mikim
Forumer attivo
Alla luce della fusione di Obrascon con i Messicani CAABSA, come vedete l'acquisto della XS1206510569 2023 5,5% che viaggia intorno a 80?
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (2 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
fabriziof
Forumer storico
Anche qui vecchi ricordi ,ma Youla che fine avrà fatto?
IL MARATONETA
Forumer storico
Da considerare anche questa che scade un anno prima XS1043961439 cedola 4,75%
IL MARATONETA
Forumer storico
Qualcuno ha notizie della 7% Nitrogenmuvek Zrt. (2025)? che al momento perde circa il 4%'?
Si
Avevano 1,7 milioni di azioni e recentemente ne hanno vendute 300 Mila
OHL, Amodio Family Willing to Continue With Merger Process
By Macarena Munoz
(Bloomberg) -- OHL board, Amodio family are willing to continue with plan for Amodio to inject EU50m in company and with merger process, OHL comments in regulatory filing Tuesday.
OHL, Amodio family have agreed that OHL will do a due diligence and a valuation of Amodio’s Caabsa construction business ahead of a possible merger of unit with OHL
Merger would be conditional on due dilligence, approval by OHL shareholders meeting, that Amodio family obtains a stake between 31% and 35% and that deal gets an exemption from regulators for Caabsa having to launch a full takeover bid for OHL
Earlier: OHL Shares Soar as Builder Gets Merger Approach From Amodios (1)
marcob77
Moderator
vendute 20k teva 2036 a 100, e 20k ussteel 2025 a 92. vediamo se prosegue il trendTeva Pharmaceutical Finance 6,15% 2036 (US88163VAD10)
scambiato sopra la parità in apertura
IL MARATONETA
Forumer storico
La Obrascon XS1043961439 2022 si compra ad 82 e spicci, la 2023 XS1206510569 poco sotto 82.
waltermasoni
Caribbean Trader
Rating Action:
Moody's changes the outlook on CMA CGM's ratings to negative from stable; B2 rating affirmed
04 Feb 2020
Stockholm, February 04, 2020 -- Moody's Investors Service ("Moody's") has today changed the outlook on CMA CGM S.A.'s ratings to negative from stable. Concurrently, Moody's affirmed the B2 corporate family rating (CFR), the B2-PD probability of default rating (PDR) and the Caa1 instrument ratings on the company's outstanding senior unsecured bonds.
A full list of affected ratings is provided at the end of this press release.
RATINGS RATIONALE
The rating affirmation reflects CMA CGM's solid business profile as one of largest provider of global container shipping services, a robust profitability in its core shipping divisions, the recent and planned measures to strengthen the company's liquidity profile and the expectation that the company will continue to proactively address upcoming debt maturities. At the same time, the B2 rating continues to factor in a supportive shareholder base, as reflected in only limited dividend pay-outs over the last years.
RATING OUTLOOK
The negative outlook reflects the challenges linked to the preservation of CMA CGM's operating performance in the company's container shipping segment but also in its recently acquired logistics operations of CEVA Logistics AG (B3 Stable), with both industries highly sensitive to changing global macroeconomic conditions. Consequently, a weakening of operating performance with negative free cash flow generation or the inability to adequately and timely address the upcoming maturities of credit facilities and bonds could prompt a negative rating action.
Moody's expects that the divestment of terminals to Terminal Link to a value of around $1.0 billion will be finalized by spring 2020, which should add some cushion to the company's liquidity profile. The outlook also incorporates the risk of further support needed by CEVA.
Depending on how the company refinances debt coming due, Moody's expects a gross debt/EBITDA of around 5.5x -- 5.0x and interest coverage, measured as (FFO+interest expense)/interest expense of around 2.5x for the next 12-18 months.
WHAT COULD CHANGE THE RATINGS UP/DOWN
A stabilisation of the outlook would first and foremost require a successful management of upcoming maturities within the next 3 to 6 months, ensuring that the group has sufficient flexibility to navigate potential adverse market conditions for the container shipping industry.
