Myskin
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nfatti non ho dato l'ok...ora riprovo
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1 (8 lettori)
- Creatore Discussione TRADING_IDEAS
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nfatti non ho dato l'ok...ora riprovo
fedro10
è la somma che fa il totale...
Myskin
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captain sparrow
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declassamento di vivacom
BULGARIA / SCENE DA UN DEFAULT: BANCHIERI CHE SCAPPANO IN AEREO CON CASSE DI CONTANTI, SPIE, COMPLICI (CRAC CORPBANK!) - I fatti e le opinioni del Nord - ilnord.it
è stata declassata perchè ha i soldi depositati nella banca bulgara fallita. leggete l'articolo allegatoi bulgari non mi sembrano messi male...news non ne trovo
BULGARIA / SCENE DA UN DEFAULT: BANCHIERI CHE SCAPPANO IN AEREO CON CASSE DI CONTANTI, SPIE, COMPLICI (CRAC CORPBANK!) - I fatti e le opinioni del Nord - ilnord.it
fabriziof
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Io non lo leggo a priori,abbiamo già acclarato che é un foglio di disinformazione
bim o akros?
Myskin
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io no ma
Rating Action: Moody's downgrades Quicksilver's CFR to Caa1 and senior subordinated notes to Caa3
Global Credit Research - 13 Jun 2013
Approximately $1.8 billion rated debt affected
New York, June 13, 2013 -- Moody's Investors Service downgraded Quicksilver Resources Inc.'s (Quicksilver) Corporate Family Rating (CFR) to Caa1 from B3 and downgraded its senior subordinated notes rating to Caa3 from Caa2. Moody's also affirmed the B2 rating on the second lien senior secured term loan, affirmed the B2 rating on the second lien senior secured notes and affirmed the Caa2 rating on the senior unsecured notes.
"This rating action is reflective of Quicksilver's revised recapitalization plan," stated Michael Somogyi, Moody's Vice President & Senior Analyst. "Quicksilver's inability to complete its recapitalization plan as proposed elevates near-term refinancing risk given its weak operating profile and raises concerns over the sustainability of the company's capital structure."
Issuer: Quicksilver Resources Inc.
Rating Actions:
Corporate Family Rating (CFR), downgraded to Caa1 from B3
Probability of Default Rating (PDR), downgrade to Caa1-PD from B3-PD
Senior Subordinate Regular Bond/Debenture, downgraded to Caa3 (LGD-6 93%) from Caa2 (LGD-6 96%)
Rating Affirmations:
Second Lien Senior Secured Term Loan, affirmed B2 (LGD-3 32%)
Second Lien Senior Secured Bond/Debenture, affirmed B2 (LGD-3 32%)
Senior Unsecured Regular Bond/Debenture, affirmed Caa2 (LGD-5 75%)
Rating Outlook:
Outlook, maintain negative outlook
RATINGS RATIONALE
Quicksilver's Caa1 CFR reflects the company's continued weak operating profile and its elevating near-term refinancing risk following the inability to complete its recapitalization plan as proposed, thereby, raising concerns over the sustainability of the company's capital structure. The Caa1 CFR also incorporates Quicksilver's large, proved developed (PD) reserve base, completed asset sales and negotiated amendment to its bank credit facility that provide for extended covenant headroom.
Concurrent with the sale of an undivided 25% interest in its Barnett Shale oil and gas assets to TG Barnett Resources LP, a wholly-owned U.S. subsidiary of Tokyo Gas Company, Ltd (Aa3 stable) for $485 million, Quicksilver embarked on a broad recapitalization plan intended to extend its debt maturity profile and align covenant requirements on its bank credit facility with strategic business decisions. Proceeds from a proposed, new $675 million senior unsecured notes offering due 2021 and a new $200 million second lien notes offering due 2019, together with a new $600 million second lien senior secured term loan due 2019, were intended to refinance near-term debt maturities. The company announced a cash tender offer relating to its $438 million senior unsecured notes due 2015, $591 million senior unsecured notes due 2016, and $350 million of senior subordinated notes due 2016. Quicksilver also commenced a consent solicitation for its $298 million senior unsecured notes due 2019.
Quicksilver was unable to execute its recapitalization plan and downsized its proposed senior unsecured notes offering to $325 million. The company also terminated its Tender Offer and Consent Solicitation with respect to the outstanding $350 million senior subordinated notes due 2016. The reduced size of the new unsecured notes fails to fully address Quicksilver's near-term refinancing risk and elevates the execution risk associated with its transition towards a more balanced product mix due to the high near-term capital requirement and longer-lead time associated with the development potential of its asset base.
The Caa2 rating on the senior unsecured notes was affirmed and the B2 ratings on the second lien senior secured obligations were affirmed. The senior subordinated notes were downgraded to Caa3. This notching from Quicksilver's Caa1 CFR reflects the relative size of company's $350 million senior secured global borrowing base credit facility (not rated), the $625 million senior secured second lien term loan and the $200 million second lien senior secured notes potential priority claim over the $325 million senior unsecured notes and $350 million senior subordinated notes under Moody's Loss Given Default (LGD) Methodology. We overrode the Moody's Loss Given Default Methodology generated B3 rating on the senior secured second lien obligations based on our expectation that the underlying asset value should provide a higher average recovery for secured creditors.
The rating outlook remains negative. In order to stabilize the outlook, Quicksilver needs to demonstrate improved cash margins along with lower trending leverage metrics. An upgrade is unlikely in the near term absent material debt reduction and higher natural gas and NGL prices supportive of improved cash flow generation. A further downgrade would be considered if Quicksilver's liquidity profile weakens, or interest coverage and cash flow further deteriorate beyond maintenance levels.
The principal methodology used in rating Quicksilver was the Global Independent Exploration and Production Industry Methodology published in December 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.
gli ultimi dati 2014 mi sembrano affatto incorraggianti
drbs315
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