iguanito
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Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (3 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
waltermasoni
Caribbean Trader
Eletson Holdings Downgraded To 'SD'; Ship Mortgage Notes Lowered To 'D' On Missed Coupon Payment
- 30-Jan-2019 08:57 EST
- On Jan. 15, 2019, Liberia-registered product tanker and liquefied
petroleum gas carrier owner and operator Eletson Holdings Inc. missed a
coupon payment on its $300 million 9.625% first-preferred ship mortgage
notes due 2022. - Subsequently, on Jan. 25, 2019, Eletson entered into a forbearance
agreement with over 90% of its noteholders. It is currently in discussion
with noteholders on restructuring the notes. - We believe it is highly unlikely that Eletson will resume payment within
the 30-day grace period permitted under the notes' indenture. We view
this as tantamount to default under our criteria. - We are therefore lowering the rating on these notes to 'D' from 'CCC'. At
the same time, we are lowering the issuer credit rating on Eletson
Holdings to 'SD' (selective default) from 'CCC'.
salice02
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IL MARATONETA
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Qualche acquisto oggi con BM:
Sapevay us786514ba67 cedola 7,25% a 92,18
Noble us65504lal18 cedola 8,95% a 80,59
Sapevay us786514ba67 cedola 7,25% a 92,18
Noble us65504lal18 cedola 8,95% a 80,59
fabriziof
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gilles1
Forumer storico
complimenti per l'intervista e per il coraggio
Devastating dam collapse increases risk to Vale
On 25 January, the collapse of a tailings dam at the Vale S.A. (Baa3 review for downgrade) Corrego do Feijão mine in Minas Gerais, Brazil led to numerous fatalities in the town of Brumadinho, caused environmental damage and paralyzed Vale's local mining operations at the site. The potential liabilities from the dam's collapse prompted us to place Vale's senior unsecured ratings on review for downgrade, along with the ratings on debt issues of Vale Overseas Limited (Baa3 review for downgrade) that are fully and unconditionally guaranteed by Vale, and the senior unsecured ratings of Vale Canada Ltd. (Ba1 review for downgrade). Even without knowing the full extent of the damage, the Feijão mine accident will have a profound effect on Vale, which generated about $36 billion in revenue for the 12 months through September 2018. Although the disaster's direct economic effect will be limited since the Feijão mine site accounts for less than 2% of Vale's total 390 million tonne annual output of iron ore, we expect it to raise environmental, administrative, criminal and civil liabilities, on top of serious reputational risk for the largest iron ore producer globally. The Feijão mine accident follows a 2015 dam collapse at Samarco, a Vale joint venture in Minas Gerais. Vale estimates that the environmental disruption at the Corrego do Feijão mine will be less than that at Samarco because the tailings volume leaked was much smaller. However, the social damage from Feijão is far more serious, with more than 84 fatalities already reported and many more people missing, compared to 19 deaths from the Samarco accident. The financial penalties related to dam collapse may prove even larger than those for Samarco, based on the number of fatalities and the recency of the Samarco dam collapse. Samarco was also a 50-50 joint venture with BHP Billiton (A2 stable), but this accident will be Vale's sole responsibility. So far, courts have entered with preliminary injunctions to block BRL11.8 billion ($3.1 billion) of Vale's cash for possible penalties related to the Feijão dam disaster, and the Brazilian institute of the environment and renewable natural resources (IBAMA) and the Minas Gerais state environmental agency have sued Vale for another BRL350 million. Vale currently has a good liquidity profile. At the end of September 2018, Vale had $6.1 billion in cash and $5.0 billion in committed credit facilities fully available. The company has suspended dividend payments, share buybacks and bonus payments to executives, which will free up more financial resources to repair and remediate the affected areas and assist the victims. Any potential liabilities and sanctions against Vale and its executives, along with any other costs incurred because of the disaster at Brumadinho, will strain the company's liquidity and its ability to meet its financial requirements without jeopardizing its ability to continue operating without restrictions. Brazil-based Vale has a diversified product base and low production costs, and holds a substantive portfolio of long-lived iron ore, nickel, copper and coal assets, but the company remains exposed to iron ore and base metals market fundamentals. A moderate correction in medium-term iron ore prices appears likely after a 2017-18 price rally, based on slower global economic growth, particularly in China, and lower price premiums.
On 25 January, the collapse of a tailings dam at the Vale S.A. (Baa3 review for downgrade) Corrego do Feijão mine in Minas Gerais, Brazil led to numerous fatalities in the town of Brumadinho, caused environmental damage and paralyzed Vale's local mining operations at the site. The potential liabilities from the dam's collapse prompted us to place Vale's senior unsecured ratings on review for downgrade, along with the ratings on debt issues of Vale Overseas Limited (Baa3 review for downgrade) that are fully and unconditionally guaranteed by Vale, and the senior unsecured ratings of Vale Canada Ltd. (Ba1 review for downgrade). Even without knowing the full extent of the damage, the Feijão mine accident will have a profound effect on Vale, which generated about $36 billion in revenue for the 12 months through September 2018. Although the disaster's direct economic effect will be limited since the Feijão mine site accounts for less than 2% of Vale's total 390 million tonne annual output of iron ore, we expect it to raise environmental, administrative, criminal and civil liabilities, on top of serious reputational risk for the largest iron ore producer globally. The Feijão mine accident follows a 2015 dam collapse at Samarco, a Vale joint venture in Minas Gerais. Vale estimates that the environmental disruption at the Corrego do Feijão mine will be less than that at Samarco because the tailings volume leaked was much smaller. However, the social damage from Feijão is far more serious, with more than 84 fatalities already reported and many more people missing, compared to 19 deaths from the Samarco accident. The financial penalties related to dam collapse may prove even larger than those for Samarco, based on the number of fatalities and the recency of the Samarco dam collapse. Samarco was also a 50-50 joint venture with BHP Billiton (A2 stable), but this accident will be Vale's sole responsibility. So far, courts have entered with preliminary injunctions to block BRL11.8 billion ($3.1 billion) of Vale's cash for possible penalties related to the Feijão dam disaster, and the Brazilian institute of the environment and renewable natural resources (IBAMA) and the Minas Gerais state environmental agency have sued Vale for another BRL350 million. Vale currently has a good liquidity profile. At the end of September 2018, Vale had $6.1 billion in cash and $5.0 billion in committed credit facilities fully available. The company has suspended dividend payments, share buybacks and bonus payments to executives, which will free up more financial resources to repair and remediate the affected areas and assist the victims. Any potential liabilities and sanctions against Vale and its executives, along with any other costs incurred because of the disaster at Brumadinho, will strain the company's liquidity and its ability to meet its financial requirements without jeopardizing its ability to continue operating without restrictions. Brazil-based Vale has a diversified product base and low production costs, and holds a substantive portfolio of long-lived iron ore, nickel, copper and coal assets, but the company remains exposed to iron ore and base metals market fundamentals. A moderate correction in medium-term iron ore prices appears likely after a 2017-18 price rally, based on slower global economic growth, particularly in China, and lower price premiums.