Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
Joe Silver
Forumer storico
capt.harlock
MENA IL CAMMELLO FAN CLUB
in ripresa magyar
fabriziof
Forumer storico
chi sa poi perchè
fabriziof
Forumer storico
hai qualche notizia in più su questa cosa?
dovrebbe essere la stessa cosa:
Abstract:We understand that Greece-based glass container manufacturer Yioula Glassworks S.A. (Yioula) has, owing to financial distress, rescheduled repayments on certain amortizing bank loans without appropriate compensation to the banks. We view these deferrals as a distressed debt restructuring under our criteria. We are therefore lowering the long-term corporate credit rating on Yioula to 'SD' (selective default) from 'CC'. At the same time, we are affirming our issue rating of 'CC' on the senior unsecured notes issued by Yioula maturing in 2015. LONDON (Standard&Poor's) Feb. 26, 2013--Standard&Poor's Ratings Services said today that it lowered its long-term corporate credit rating on Greece-based glass container manufacturer Yioula Glassworks S.A. (Yioula) to 'SD' (selective default) from 'CC'.
yioula è il nostro scheletro nell'armadio,ogni tanto l'apriamo per sbaglio e ci casca addosso...
Ultima modifica:
captain sparrow
Forumer storico
bia06
Listen other's viewpoint avoid conflicts & wars.
Qualcuno ha le quotazioni aggiornate?
grazie
grazie
Rating Action: Moody's revises Yioula's PDR to Ca-PD after payment default
Global Credit Research - 08 Mar 2013
Frankfurt am Main, March 08, 2013 -- Moody's Investors Service has today downgraded Yioula Glasswork S.A.'s (Yioula) probability of default rating to Ca-PD (limited default) from Caa2-PD. Concurrently, the group's corporate family rating was downgraded to Caa3 and the rating of its senior unsecured notes was downgraded to Ca (LGD 4, 68%). The rating outlook remains negative.
RATINGS RATIONALE
The rating action reflects Moody's understanding that Yioula has failed to make scheduled amortization payments under several loan agreements, which have been waived by banks in the course of a broader renegotiation of lending terms of these credit facilities. The delay in making contractually obligated payments constitutes a payment default in Moody's view.
Moody's understands that the delay and rescheduling of amortization provides Yioula with time to negotiate a restructuring of contractual payments to alleviate the company's stressed liquidity profile. Moody's estimates the recovery of the bond in case of a default to be somewhat above the standard assumptions (i.e. 50%), which results in a higher CFR at Caa3.
The negative outlook recognises that further downward pressure could be exerted on the ratings in the coming months if the company fails to term out upcoming debt maturities and to reschedule amortization to levels in line with Yioula's cash generation ability.
More positively, we note that Yioula's operating performance has remained fairly stable during 2012 despite weak macroeconomic fundamentals in its core markets with nine months EBITDA as of September 2012 largely in line with prior year.
Aside from the stressed liquidity profile, which continues to be the major rating driver in the short term, Yioula's corporate family rating also reflects the company's relatively small scale, the large share of commoditized products and its dependence on volatile input factors such as natural gas and soda ash, a weak financial risk profile evidenced by a debt/EBITDA of 5.8x per end of September 2012 and low interest coverage ratios following significant investment activity over the past years as well as lower profitability on the back of high input costs, the inability to generate meaningful positive free cash flows in the last couple of years and therefore the inability to reduce debt to a more sustainable level.
At the same time, the rating reflects (i) the company's dominant position in its core market of south-eastern Europe, (ii) its long-standing relationships in that region, (iii) the ability to leverage its production in low cost countries and (iv) a more efficient asset base following sizeable investments over the past years aimed at improving the cost efficiency of the group's furnaces.
Downward pressure on the rating could develop if (i) a payment default were to occur or (ii) Yioula were to announce a restructuring of its debt and this were deemed a distressed exchange, which Moody's considers a default.
The rating could be upgraded if Yioula implemented an adequate liquidity profile by refinancing its upcoming debt maturities on a long term basis or instating other long term liquidity sources, such as revolving liquidity facilities as back up for its refinancing requirements.
Downgrades:
..Issuer: Yioula Glassworks S.A.
.... Probability of Default Rating, Downgraded to Ca-PD /LD from Caa2-PD
.... Corporate Family Rating, Downgraded to Caa3 from Caa2
....Senior Unsecured Regular Bond/Debenture Dec 1, 2015, Downgraded to Ca from Caa3
Adjustments:
..Issuer: Yioula Glassworks S.A.
....Senior Unsecured Regular Bond/Debenture Dec 1, 2015, Upgraded to a range of LGD4, 68 % from a range of LGD4, 69 %
The principal methodology used in this rating was the Global Packaging Manufacturers: Metal, Glass, and Plastic Containers published in June 2009. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of these methodologies.
Yioula Glassworks S.A., based in Athens (Greece), produces a wide variety of glass containers for the food and beverage industries throughout south-eastern Europe as well as glass tableware for the Greek, Bulgarian, Romanian and Ukrainian markets. Founded in Greece in 1947, the company expanded into Bulgaria in 1997, Romania in 2003 and to the Ukraine in 2005. Total group revenues for the last twelve months ending September 2012 were EUR 233 million.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on Moody's - credit ratings, research, tools and analysis for the global capital markets.
For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.
Please see Moody's - credit ratings, research, tools and analysis for the global capital markets for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on Moody's - credit ratings, research, tools and analysis for the global capital markets for additional regulatory disclosures for each credit rating.
Anke Rindermann
Asst Vice President - Analyst
Corporate Finance Group
Moody's Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
- Stato
Similar threads
Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
