Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (7 lettori)

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Cat XL

Shizuka Minamoto
Cma cgm



CMA CGM
CMACG USD 8.5% April 2017 103.75 – 104.75 YTM 6.68%
CMACG EUR 8.75% December 2018 105.5 – 106.5 YTM 7.2%
CMACG EUR 8.875% April 2019 106.25 – 107 YTM 7.29%
Upgraded
Yesterday Standard & Poor upgraded the long term credit rating of French container shipping company CMA CGM to 'B+' from 'B'. At the same time it upgraded rating of the company’s senior unsecured notes by one notch to 'B-' from 'CCC+. S&P said that the action reflects its view that the company’s “financial policy has shifted toward more predictable and balanced organic growth strategies and acquisition plans,”. It added that it considers positive that the company maintains "adequate liquidity and ample cash buffer of at least $1bn”, “given the inherent volatility of the sector in which CMA CGM operates and associated swings in earnings and cash flow”.
The stable outlook reflects the rating agency view “that, despite our expectation of volatile industry conditions, CMA CGM will realize further cost savings, maintain a reported EBITDA margin of about 6%-7%, and generate sufficient operating cash flow to improve and maintain credit ratios commensurate with the current rating over the coming 12-18 months”.
 
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