CMA e' stata downgradata da S&P. Attenzione che questo bond va monitorato per possibili ricadute. C'e' una cosa di buono. Che c'e' piu' comunicazione da parte della societa'. Prima c'era un vuoto informativo.
S&P downgraded CMA-CGM long-term corporate rating to „B-‟ from „B+‟ and its notes to CCC from B- reflecting the lower than expected 2011 operating profit and a weak liquidity profile according to the rating agency criteria. S&P is expecting cash flow generation to remain limited in the next quarters and the covenants to be breached. Meanwhile, as we reported last week, CMA-CGM announced it was negotiating with its lending banks to adapt its covenants to the cyclicality of the business, with a test based on the debt to asset value ratio rather than linked to EBITDA which we see as positive for bondholders. The company hopes to finalize the discussions by the end of June 2012.
CMA-CGM confirmed in yesterday‟s conf call that it was in talks with its banks regarding its debt, looking to extend maturities and renegotiate its covenants. The company is targeting to reach an agreement by the end of June. The company is looking to get a stable covenant structure, not changing every quarter, including a minimum cash amount and a correlation between the amount of debt and the value of the assets. Yildrim group is also rumoured to have increased its stake in the company from 20% to 30%, after CMA-CGM exercised an option towards the Turkish investor for $250m additional cash.
