Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
- Creatore Discussione TRADING_IDEAS
- Data di Inizio
- Stato
zoro-aster
Forumer storico
sempre utili e interessanti gli elenchi, delle posizioni indicate ne ho 4 in ptf e penso incrementare . la ricerca diventa più semplice . ringrazio
CEDOLONE
Forumer storico
Moody's comments on Marfrig´s interest payment postponement
Global Credit Research - 18 Jul 2013
Sao Paulo, July 18, 2013 -- Moody's Investors Service commented today on Marfrig's amendment in the indenture of its BRL 2.150 billion convertible debentures and postponement of the payment of its annual interest to November 15th 2013 from July 15th 2013.
Global Credit Research - 18 Jul 2013
Sao Paulo, July 18, 2013 -- Moody's Investors Service commented today on Marfrig's amendment in the indenture of its BRL 2.150 billion convertible debentures and postponement of the payment of its annual interest to November 15th 2013 from July 15th 2013.
Tarjeta Naranja S.A. secondo me ancora ancora a buon mercato, sconta l'essere sud americana:
Fitch Ratings - Global rating agency dedicated to providing value beyond the rating through objective and balanced credit opinions, research and data.
Per chi ha voglia di tradursi lo spagnolo.
P.s. ho il titolo in ptf
Fitch Ratings - Global rating agency dedicated to providing value beyond the rating through objective and balanced credit opinions, research and data.
Per chi ha voglia di tradursi lo spagnolo.
P.s. ho il titolo in ptf
non so se era stata postata:
BUENOS AIRES (Standard & Poor's) June 13, 2013--Standard & Poor's Ratings
Services affirmed its 'B-' ratings on Aeropuertos Argentina 2000 S. A.
(AA2000). The outlook remains negative.
"Our ratings on AA2000 continue to reflect the company's exposure to Argentine
country risk, the limited track record of the country's regulatory framework,
the volatility inherent in passenger traffic, and challenges in implementing
an investment plan agreement with the central government, which includes
construction risk," said Standard & Poor's credit analyst Candela Macchi. The
partly offsetting factors are the company's very good competitive position
thanks to its exclusive concession to operate 33 airports in Argentina, and
its manageable maturity profile. We assess AA2000's business risk profile as
"vulnerable," its financial risk profile as "aggressive," and its management
as "fair."
During 2012, AA2000's consolidated revenues grew about 20% mainly due to an
increase in aeronautical income thanks to a 16% increase in regional tariffs
and a 17% rise in international tariffs, approved last December 2011 by the
local regulator, and to a lesser extent, to an improvement in passenger
traffic. Passenger traffic increased about 8.9% on an aggregate basis in 2012,
compared to 2011, totaling 24.7 million passengers. Domestic traffic rose by
16% during the same period, while international traffic was up by only 2.1%,
down from the double-digit increases over the last several years. Operating
costs, primarily salaries and wages, continued increasing in line with
inflation which weakened the company's EBITDA margin to 31.4% from the 34.1% a
year earlier. Credit metrics remained stable and consistent with our
expectations: EBITDA interest coverage was 9.2x for 2012 and funds from
operations (FFO) to debt was 44%, compared to 2.7x and 41.8%, respectively, in
fiscal 2011.
BUENOS AIRES (Standard & Poor's) June 13, 2013--Standard & Poor's Ratings
Services affirmed its 'B-' ratings on Aeropuertos Argentina 2000 S. A.
(AA2000). The outlook remains negative.
"Our ratings on AA2000 continue to reflect the company's exposure to Argentine
country risk, the limited track record of the country's regulatory framework,
the volatility inherent in passenger traffic, and challenges in implementing
an investment plan agreement with the central government, which includes
construction risk," said Standard & Poor's credit analyst Candela Macchi. The
partly offsetting factors are the company's very good competitive position
thanks to its exclusive concession to operate 33 airports in Argentina, and
its manageable maturity profile. We assess AA2000's business risk profile as
"vulnerable," its financial risk profile as "aggressive," and its management
as "fair."
During 2012, AA2000's consolidated revenues grew about 20% mainly due to an
increase in aeronautical income thanks to a 16% increase in regional tariffs
and a 17% rise in international tariffs, approved last December 2011 by the
local regulator, and to a lesser extent, to an improvement in passenger
traffic. Passenger traffic increased about 8.9% on an aggregate basis in 2012,
compared to 2011, totaling 24.7 million passengers. Domestic traffic rose by
16% during the same period, while international traffic was up by only 2.1%,
down from the double-digit increases over the last several years. Operating
costs, primarily salaries and wages, continued increasing in line with
inflation which weakened the company's EBITDA margin to 31.4% from the 34.1% a
year earlier. Credit metrics remained stable and consistent with our
expectations: EBITDA interest coverage was 9.2x for 2012 and funds from
operations (FFO) to debt was 44%, compared to 2.7x and 41.8%, respectively, in
fiscal 2011.
SAO PAULO (Standard & Poor's) July 5, 2013--Standard & Poor's Ratings Services
affirmed its 'B' global-scale corporate credit rating on Gol Linhas Aereas
Inteligentes S.A. (GOL). We also affirmed our 'brBBB-' national scale rating
on GOL. At the same time, we removed all our ratings on GOL from CreditWatch,
where they were placed with negative implications on Aug. 15, 2012. The
outlook is negative.
