veltroni
Forumer storico
Ok meglio così aspetto grazie
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (3 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
Myskin
Forumer stoico
mettiamoci anche questa nabors
Börse Frankfurt (Frankfurt Stock Exchange): Stock market quotes, charts and news
@Moody's
26 Oct 2018
Approximately $3.7 billion of rated debt affected
New York, October 26, 2018 -- Moody's Investors Service ("Moody's") changed Nabors Industries Inc.'s (Nabors) rating outlook to stable from negative and concurrently downgraded its senior unsecured notes to B1 from Ba3. The company's Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating (PDR), SGL-2 Speculative Grade Liquidity Rating and NP commercial paper rating were affirmed.
"The stable outlook reflects the company's improving credit trends from weak levels and our expectation of more supportive drilling industry conditions in 2019," said Sajjad Alam, Moody's Senior Analyst. "The unsecured notes were downgraded in light of Nabors' new $1.267 billion revolving credit facility that has subsidiary guarantees and a priority claim over the unsecured notes."
Nabors Industries Inc.'s Ba3 CFR reflects its elevated but improving financial leverage, increasing rig margins and cash flow from weak levels, and large and diversified international footprint, which has historically provided earnings stability in an inherently cyclical industry. The rating also considers Nabors' high quality rig fleet, advanced drilling capabilities, as well as the highly competitive nature of the contract drilling industry. Quarterly earnings have risen steadily since early-2017 and Moody's expects further earnings recovery through 2019 as fleet utilization and rig rates continue to move higher, albeit at a gradual pace. Upstream companies are likely to modestly bump up capital spending in 2019 on the back of firmer oil price fundamentals. However, Nabors will have to contend with a heavy debt burden and $1.4 billion of debt maturities through 2021. While higher earnings and equity issuances have helped the company reduce its leverage, the debt/EBITDA ratio was still elevated at 5.3x as of June 30, 2018 (including Moody's adjustments and July 2018 debt repayment). Moody's base expectation is that Nabors' overall credit profile will continue to improve through 2019, but any material slowdown in US rig activity or increase in capex will delay free cash flow generation and potential debt reduction. Nabors continues to pay roughly $80 million in annual cash dividends, which also limits its ability to reduce debt.
Nabors' senior unsecured notes are rated B1, one notch below the Ba3 CFR given the priority position of the new $1.267 billion unsecured revolver, which has upstream guarantees from substantially all rig and rig-related asset owning subsidiaries in addition to having a downstream guarantee from the ultimate parent - Nabors Industries Ltd. The notes and the remaining $666.25 million revolving credit facility only have a downstream guarantee from Nabors Industries Ltd.
Nabors should have good liquidity through 2019, which is reflected in the SGL-2 rating. As of June 30, 2018, the company had $637 million in cash and short-term investments, and Moody's expects Nabors to generate a modest amount of free cash flow through 2019 after covering capex, dividends and working capital. Nabors issued a significant amount of debt and equity and realigned its revolving credit facility in 2018 to reduce refinancing risk. On October 11, 2018, Nabors reduced its existing revolving credit facility maturing in July 2020 to $666.25 million from $2.25 billion, and entered into a new $1.267 billion unsecured revolving credit facility that will mature in October 2023. The company has $1.4 billion of debt maturities through 2021, which Moody's expects management will address in a timely manner.
The CFR could be upgraded to Ba2 if Nabors can reduced debt and sustain the debt/EBITDA ratio below 4x in a stable to improving industry environment. The CFR could be downgraded if the Debt/EBITDA ratio rises above 6x.
Nabors Industries Inc., based in Houston, Texas, is the largest global land drilling contractor with operations in 20 countries, including several offshore markets.
Börse Frankfurt (Frankfurt Stock Exchange): Stock market quotes, charts and news
@Moody's
26 Oct 2018
Approximately $3.7 billion of rated debt affected
New York, October 26, 2018 -- Moody's Investors Service ("Moody's") changed Nabors Industries Inc.'s (Nabors) rating outlook to stable from negative and concurrently downgraded its senior unsecured notes to B1 from Ba3. The company's Ba3 Corporate Family Rating (CFR), Ba3-PD Probability of Default Rating (PDR), SGL-2 Speculative Grade Liquidity Rating and NP commercial paper rating were affirmed.
