Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1

[gionmorg]

ho trovato questo
GenOn Energy, Inc. Ratings Lowered | Daily Bankrupt Company ...

nulla di nuovo, moodys aveva già scritto le stesse cose a Ottobre

And, while we did not expect a default in 2016 because of significant cash
balances.

ammazza che scienziati, il 10 Gennaio 2017 scrivono che non si aspettano un default nel 2016

 

[fabriziof]

nulla di nuovo, moodys aveva già scritto le stesse cose a Ottobre

And, while we did not expect a default in 2016 because of significant cash
balances.

ammazza che scienziati, il 10 Gennaio 2017 scrivono che non si aspettano un default nel 2016

we did ,non si aspettavano...comunque bisognerebbe leggere l'intero testo

 

[gionmorg]

we did ,non si aspettavano...comunque bisognerebbe leggere l'intero testo

vabbhè il succo è quello:

GenOn Energy Inc. And Affiliates Ratings Lowered To 'CCC-', Outlook Negative; Debt Ratings Lowered

• 10-Jan-2017 18:01 GMT

View Analyst Contact Information

• U.S. independent power producer GenOn Energy Inc.'s EBITDA profile
  remains significantly backward-dated under prevailing power pricing,
  which will result in negative cash flow from operations in 2017.
• In our view, the company's cash on hand and level of generation hedging
  into 2017 are adequate to support operations through mid-2017. We
  maintain the liquidity score at less than adequate. While there is cash
  on hand to theoretically pay down the June maturity, sources barely cover
  uses over the next 12 months, including lease payments obligations
  through 2017.
• The company has not yet communicated a credible plan to address its 2017
  debt maturities, and the likelihood of a restructuring or a bankruptcy
  filing by June 2017 is increasing. Even if the company were able to
  pay-down this debt from cash on hand, it also faces a large 2018 maturity.
• We are lowering our corporate credit ratings on GenOn Energy and its
  affiliates to 'CCC-' from 'CCC', reflecting the primary credit concern of
  a near-term maturity (about $690 million senior unsecured notes) in June
  2017). At the same time, we are lowering certain of our issue-level
  ratings on GenOn Energy and its affiliates.
• The negative outlook reflects the continuing pressure on financial
  measures. In our view, GenOn is now fully dependent on favorable
  business, financial, and economic conditions that would cause an increase
  in forward power price curves and allow the company to meet its financial
  commitments beyond the next year.

NEW YORK (S&P Global Ratings) Jan. 10, 2017--S&P Global Ratings said today it
lowered its corporate credit ratings to 'CCC-' from 'CCC' on GenOn Energy Inc.
and its affiliates: GenOn Energy Holdings Inc., GenOn Americas LLC, GenOn
Mid-Atlantic LLC, and GenOn REMA LLC (see list below). The outlook is
negative.

At the same time, we lowered our issue-level rating on GenOn Energy Inc.'s
senior unsecured debt to 'CCC' from 'CCC+'. The recovery rating remains '2',
reflecting our expectation of substantial (70%-90%; lower half of the range)
recovery in the event of default. We also lowered our issue-level rating on
GenOn Americas LLC's senior unsecured debt to 'CCC-' from 'CCC'. The recovery
rating is '3', reflecting our expectation of meaningful (50%-70%; higher end
of the range) recovery in the event of default. In addition, we lowered our
issue-level rating on GenOn Mid-Atlantic LLC's and GenOn REMA LLC's senior
secured debt to 'CCC+' from 'B-'. The recovery rating is '1', reflecting our
expectation of very high (90%-100%) recovery in the event of default.

"The negative outlook reflects the continuing pressure on financial measures.
And, while we did not expect a default in 2016 because of significant cash
balances, it reflects the prospects that GenOn might consider distressed
exchange offers over the next six months," said S&P Global Ratings credit
analyst Aneesh Prabhu. "The negative outlook also factors in the $690 million
maturity in June 2017, which puts pressure on the company to restructure. Even
absent a restructuring or distressed exchange, we anticipate that within the
next six months the issuer could face an inevitable default in the form of an
inability to refinance 2018 maturities, which would be commensurate with a
'CC' rating."