The negative outlook reflects the company's current weak credit metrics and
the risks we see that any improvement will take longer than expected to
materialize such as persistent lower demand and overcapacity in the domestic
passenger transportation sector, preventing the airline from making any
significant increase in passenger revenue per available seat kilometer
(PRASK). "At the same time, costs continue to pressure margins given the
recent devaluation in the Brazilian real of about 10% so far in 2013. The weak
local currency sharpens U.S. dollar-denominated expenses such as leasing,
maintenance, and fuel--collectively about 50% of the company's total
costs--while 90% of Gol's revenues is in local currency," said Standard &
Poor's credit analyst Rafaela Vitoria.
The ratings reflect our assessment of GOL's business risk profile as "weak"
and financial risk profile as "highly-leveraged." We believe domestic demand
fundamentals remain positive over the longer term, including favorable
demographics and improving income and employment levels in Brazil. However,
excess capacity and the economic slowdown in the country have kept domestic
fares low, while high fuel prices have hurt GOL's profitability and cash
generation. The slowdown in demand has weakened its revenues which are
primarily generated from domestic flights. We believe actions to reduce
capacity, which are crucial to improve performance, have taken time to
implement and therefore financial results take longer to consolidate.
GOL has lost some market share and has recently presented still low load
factors on its domestic flights as it has cut capacity more aggressively than
its competitors.
affirmed its 'B' global-scale corporate credit rating on Gol Linhas Aereas
Inteligentes S.A. (GOL). We also affirmed our 'brBBB-' national scale rating
on GOL. At the same time, we removed all our ratings on GOL from CreditWatch,
where they were placed with negative implications on Aug. 15, 2012. The
outlook is negative.
The negative outlook reflects the company's current weak credit metrics and
the risks we see that any improvement will take longer than expected to
materialize such as persistent lower demand and overcapacity in the domestic
passenger transportation sector, preventing the airline from making any
significant increase in passenger revenue per available seat kilometer
(PRASK). "At the same time, costs continue to pressure margins given the
recent devaluation in the Brazilian real of about 10% so far in 2013. The weak
local currency sharpens U.S. dollar-denominated expenses such as leasing,
maintenance, and fuel--collectively about 50% of the company's total
costs--while 90% of Gol's revenues is in local currency," said Standard &
Poor's credit analyst Rafaela Vitoria.
The ratings reflect our assessment of GOL's business risk profile as "weak"
and financial risk profile as "highly-leveraged." We believe domestic demand
fundamentals remain positive over the longer term, including favorable
demographics and improving income and employment levels in Brazil. However,
excess capacity and the economic slowdown in the country have kept domestic
fares low, while high fuel prices have hurt GOL's profitability and cash
generation. The slowdown in demand has weakened its revenues which are
primarily generated from domestic flights. We believe actions to reduce
capacity, which are crucial to improve performance, have taken time to
implement and therefore financial results take longer to consolidate.
GOL has lost some market share and has recently presented still low load
factors on its domestic flights as it has cut capacity more aggressively than
its competitors.
BUENOS AIRES (Standard & Poor's) July 4, 2013--Standard & Poor's Ratings
Services placed its global scale ratings on the city of Buenos Aires and the
provinces of Buenos Aires, Cordoba, and Mendoza, on CreditWatch negative. In
addition, we are placing our global scale ratings on the amortizing notes
issued by the provinces of Salta and Neuquen on CreditWatch negative.
The rating action reflects the revision of our assessment on Argentina's
institutional framework to '6' (volatile and underfunded) from '5' (developing
and unbalanced). The assessment score revision reflects our perception of
Argentina's less predictable and more volatile intergovernmental system as a
result of ongoing modifications to fiscal regulations and restrictions on the
local and regional governments' (LRGs) access to foreign currency,
jeopardizing their financial planning, and consequently, their credit quality.
"We believe that the system is increasingly vulnerable to political risk,
resulting in revenue and expenditure uncertainties and fiscal pressure at the
LRG level," said Standard & Poor's credit analyst Delfina Cavanagh.
Services placed its global scale ratings on the city of Buenos Aires and the
provinces of Buenos Aires, Cordoba, and Mendoza, on CreditWatch negative. In
addition, we are placing our global scale ratings on the amortizing notes
issued by the provinces of Salta and Neuquen on CreditWatch negative.
The rating action reflects the revision of our assessment on Argentina's
institutional framework to '6' (volatile and underfunded) from '5' (developing
and unbalanced). The assessment score revision reflects our perception of
Argentina's less predictable and more volatile intergovernmental system as a
result of ongoing modifications to fiscal regulations and restrictions on the
local and regional governments' (LRGs) access to foreign currency,
jeopardizing their financial planning, and consequently, their credit quality.
"We believe that the system is increasingly vulnerable to political risk,
resulting in revenue and expenditure uncertainties and fiscal pressure at the
LRG level," said Standard & Poor's credit analyst Delfina Cavanagh.
fabriziof
Forumer storico
L'altro giorno ho incrementato un pochino.per tarjeta aspetto lo stacco
Ultima modifica:
- Stato
Similar threads
Obbligazioni societarie
HIGH YIELD e oltre, verso frontiere inesplorate, vol.3