"The stable outlook reflects the company's improving credit trends from weak levels and our expectation of more supportive drilling industry conditions in 2019," said Sajjad Alam, Moody's Senior Analyst. "The unsecured notes were downgraded in light of Nabors' new $1.267 billion revolving credit facility that has subsidiary guarantees and a priority claim over the unsecured notes."
Nabors Industries Inc.'s Ba3 CFR reflects its elevated but improving financial leverage, increasing rig margins and cash flow from weak levels, and large and diversified international footprint, which has historically provided earnings stability in an inherently cyclical industry. The rating also considers Nabors' high quality rig fleet, advanced drilling capabilities, as well as the highly competitive nature of the contract drilling industry. Quarterly earnings have risen steadily since early-2017 and Moody's expects further earnings recovery through 2019 as fleet utilization and rig rates continue to move higher, albeit at a gradual pace. Upstream companies are likely to modestly bump up capital spending in 2019 on the back of firmer oil price fundamentals. However, Nabors will have to contend with a heavy debt burden and $1.4 billion of debt maturities through 2021. While higher earnings and equity issuances have helped the company reduce its leverage, the debt/EBITDA ratio was still elevated at 5.3x as of June 30, 2018 (including Moody's adjustments and July 2018 debt repayment). Moody's base expectation is that Nabors' overall credit profile will continue to improve through 2019, but any material slowdown in US rig activity or increase in capex will delay free cash flow generation and potential debt reduction. Nabors continues to pay roughly $80 million in annual cash dividends, which also limits its ability to reduce debt.
Nabors' senior unsecured notes are rated B1, one notch below the Ba3 CFR given the priority position of the new $1.267 billion unsecured revolver, which has upstream guarantees from substantially all rig and rig-related asset owning subsidiaries in addition to having a downstream guarantee from the ultimate parent - Nabors Industries Ltd. The notes and the remaining $666.25 million revolving credit facility only have a downstream guarantee from Nabors Industries Ltd.
Nabors should have good liquidity through 2019, which is reflected in the SGL-2 rating. As of June 30, 2018, the company had $637 million in cash and short-term investments, and Moody's expects Nabors to generate a modest amount of free cash flow through 2019 after covering capex, dividends and working capital. Nabors issued a significant amount of debt and equity and realigned its revolving credit facility in 2018 to reduce refinancing risk. On October 11, 2018, Nabors reduced its existing revolving credit facility maturing in July 2020 to $666.25 million from $2.25 billion, and entered into a new $1.267 billion unsecured revolving credit facility that will mature in October 2023. The company has $1.4 billion of debt maturities through 2021, which Moody's expects management will address in a timely manner.
The CFR could be upgraded to Ba2 if Nabors can reduced debt and sustain the debt/EBITDA ratio below 4x in a stable to improving industry environment. The CFR could be downgraded if the Debt/EBITDA ratio rises above 6x.
Nabors Industries Inc., based in Houston, Texas, is the largest global land drilling contractor with operations in 20 countries, including several offshore markets.
Near
Forumer storico
Ciao, come anticipato allego le foto dove ho trovato della liquidità di frontier.
purtroppo sto avendo problemi agli occhi e ho dovuto stamparlo
gualberto
Charlie don't Surf
zoroaster
Forumer attivo
non scherziamo...... poi magari a qualche volpe potrebbe venire una malsana idea ai danni dell`assicurazione. comunque è curioso notare che il bond 2023 che paga 8,75% quota oggi @80 contro il nostro che ha fatto un risicato@41
gualberto
Charlie don't Surf
8.75% Senior Securednon scherziamo...... poi magari a qualche volpe potrebbe venire una malsana idea ai danni dell`assicurazione. comunque è curioso notare che il bond 2023 che paga 8,75% quota oggi @80 contro il nostro che ha fatto un risicato@41
zoroaster
Forumer attivo
e se la nostra va buca (mi tocco) Tu credi che la Senior Secured la paghino ?
gualberto
Charlie don't Surf
Sicuro no...però potrebbe essere
corradotedeschi
Forumer storico
Ragazzi purtroppo mi sa che siamo entrati davvero in recessione…..gia' ad Agosto qualcuno ne stava parlando...ma leggendo APPROFONDITAMENTE vari forum esteri e giornali stranieri...me ne sto convicendo sempre piu'….quanto poosa durare...nessuno come ben sapete lo sa...ma quandonel 2019 compariranno i segni meno nell'economia USA saranno c...i...come si e' pronti ad accogliere le gioie bisogna essere pronti anche con i dolori