) - ROMA, 28 GEN - Ford Motors torna all'utile nel 2009 con 2,7 miliardi di dollari, dopo il 'rosso' record di 14,7 miliardi registrato nel 2008. La casa automobilistica prevede di realizzare profitti nel 2010. L'utile operativo dell'intero 2009 e' stato di 454 milioni. E' la prima volta che Ford chiude un anno in profitto dal 2005. Nel quarto trimestre 2009, il gruppo ha registrato un utile netto di 868 milioni contro una perdita di 5,98 milioni dello stesso periodo 2008.
frankiemachine
Mr. Tentenna
si parla di fine anno
1966
Forumer attivo
Grazie
paologorgo
Chapter 11
The Great IPO Race: Tesla vs. GM
The IPO race of government-supported car companies is on.
In one corner, General Motors, the nation’s largest auto maker and recipient of $50 billion in taxpayer assistance, gunning for an initial public offering sometime this year, as it tries to repay taxpayers for its historic bailout last year.
In the other is Tesla Motors Inc., a small Palo Alto Calif.-based company that makes fast pricey electric cars. It has a $465 million loan from taxpayers to help it develop an electric powered technologies. Tesla said in securities filing that is is planing an IPO, but didn’t give any sense of timing.
Tesla has reignited the public’s fascination with electric cars because it has managed to sell an electric car that can actually reach highway speeds. They are also fun to drive, says WSJ’s Joe White, who test drove Tesla Roadster recently. “It is like driving a plus-size go kart,” he wrote. One little snag: They cost a minimum of $109,000 each.
Meantime, GM is leaning on its less-fuel efficient pickup trucks to help the company recover from its near - collapse last year. To be sure, GM is also developing an electric car, the $40,000 Chevy Volt. But the company says it realizes that it needs to focus on what sells, no matter how much gas the vehicle guzzles.
Right now, neither of these companies represents a deeply-compelling purchase. Tesla still has a far way to go before becoming anything more than a niche, feel-good vanity car. GM’s efforts, similarly, seem built more on hope than facts. This Great IPO race is being fueled by a lot of hot air.
The Great IPO Race: Tesla vs. GM - Deal Journal - WSJ
The IPO race of government-supported car companies is on.
In one corner, General Motors, the nation’s largest auto maker and recipient of $50 billion in taxpayer assistance, gunning for an initial public offering sometime this year, as it tries to repay taxpayers for its historic bailout last year.
In the other is Tesla Motors Inc., a small Palo Alto Calif.-based company that makes fast pricey electric cars. It has a $465 million loan from taxpayers to help it develop an electric powered technologies. Tesla said in securities filing that is is planing an IPO, but didn’t give any sense of timing.
Tesla has reignited the public’s fascination with electric cars because it has managed to sell an electric car that can actually reach highway speeds. They are also fun to drive, says WSJ’s Joe White, who test drove Tesla Roadster recently. “It is like driving a plus-size go kart,” he wrote. One little snag: They cost a minimum of $109,000 each.
Meantime, GM is leaning on its less-fuel efficient pickup trucks to help the company recover from its near - collapse last year. To be sure, GM is also developing an electric car, the $40,000 Chevy Volt. But the company says it realizes that it needs to focus on what sells, no matter how much gas the vehicle guzzles.
Right now, neither of these companies represents a deeply-compelling purchase. Tesla still has a far way to go before becoming anything more than a niche, feel-good vanity car. GM’s efforts, similarly, seem built more on hope than facts. This Great IPO race is being fueled by a lot of hot air.
The Great IPO Race: Tesla vs. GM - Deal Journal - WSJ
frankiemachine
Mr. Tentenna
leodetti
Nuovo forumer
obbligazionisti gm
faccio una domanda semplice a cui le numerose pagine di questo forum non mi hanno saputo dare una risposta ,di cui molte scritte in inglese (ma sbaglio o noi parliamo ancora l'italiano):
noi obbligazionisti gm ci siamo insinuati nel passivo di gm, ma quando ci diranno se l'insinuazione è stata accettata, quante azioni della nuova gm ci daranno e quando ce le daranno ?
grazie a tutti
[email protected]
faccio una domanda semplice a cui le numerose pagine di questo forum non mi hanno saputo dare una risposta ,di cui molte scritte in inglese (ma sbaglio o noi parliamo ancora l'italiano):
noi obbligazionisti gm ci siamo insinuati nel passivo di gm, ma quando ci diranno se l'insinuazione è stata accettata, quante azioni della nuova gm ci daranno e quando ce le daranno ?
grazie a tutti
[email protected]
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