captain sparrow
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uscito totalmente in pareggio. e non rientro.
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
arkymede74
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e questa?
A0ABRS | CommonWealth REIT-Anleihe: 6.400% bis 15.02.2015 | finanzen.net
non rende un po' troppo per essere una BBB- che scade tra due anni.. ??
A0ABRS | CommonWealth REIT-Anleihe: 6.400% bis 15.02.2015 | finanzen.net
non rende un po' troppo per essere una BBB- che scade tra due anni.. ??
CEDOLONE
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Un'altra ciofeca tedesca in discesa liberaDeutschaland uber alles
ma cos'e' ?? e' la parola "SOLAR" che porta a tragedie
?junior63
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Un'altra ciofeca tedesca in discesa libera
E poi ci lamentiamo della Consob...
cristian2008
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A che prezzo hai venduto?
CEDOLONE
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Rating Action: Moody's downgrades ATU's CFR to Ca; outlook remains negative
Global Credit Research - 09 Dec 2013
Approximately EUR 590 million rated debt affected
Frankfurt am Main, December 09, 2013 -- Moody's Investors Service has today downgraded the corporate family rating ("CFR") of A.T.U. Auto-Teile-Unger Investment GmbH & Co. KG ("ATU") to Ca from Caa3 and the probability of default rating ("PDR") to Ca-PD from Caa3-PD; the rating of the issuer's EUR 143 million senior subordinated floating rate notes has been changed to C from Ca. At the same time, Moody's has downgraded the rating of the EUR 375 million senior secured notes as well as the EUR 75 million senior secured floating rate notes issued by A.T.U. Auto-Teile-Unger Handels GmbH & Co. KG to Ca from Caa2. The outlook remains negative.
The following ratings are affected:
Downgrades:
..Issuer: A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG
.... Corporate Family Rating, Downgraded to Ca from Caa3
.... Probability of Default Rating, Downgraded to Ca-PD from Caa3-PD
....EUR143M Senior Subordinated Regular Bond/Debenture Oct 1, 2014, Downgraded to C from Ca
....EUR143M Senior Subordinated Regular Bond/Debenture Oct 1, 2014, Downgraded to a range of LGD6, 95 % from a range of LGD5, 87 %
..Issuer: ATU Auto-Teile-Unger Handels GmbH & Co. KG
....EUR75M Senior Secured Regular Bond/Debenture May 15, 2014, Downgraded to Ca from Caa2
....EUR75M Senior Secured Regular Bond/Debenture May 15, 2014, Upgraded to a range of LGD3, 36 % from a range of LGD3, 37 %
....EUR375M 11% Senior Secured Regular Bond/Debenture May 15, 2014, Downgraded to Ca from Caa2
....EUR375M 11% Senior Secured Regular Bond/Debenture May 15, 2014, Upgraded to a range of LGD3, 36 % from a range of LGD3, 37 %
Outlook Actions:
..Issuer: A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG
....Outlook, Remains Negative
..Issuer: ATU Auto-Teile-Unger Handels GmbH & Co. KG
....Outlook, Remains Negative
RATINGS RATIONALE
Today's rating action has been triggered by (i) the non-payment of the coupon under the company's senior notes due on 1 December and (ii) the company's announcement made on 5 December of having reached an agreement with its shareholders and more than 80% of its senior bondholders regarding the financial restructuring of the group. The agreement, which is still subject to customary closing conditions, includes the conversion of the majority, if not all, of its senior claims into preferred equity and approximately 5% of common equity of ATU.
The rating changes mirror the result of our recovery analysis which indicates a recovery of approximately 35% for the senior notes and zero recovery for the junior notes.
The negative outlook reflects Moody's expectation of a very high likelihood for a an upcoming default, which could be either a limited default once the 30 days cure period for the missed interest payment under the senior notes due on 1 December lapses or a distressed exchange if the senior bondholders are forced to engage in a debt-to-equity swap. Downward pressure would also intensify if the group's restructuring efforts prove to be insufficient to maintain an appropriate earnings level.
A further downgrade of the ratings is possible if it becomes visible that the expected recovery ratio as outlined above could not be reached which might be the case if ATU is put into insolvency proceedings.
Positive rating pressure could build if ATU is able to timely and sustainably refinance its upcoming debt maturities, or if ATU were able to implement a more sustainable capital structure.
The principal methodology used in these ratings was the Global Retail Industry published in June 2011. 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 www.moodys.com for a copy of these methodologies.