Consistent with our criteria, we see the probability of a downgrade to 'CC' as
likely by midyear because we see increasing probability of the company
defaulting before, or by, June 2017, when it faces a large refinancing. The
ratings are not currently 'CC' because the company has a sufficient cash
balance and revolver availability to theoretically meet its 2017 debt
obligations. GenOn's downside risks stem from the backward-dated cash flow
profile as hedges fall away after 2017 under the prevailing forward prices. We
expect GenOn to be disproportionately affected relative to peers, because the
loss in dark spreads is not offset by increasing spark spreads or an expansion
in market heat rates. We would downgrade GenOn on an announcement of a
distressed exchange.

Though unlikely, we could revise the outlook to stable if potential asset
sales mitigate liquidity needs to address 2017 maturities and the forward
power prices improve such that GenOn can maintain an adjusted FFO-to-debt
ratio of about 4%-5%. An upgrade, currently not under consideration, could
occur if a rebound in capacity and energy market auctions supports the
operations of its coal plants or if environmental regulations are not as
stringent as we expect. In particular, we will monitor the hedges that the
company is able to place to underpin its financial performance. However, an
upgrade would require FFO-to-debt ratios that are consistently over 5%.

 

[fabriziof]

Il vostro ha recovery 2 (Lower half)?

 

[gionmorg]

Il vostro ha recovery 2 (Lower half)?

il nostro è genon escrow corp, garantito da genon energy ed è un backed senior unsecured ma non capisco se si deve fare riferimento a:

At the same time, we lowered our issue-level rating on GenOn Energy Inc.'s
senior unsecured debt to 'CCC' from 'CCC+'. The recovery rating remains '2',
reflecting our expectation of substantial (70%-90%; lower half of the range)
recovery in the event of default.

70/90 % di recovery?
Che poi sarebbe la metà più bassa della forchetta quindi diciamo da 70 a 80?
Mi sembra ottimistico.

 

[LUISBOND]

vabbhè il succo è quello:

GenOn Energy Inc. And Affiliates Ratings Lowered To 'CCC-', Outlook Negative; Debt Ratings Lowered

• 10-Jan-2017 18:01 GMT

View Analyst Contact Information

• U.S. independent power producer GenOn Energy Inc.'s EBITDA profile
  remains significantly backward-dated under prevailing power pricing,
  which will result in negative cash flow from operations in 2017.
• In our view, the company's cash on hand and level of generation hedging
  into 2017 are adequate to support operations through mid-2017. We
  maintain the liquidity score at less than adequate. While there is cash
  on hand to theoretically pay down the June maturity, sources barely cover
  uses over the next 12 months, including lease payments obligations
  through 2017.
• The company has not yet communicated a credible plan to address its 2017
  debt maturities, and the likelihood of a restructuring or a bankruptcy
  filing by June 2017 is increasing. Even if the company were able to
  pay-down this debt from cash on hand, it also faces a large 2018 maturity.
• We are lowering our corporate credit ratings on GenOn Energy and its
  affiliates to 'CCC-' from 'CCC', reflecting the primary credit concern of
  a near-term maturity (about $690 million senior unsecured notes) in June
  2017). At the same time, we are lowering certain of our issue-level
  ratings on GenOn Energy and its affiliates.
• The negative outlook reflects the continuing pressure on financial
  measures. In our view, GenOn is now fully dependent on favorable
  business, financial, and economic conditions that would cause an increase
  in forward power price curves and allow the company to meet its financial
  commitments beyond the next year.

NEW YORK (S&P Global Ratings) Jan. 10, 2017--S&P Global Ratings said today it
lowered its corporate credit ratings to 'CCC-' from 'CCC' on GenOn Energy Inc.
and its affiliates: GenOn Energy Holdings Inc., GenOn Americas LLC, GenOn
Mid-Atlantic LLC, and GenOn REMA LLC (see list below). The outlook is
negative.

