Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2

Rating Action:
Moody's assigns Ba3 rating to Netflix's proposed notes offering

21 Oct 2019
New York, October 21, 2019 -- Moody's Investors Service ("Moody's") has assigned a Ba3 rating to Netflix, Inc.'s (Netflix) proposed $2 billion senior unsecured notes offering split between dollar and Euro issuance and maturing in 2030. Proceeds from the issuance will be used for general corporate purposes, which may include content acquisitions, capital expenditures, investments, working capital and potential acquisitions and strategic transactions. Netflix's Ba3 corporate family rating (CFR) and Ba2-PD probability of default rating (PDR) remain unchanged. The speculative grade liquidity rating (SGL) is maintained at SGL-1. The outlook remains stable.



A summary of today's action follows:



Assignments:

..Issuer: Netflix, Inc.

....Senior Unsecured Regular Bond/Debenture, Assigned Ba3 (LGD4)



RATINGS RATIONALE
 

Delta Air Lines Inc.'s Proposed Senior Unsecured Notes Rated 'BB+'

  • 21-Oct-2019 10:45 EDT
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NEW YORK (S&P Global Ratings) Oct. 21, 2019--S&P Global Ratings today assigned its 'BB+' issue-level rating to Delta Air Lines Inc.'s proposed senior unsecured notes. The company will use the proceeds from these notes to acquire a 20% stake in LATAM Airlines Group S.A. by purchasing approximately $1.9 billion of its common shares. Delta announced the transaction and its new alliance with LATAM on Sept. 26, 2019. As of Sept. 30, 2019, approximately 53% of the company's balance sheet debt was secured, which effectively places its unsecured creditors in a subordinated position. Although the proposed transaction would reduce this ratio below 50% (our threshold for notching down unsecured debt), Delta has large upcoming unsecured note maturities and it is not yet clear whether they will refinance them and--if so--whether they will use the proceeds from new secured or unsecured debt. Accordingly, we continue to rate Delta's senior unsecured debt, including the proposed notes, one notch below our 'BBB-' issuer credit rating on the com
 

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