Based in Weiden, Germany, ATU is Germany's leading operator of brand-independent car workshops with integrated specialist auto retail stores. As of June 2013, ATU operated a network of 646 branches, 598 of which are located in Germany, others in Austria, the Czech Republic, the Netherlands, Switzerland and Italy. In fiscal year 2012/13, ATU generated €1.16 billion revenues through its 10,879 employees. The vast majority of sales (around 80%) are generated in the vehicle workshops through servicing and repairs, with the remaining approximately 20% generated through the sale of auto parts and accessories in stores and online. ATU is owned by private equity firm KKR and management.
Global Credit Research - 09 Dec 2013
Approximately EUR 590 million rated debt affected
Frankfurt am Main, December 09, 2013 -- Moody's Investors Service has today downgraded the corporate family rating ("CFR") of A.T.U. Auto-Teile-Unger Investment GmbH & Co. KG ("ATU") to Ca from Caa3 and the probability of default rating ("PDR") to Ca-PD from Caa3-PD; the rating of the issuer's EUR 143 million senior subordinated floating rate notes has been changed to C from Ca. At the same time, Moody's has downgraded the rating of the EUR 375 million senior secured notes as well as the EUR 75 million senior secured floating rate notes issued by A.T.U. Auto-Teile-Unger Handels GmbH & Co. KG to Ca from Caa2. The outlook remains negative.
The following ratings are affected:
Downgrades:
..Issuer: A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG
.... Corporate Family Rating, Downgraded to Ca from Caa3
.... Probability of Default Rating, Downgraded to Ca-PD from Caa3-PD
....EUR143M Senior Subordinated Regular Bond/Debenture Oct 1, 2014, Downgraded to C from Ca
....EUR143M Senior Subordinated Regular Bond/Debenture Oct 1, 2014, Downgraded to a range of LGD6, 95 % from a range of LGD5, 87 %
..Issuer: ATU Auto-Teile-Unger Handels GmbH & Co. KG
....EUR75M Senior Secured Regular Bond/Debenture May 15, 2014, Downgraded to Ca from Caa2
....EUR75M Senior Secured Regular Bond/Debenture May 15, 2014, Upgraded to a range of LGD3, 36 % from a range of LGD3, 37 %
....EUR375M 11% Senior Secured Regular Bond/Debenture May 15, 2014, Downgraded to Ca from Caa2
....EUR375M 11% Senior Secured Regular Bond/Debenture May 15, 2014, Upgraded to a range of LGD3, 36 % from a range of LGD3, 37 %
Outlook Actions:
..Issuer: A.T.U. Auto-Teile-Unger Invtmt GmbH & Co. KG
....Outlook, Remains Negative
..Issuer: ATU Auto-Teile-Unger Handels GmbH & Co. KG
....Outlook, Remains Negative
RATINGS RATIONALE
Today's rating action has been triggered by (i) the non-payment of the coupon under the company's senior notes due on 1 December and (ii) the company's announcement made on 5 December of having reached an agreement with its shareholders and more than 80% of its senior bondholders regarding the financial restructuring of the group. The agreement, which is still subject to customary closing conditions, includes the conversion of the majority, if not all, of its senior claims into preferred equity and approximately 5% of common equity of ATU.
The rating changes mirror the result of our recovery analysis which indicates a recovery of approximately 35% for the senior notes and zero recovery for the junior notes.
The negative outlook reflects Moody's expectation of a very high likelihood for a an upcoming default, which could be either a limited default once the 30 days cure period for the missed interest payment under the senior notes due on 1 December lapses or a distressed exchange if the senior bondholders are forced to engage in a debt-to-equity swap. Downward pressure would also intensify if the group's restructuring efforts prove to be insufficient to maintain an appropriate earnings level.
A further downgrade of the ratings is possible if it becomes visible that the expected recovery ratio as outlined above could not be reached which might be the case if ATU is put into insolvency proceedings.
Positive rating pressure could build if ATU is able to timely and sustainably refinance its upcoming debt maturities, or if ATU were able to implement a more sustainable capital structure.
The principal methodology used in these ratings was the Global Retail Industry published in June 2011. 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 www.moodys.com for a copy of these methodologies.
Based in Weiden, Germany, ATU is Germany's leading operator of brand-independent car workshops with integrated specialist auto retail stores. As of June 2013, ATU operated a network of 646 branches, 598 of which are located in Germany, others in Austria, the Czech Republic, the Netherlands, Switzerland and Italy. In fiscal year 2012/13, ATU generated €1.16 billion revenues through its 10,879 employees. The vast majority of sales (around 80%) are generated in the vehicle workshops through servicing and repairs, with the remaining approximately 20% generated through the sale of auto parts and accessories in stores and online. ATU is owned by private equity firm KKR and management.
- Stato
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