At the same time, we lowered our issue-level rating on GenOn Energy Inc.'s
senior unsecured debt to 'CCC' from 'CCC+'. The recovery rating remains '2',
reflecting our expectation of substantial (70%-90%; lower half of the range)
recovery in the event of default. We also lowered our issue-level rating on
GenOn Americas LLC's senior unsecured debt to 'CCC-' from 'CCC'. The recovery
rating is '3', reflecting our expectation of meaningful (50%-70%; higher end
of the range) recovery in the event of default. In addition, we lowered our
issue-level rating on GenOn Mid-Atlantic LLC's and GenOn REMA LLC's senior
secured debt to 'CCC+' from 'B-'. The recovery rating is '1', reflecting our
expectation of very high (90%-100%) recovery in the event of default.

"The negative outlook reflects the continuing pressure on financial measures.
And, while we did not expect a default in 2016 because of significant cash
balances, it reflects the prospects that GenOn might consider distressed
exchange offers over the next six months," said S&P Global Ratings credit
analyst Aneesh Prabhu. "The negative outlook also factors in the $690 million
maturity in June 2017, which puts pressure on the company to restructure. Even
absent a restructuring or distressed exchange, we anticipate that within the
next six months the issuer could face an inevitable default in the form of an
inability to refinance 2018 maturities, which would be commensurate with a
'CC' rating."

Consistent with our criteria, we see the probability of a downgrade to 'CC' as
likely by midyear because we see increasing probability of the company
defaulting before, or by, June 2017, when it faces a large refinancing. The
ratings are not currently 'CC' because the company has a sufficient cash
balance and revolver availability to theoretically meet its 2017 debt
obligations. GenOn's downside risks stem from the backward-dated cash flow
profile as hedges fall away after 2017 under the prevailing forward prices. We
expect GenOn to be disproportionately affected relative to peers, because the
loss in dark spreads is not offset by increasing spark spreads or an expansion
in market heat rates. We would downgrade GenOn on an announcement of a
distressed exchange.

Though unlikely, we could revise the outlook to stable if potential asset
sales mitigate liquidity needs to address 2017 maturities and the forward
power prices improve such that GenOn can maintain an adjusted FFO-to-debt
ratio of about 4%-5%. An upgrade, currently not under consideration, could
occur if a rebound in capacity and energy market auctions supports the
operations of its coal plants or if environmental regulations are not as
stringent as we expect. In particular, we will monitor the hedges that the
company is able to place to underpin its financial performance. However, an
upgrade would require FFO-to-debt ratios that are consistently over 5%.

alla

Il vostro ha recovery 2 (Lower half)?

Il vostro ha recovery 2 (Lower half)?

alla larga da titoli simili!!!! i nostri default fanno parte del giornaliero bollettino di guerra!!!

 

[fabriziof]

il nostro è genon escrow corp, garantito da genon energy ed è un backed senior unsecured ma non capisco se si deve fare riferimento a:

At the same time, we lowered our issue-level rating on GenOn Energy Inc.'s
senior unsecured debt to 'CCC' from 'CCC+'. The recovery rating remains '2',
reflecting our expectation of substantial (70%-90%; lower half of the range)
recovery in the event of default.

70/90 % di recovery?
Che poi sarebbe la metà più bassa della forchetta quindi diciamo da 70 a 80?
Mi sembra ottimistico.

Secondo me é quello

 

[gionmorg]

alla


alla larga da titoli simili!!!! i nostri default fanno parte del giornaliero bollettino di guerra!!!

evitiamo commenti inutili

 

[Luca_niubbo]

DE000A11QHZ0 dove l'avete comprata? sempre IW tramite telefono?

 

[gionmorg]

ma otc si riesce ad operare o meglio lasciar perdere?