arkymede74
Forumer storico
ormai aspetto lo scarico della cedola.... magari l'euro si apprezza un po' sul dollaro...
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
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ormai aspetto lo scarico della cedola.... magari l'euro si apprezza un po' sul dollaro...
Moody's downgrades Bombardier to B2, outlook remains negative
Global Credit Research - 06 Aug 2015
Approximately $9 Billion of Debt Securities Affected
Toronto, August 06, 2015 -- Moody's Investors Service downgraded Bombardier Inc.'s Corporate Family rating (CFR) to B2 from B1, probability of default rating to B2-PD from B1-PD and senior unsecured ratings to B2 from B1. Moody's also affirmed the company's speculative grade liquidity rating at SGL-2, indicating good liquidity. Bombardier's outlook remains negative.
RATINGS RATIONALE
"We believe that weakness in Bombardier's business jet segment will push its leverage above 8.5x next year and that the company's cash flow consumption will be more negative than we previously expected", said Darren Kirk, Moody's Vice President and Senior Credit Officer, explaining the downgrade.
Bombardier's B2 CFR is driven by its significant financial leverage, ongoing cash consumption, and risks associated with bringing the CSeries into service in the first half of 2016. A new management team is focused on addressing performance issues, reducing costs and improving cash flows while enhancing flexibility through an initial public offering (IPO) of the Transportation division. Moody's nonetheless expects Bombardier's EBITDA to decline through 2016 due to costs associated with ramping up CSeries production and weakness in the business jet segment, which will also cause Bombardier to consume more cash than Moody's previously expected. In particular, market conditions for large cabin business jets have softened in recent quarters while Bombardier's competitive position has weakened in Moody's opinion as it has spent heavily on the CSeries and business jets that will not enter into service until at least late 2018. The company's significant scale and diversity, established global market positions, good liquidity, natural barriers to entry and sizeable backlog levels in its primary business segments favorably influence the rating.
Bombardier's SGL-2 liquidity rating is supported by June 30, 2015 cash of $3.1 billion and $1.3 billion (USD equivalent) of unused revolvers ($750 million at BA due June 2018 and EUR 500 million at BT due Mar 2017). After consuming $1.6 billion of cash in H1/15, Moody's estimates that Bombardier will generate neutral to modestly positive free cash flow in the second half of 2015. Free cash flow consumption should improve towards a use of $750 million next year in Moody's estimate as the CSeries capex is reduced and actions are taken by the new management team. Typical seasonal working capital swings however may result in Bombardier's cash hitting a minimum of $2 billion by September 30, 2016, excluding any proceeds from the potential IPO of the Transportation business. Bombardier's bank financial covenants are not public, but they include minimum liquidity and maximum leverage requirements. Moody's expects the company will maintain good headroom against the covenants but view the covenant package as cumbersome, which weighs on the SGL rating. The company does not have any material debt maturities until 2018, when $1.4 billion matures.
The negative ratings outlook reflects Bombardier's very high financial leverage and cash consumption that has consistently exceeded Moody's expectations during the last few years.
Bombardier's rating could be upgraded if 1) its CSeries aircraft enters into service, leading to stronger order flow for the aircraft, 2) Moody's expects the company will produce sustainable free cash flow, and 3) Moody's expects adjusted financial leverage will reduce below 6.5x.
Bombardier's rating could be downgraded if 1) further delays and/or cost overruns occur with the CSeries, 2) if Moody's expects the company's adjusted financial leverage to remain above 8.5x, or 3) if Moody's develops concerns over the adequacy of the company's liquidity.
..Issuer: Bombardier Inc.
.... Speculative Grade Liquidity Rating, Affirmed at SGL-2
....Corporate Family Rating, downgraded to B2 from B1
....Probability of Default Rating, downgraded to B2-PD from B1-PD
....Senior Unsecured Regular Bonds/Debentures, downgraded to B2 (LGD4) from B1 (LGD4)
Outlook Action:
..Issuer: Bombardier Inc.
....Outlook, remains Negative
..Issuer: Broward (County of) FL
....Senior Unsecured Revenue Bonds, downgraded to B2 (LGD4) from B1 (LGD4)
..Issuer: Connecticut Development Authority
.... Senior Unsecured Revenue Bonds, downgraded to B2 (LGD4) from B1 (LGD4)
..Issuer: Dallas-Fort Worth Intl. Airp. Fac. Imp. Corp.
.... Senior Unsecured Revenue Bonds, downgraded to B2 (LGD4) from B1 (LGD4)
The principal methodology used in these ratings was Global Aerospace and Defense Industry published in April 2014. 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.
Headquartered in Montreal, Quebec, Canada, Bombardier is a globally diversified manufacturer of business and commercial jets as well as rail transportation equipment. Annual revenues total roughly $20 billion
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 www.moodys.com.
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.
The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
Moody's has not provided advisory services but may have provided Ancillary or Other Permissible Service(s) to the rated entity, its related third parties and/or the party that requested the rating within the past two years (including during the most recently ended fiscal year). Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's credit rating agency in Canada" on the ratings disclosure page www.moodys.com/disclosures on our website for further information.
Global Credit Research - 06 Aug 2015
Approximately $9 Billion of Debt Securities Affected
Toronto, August 06, 2015 -- Moody's Investors Service downgraded Bombardier Inc.'s Corporate Family rating (CFR) to B2 from B1, probability of default rating to B2-PD from B1-PD and senior unsecured ratings to B2 from B1. Moody's also affirmed the company's speculative grade liquidity rating at SGL-2, indicating good liquidity. Bombardier's outlook remains negative.
