Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (5 lettori)

waltermasoni

waltermasoni

Caribbean Trader
Rating Action:
Moody's assigns B1 to Mattel's $600 million bonds; outlook stable

18 Nov 2019
New York, November 18, 2019 -- Moody's Investors Service ("Moody's") Moody's Investors Service ("Moody's") assigned a B1 rating to Mattel, Inc's ("Mattel") new $600 million bonds due 2027. The outlook is stable. Other ratings were unchanged. Proceeds will be used for general corporate purposes including prefunding of debt maturities.



The following rating was assigned:

Guaranteed notes due 2027 at B1 (LGD4)



The following ratings are unchanged:

Guaranteed senior unsecured notes, unchanged at B1 (LGD4 from LGD3)

Senior unsecured notes, unchanged at B3 (LGD6 from LGD5)
 
waltermasoni

waltermasoni

Caribbean Trader

Frontier Communications Corp. Downgraded To 'CCC-' From 'CCC' On Increased Default Risk; Outlook Negative
  • 18-Nov-2019 17:59 EST
View Analyst Contact Information
  • Table of Contents
  • U.S.-based telecommunications service provider Frontier Communications Corp. has drawn the remaining $499 million available under its $850 million revolving credit facility, which we believe heightens the risk it will pursue a distressed exchange/restructuring or file for bankruptcy over the next six months.
  • We are lowering the issuer credit rating and issue-level rating on the senior unsecured debt to 'CCC-' from 'CCC' based on a higher risk of default following its decision to deplete the availability under its revolving credit line.
  • At the same time, we are lowering our issue-level ratings on the company's senior secured first- and second-lien debt and subsidiary-level debt to 'CCC+' from 'B-'.
  • The negative outlook reflects what we consider to be a high likelihood that Frontier will restructure its debt or file for bankruptcy given the company's inability to address its 2022 debt maturities.

NEW YORK (S&P Global Ratings) Nov. 18, 2019—S&P Global Ratings today took the rating actions listed above. The downgrade follows Frontier Communications' drawdown of the remaining $499 million available under its $850 million revolving credit facility during the third quarter of 2019. This extraordinary buildup of cash signals a high likelihood the company will initiate a distressed exchange or file for bankruptcy over the next six months, in our view. The drawdown comes after the company added restructuring and bankruptcy experts to its board of directors and finance committee in June to evaluate its capital structure and execute balance sheet transactions.

The negative outlook reflects what we believe to be a high likelihood that Frontier will restructure its debt in a manner we would view as inconsistent with its original terms or file for bankruptcy given the company's inability to address its longer term debt maturities.

We could lower the rating on Frontier if the company takes steps to initiate, or voices its intention to execute, a debt exchange that we view as distressed.

Although unlikely, we could raise the rating if, over several years, the company significantly improves its revenue and EBITDA, leading to higher levels of FOCF, and reduces leverage from the mid-5x area enough to lessen refinancing risks. This scenario could materialize if the company demonstrates sustained broadband customer growth in the California, Texas, and Florida markets that is sufficient to offset the declines in its copper-based broadband and video services.
 

veltroni

Forumer storico
Scusate ma da alcuni giorni causa bunner questo sito è più difficoltoso nella navigazione specie sul telefonino ....anche a voi ?
 
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