fedro10
è la somma che fa il totale...
e non solo di FMG ma anche di Iamgold Corp. Anleihe: 6,750% bis 01.10.2020
latitante anchessa
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
e non solo di FMG ma anche di Iamgold Corp. Anleihe: 6,750% bis 01.10.2020
latitante anchessa
iguanito
Forumer storico
Questa è grandiosa!!!
fedro10
è la somma che fa il totale...
US912920AL99 Qwest Corp. Anleihe: 7,200% bis 10.11.2026
Rating Action: Moody's rates Qwest Corp. new notes Baa3
Global Credit Research - 10 Sep 2015
New York, September 10, 2015 -- Moody's Investors Service ("Moody's") has assigned a Baa3 rating to Qwest Corporation's proposed offering of senior unsecured notes due 2055. The proceeds from the note offering are expected to be used to redeem all of the Qwest Corporation 2026 Notes and a portion of the 2033 Notes. The company's other ratings and negative outlook remain unchanged.
Moody's has taken the following rating action:
Qwest Corporation
.. New Senior Unsecured Notes due 2055: Assigned Baa3 (LGD3)
RATINGS RATIONALE
CenturyLink, Inc.'s ("CenturyLink" or "the company") Ba1 Corporate Family Rating reflects the company's predictable cash flows, its broad base of operations, and a still strong market position, especially in its fiber-enabled large markets. These positives are offset by the challenges the company faces in reversing the downward pressure on revenues and EBITDA margins due to competitive forces and secular changes in the industry. Management's tolerance for higher leverage and its recent inclination to use a majority of its excess cash flow for share repurchases also weighs on the rating. Finally, the expectation of significantly higher cash taxes in 2016 and beyond will also prevent meaningful debt reduction. Consequently, credit protection measurements (i.e. debt to EBITDA) are expected to remain relatively flat, at best.
CenturyLink had a weak 2Q'15 performance with results negatively impacted by a renegotiation of a long-term wholesale agreement that drives an approximately $40 million reduction to the company's revenue guidance for FYE2015 and expenses that were $80 million higher than anticipated. To offset these negative developments, CenturyLink is implementing plans to reduce planned expenses by $125 million for the second half of 2015, including lowering contract labor and professional services cost, reductions in employee headcount and other expense reductions. The company also created a team to identify and drive ongoing efficiencies in the business which should result in additional opportunities to improve performance and reduce expenses by driving additional automation and simplification into the business. We expect these initiatives to produce the expected cost savings this year and beyond. That said, margin stability is unlikely until 2017, at the earliest. Finally, CenturyLink announced a $200 million reduction in planned capital spending this year. We do not believe that this modest reduction in investment will negatively affect growth prospects as its capital intensity levels remain among the highest in the sector.
Moody's could lower the ratings further if one of the following occurs: a) leverage (Debt / EBITDA, Moody's adjusted) were to exceed 3.4x or free cash flow to debt fell below 5% on a sustained basis; b) management were to signal further tolerance of additional financial leverage; c) a new share repurchase program (or any dividend increase) was announced, or: d) capital investment were reduced to levels that would weaken the company's competitive position.
Though unlikely given the company's share repurchase program and current leverage target, Moody's could raise CenturyLink's ratings if leverage were to be sustained below 3.0x (Debt / EBITDA, Moody's adjusted) and free cash flow to debt were in the high single digits. More importantly, we would need evidence that management is committed to a more conservative financial policy.
The principal methodology used in this rating was Global Telecommunications Industry published in December 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
Rating Action: Moody's rates Qwest Corp. new notes Baa3
Global Credit Research - 10 Sep 2015
New York, September 10, 2015 -- Moody's Investors Service ("Moody's") has assigned a Baa3 rating to Qwest Corporation's proposed offering of senior unsecured notes due 2055. The proceeds from the note offering are expected to be used to redeem all of the Qwest Corporation 2026 Notes and a portion of the 2033 Notes. The company's other ratings and negative outlook remain unchanged.
Moody's has taken the following rating action:
Qwest Corporation
.. New Senior Unsecured Notes due 2055: Assigned Baa3 (LGD3)
RATINGS RATIONALE
CenturyLink, Inc.'s ("CenturyLink" or "the company") Ba1 Corporate Family Rating reflects the company's predictable cash flows, its broad base of operations, and a still strong market position, especially in its fiber-enabled large markets. These positives are offset by the challenges the company faces in reversing the downward pressure on revenues and EBITDA margins due to competitive forces and secular changes in the industry. Management's tolerance for higher leverage and its recent inclination to use a majority of its excess cash flow for share repurchases also weighs on the rating. Finally, the expectation of significantly higher cash taxes in 2016 and beyond will also prevent meaningful debt reduction. Consequently, credit protection measurements (i.e. debt to EBITDA) are expected to remain relatively flat, at best.
CenturyLink had a weak 2Q'15 performance with results negatively impacted by a renegotiation of a long-term wholesale agreement that drives an approximately $40 million reduction to the company's revenue guidance for FYE2015 and expenses that were $80 million higher than anticipated. To offset these negative developments, CenturyLink is implementing plans to reduce planned expenses by $125 million for the second half of 2015, including lowering contract labor and professional services cost, reductions in employee headcount and other expense reductions. The company also created a team to identify and drive ongoing efficiencies in the business which should result in additional opportunities to improve performance and reduce expenses by driving additional automation and simplification into the business. We expect these initiatives to produce the expected cost savings this year and beyond. That said, margin stability is unlikely until 2017, at the earliest. Finally, CenturyLink announced a $200 million reduction in planned capital spending this year. We do not believe that this modest reduction in investment will negatively affect growth prospects as its capital intensity levels remain among the highest in the sector.
Moody's could lower the ratings further if one of the following occurs: a) leverage (Debt / EBITDA, Moody's adjusted) were to exceed 3.4x or free cash flow to debt fell below 5% on a sustained basis; b) management were to signal further tolerance of additional financial leverage; c) a new share repurchase program (or any dividend increase) was announced, or: d) capital investment were reduced to levels that would weaken the company's competitive position.
Though unlikely given the company's share repurchase program and current leverage target, Moody's could raise CenturyLink's ratings if leverage were to be sustained below 3.0x (Debt / EBITDA, Moody's adjusted) and free cash flow to debt were in the high single digits. More importantly, we would need evidence that management is committed to a more conservative financial policy.
The principal methodology used in this rating was Global Telecommunications Industry published in December 2010. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.
fedro10
è la somma che fa il totale...
Grupo Papelero Scribe S.A. de C.V. Anleihe: 8,875% bis 07.04.2020
Acreedores avalan compra de Scribe por Bio Pappel | El Economista
Acreedores avalan compra de Scribe por Bio Pappel | El Economista
Cat XL
Shizuka Minamoto
Io ho preso la scorsa settimana le Trafigura 2020 5%.
londonwhale
Forumer storico
io me ne sto fuori per tre motivi:
1) sono già esposto alle commodity con FMG
2) sono troppo opache per i miei gusti
3) ho finito i soldi
Cat XL
Shizuka Minamoto
io me ne sto fuori per tre motivi:
1) sono già esposto alle commodity con FMG
2) sono troppo opache per i miei gusti
3) ho finito i soldi
Trafigura e' migliorata negli ultimini anni in termini di disclosure. Certo rimangono molto dodgy...
arkymede74
Forumer storico
arkymede74
Forumer storico
non dovremmo avere problemi per il bond..giusto??
arkymede74
Forumer storico
come sopra.. neanche questa operazione dovrebbe impattare negativamente sui bond giusto?
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HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