RATINGS RATIONALE
"We believe that weakness in Bombardier's business jet segment will push its leverage above 8.5x next year and that the company's cash flow consumption will be more negative than we previously expected", said Darren Kirk, Moody's Vice President and Senior Credit Officer, explaining the downgrade.
Bombardier's B2 CFR is driven by its significant financial leverage, ongoing cash consumption, and risks associated with bringing the CSeries into service in the first half of 2016. A new management team is focused on addressing performance issues, reducing costs and improving cash flows while enhancing flexibility through an initial public offering (IPO) of the Transportation division. Moody's nonetheless expects Bombardier's EBITDA to decline through 2016 due to costs associated with ramping up CSeries production and weakness in the business jet segment, which will also cause Bombardier to consume more cash than Moody's previously expected. In particular, market conditions for large cabin business jets have softened in recent quarters while Bombardier's competitive position has weakened in Moody's opinion as it has spent heavily on the CSeries and business jets that will not enter into service until at least late 2018. The company's significant scale and diversity, established global market positions, good liquidity, natural barriers to entry and sizeable backlog levels in its primary business segments favorably influence the rating.
Bombardier's SGL-2 liquidity rating is supported by June 30, 2015 cash of $3.1 billion and $1.3 billion (USD equivalent) of unused revolvers ($750 million at BA due June 2018 and EUR 500 million at BT due Mar 2017). After consuming $1.6 billion of cash in H1/15, Moody's estimates that Bombardier will generate neutral to modestly positive free cash flow in the second half of 2015. Free cash flow consumption should improve towards a use of $750 million next year in Moody's estimate as the CSeries capex is reduced and actions are taken by the new management team. Typical seasonal working capital swings however may result in Bombardier's cash hitting a minimum of $2 billion by September 30, 2016, excluding any proceeds from the potential IPO of the Transportation business. Bombardier's bank financial covenants are not public, but they include minimum liquidity and maximum leverage requirements. Moody's expects the company will maintain good headroom against the covenants but view the covenant package as cumbersome, which weighs on the SGL rating. The company does not have any material debt maturities until 2018, when $1.4 billion matures.
The negative ratings outlook reflects Bombardier's very high financial leverage and cash consumption that has consistently exceeded Moody's expectations during the last few years.
Bombardier's rating could be upgraded if 1) its CSeries aircraft enters into service, leading to stronger order flow for the aircraft, 2) Moody's expects the company will produce sustainable free cash flow, and 3) Moody's expects adjusted financial leverage will reduce below 6.5x.
Bombardier's rating could be downgraded if 1) further delays and/or cost overruns occur with the CSeries, 2) if Moody's expects the company's adjusted financial leverage to remain above 8.5x, or 3) if Moody's develops concerns over the adequacy of the company's liquidity.
..Issuer: Bombardier Inc.
.... Speculative Grade Liquidity Rating, Affirmed at SGL-2
....Corporate Family Rating, downgraded to B2 from B1
....Probability of Default Rating, downgraded to B2-PD from B1-PD
....Senior Unsecured Regular Bonds/Debentures, downgraded to B2 (LGD4) from B1 (LGD4)
Outlook Action:
..Issuer: Bombardier Inc.
....Outlook, remains Negative
..Issuer: Broward (County of) FL
....Senior Unsecured Revenue Bonds, downgraded to B2 (LGD4) from B1 (LGD4)
..Issuer: Connecticut Development Authority
.... Senior Unsecured Revenue Bonds, downgraded to B2 (LGD4) from B1 (LGD4)
..Issuer: Dallas-Fort Worth Intl. Airp. Fac. Imp. Corp.
.... Senior Unsecured Revenue Bonds, downgraded to B2 (LGD4) from B1 (LGD4)
The principal methodology used in these ratings was Global Aerospace and Defense Industry published in April 2014. 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.
Headquartered in Montreal, Quebec, Canada, Bombardier is a globally diversified manufacturer of business and commercial jets as well as rail transportation equipment. Annual revenues total roughly $20 billion
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 www.moodys.com.
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.
The ratings have been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
Moody's has not provided advisory services but may have provided Ancillary or Other Permissible Service(s) to the rated entity, its related third parties and/or the party that requested the rating within the past two years (including during the most recently ended fiscal year). Please see the special report "Ancillary or other permissible services provided to entities rated by MIS's credit rating agency in Canada" on the ratings disclosure page www.moodys.com/disclosures on our website for further information.
darkog
In Hoc Signo Vince..
Ci fosse qlc nn in picchiata in questo caldo agosto.
Storicamente lo shopping estivo mi ha sempre portato bene, speriamo anche questa volta sia così..
da quel che ho letto sino a questo momento nulla di negativo..anzi
forse, dico forse, qualcuno ha venduto molto
cerco ancora...
iguanito
Forumer storico
Porca t...ia; averlo saputo aspettavo qualche giorno!! Avrei comprato a ameno
Io lo dico di tutti gli acquisti da due mesi a sta parte
iguanito
Forumer storico
Credo di essere l'unico co......e qui che ha comprato il 2019 a 90 tempo fa
Io lo dico di tutti gli acquisti da due mesi a sta parte
mi associo
bombardier 2025 pmc 95 e ora si compra a 79..e scende ancora
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