Positive ratings pressure could build if CMA CGM's leverage, measured as debt/EBITDA, would be sustainably below 5.0x through the cycle and its coverage measured as funds from operations plus interest expense over interest expense would be comfortably above 3.0x on a sustained basis.
Negative rating pressure could arise if CMA CGM's leverage increases above 5.5x for a prolonged period of time or (FFO + interest expense)/interest expense declines below 2x, as well as a weakening liquidity profile.
ESG CONSIDERATION
In terms of environmental, governance and social factors, CMA CGM's rating reflects the elevated environmental risk facing the shipping sector, such as carbon regulation and pollution. More precisely, the IMO2020 regulation which came into force 1 January 2020 could potentially increase bunker costs for shipping companies should the recent success in passing them through to shippers reverse. Moody's notes as positive that CMA already has agreements in place with contracted customers to include a new Bunker Adjustment Factor based on the new low sulfur fuel, as well as an extraordinary surcharge for spot trades (contracts with a tenure of less than three months).
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Shipping Industry published in December 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.
Moody's changes the outlook on CMA CGM's ratings to negative from stable; B2 rating affirmed
04 Feb 2020
Stockholm, February 04, 2020 -- Moody's Investors Service ("Moody's") has today changed the outlook on CMA CGM S.A.'s ratings to negative from stable. Concurrently, Moody's affirmed the B2 corporate family rating (CFR), the B2-PD probability of default rating (PDR) and the Caa1 instrument ratings on the company's outstanding senior unsecured bonds.
A full list of affected ratings is provided at the end of this press release.
RATINGS RATIONALE
The rating affirmation reflects CMA CGM's solid business profile as one of largest provider of global container shipping services, a robust profitability in its core shipping divisions, the recent and planned measures to strengthen the company's liquidity profile and the expectation that the company will continue to proactively address upcoming debt maturities. At the same time, the B2 rating continues to factor in a supportive shareholder base, as reflected in only limited dividend pay-outs over the last years.
RATING OUTLOOK
The negative outlook reflects the challenges linked to the preservation of CMA CGM's operating performance in the company's container shipping segment but also in its recently acquired logistics operations of CEVA Logistics AG (B3 Stable), with both industries highly sensitive to changing global macroeconomic conditions. Consequently, a weakening of operating performance with negative free cash flow generation or the inability to adequately and timely address the upcoming maturities of credit facilities and bonds could prompt a negative rating action.
Moody's expects that the divestment of terminals to Terminal Link to a value of around $1.0 billion will be finalized by spring 2020, which should add some cushion to the company's liquidity profile. The outlook also incorporates the risk of further support needed by CEVA.
Depending on how the company refinances debt coming due, Moody's expects a gross debt/EBITDA of around 5.5x -- 5.0x and interest coverage, measured as (FFO+interest expense)/interest expense of around 2.5x for the next 12-18 months.
WHAT COULD CHANGE THE RATINGS UP/DOWN
A stabilisation of the outlook would first and foremost require a successful management of upcoming maturities within the next 3 to 6 months, ensuring that the group has sufficient flexibility to navigate potential adverse market conditions for the container shipping industry.
Positive ratings pressure could build if CMA CGM's leverage, measured as debt/EBITDA, would be sustainably below 5.0x through the cycle and its coverage measured as funds from operations plus interest expense over interest expense would be comfortably above 3.0x on a sustained basis.
Negative rating pressure could arise if CMA CGM's leverage increases above 5.5x for a prolonged period of time or (FFO + interest expense)/interest expense declines below 2x, as well as a weakening liquidity profile.
ESG CONSIDERATION
In terms of environmental, governance and social factors, CMA CGM's rating reflects the elevated environmental risk facing the shipping sector, such as carbon regulation and pollution. More precisely, the IMO2020 regulation which came into force 1 January 2020 could potentially increase bunker costs for shipping companies should the recent success in passing them through to shippers reverse. Moody's notes as positive that CMA already has agreements in place with contracted customers to include a new Bunker Adjustment Factor based on the new low sulfur fuel, as well as an extraordinary surcharge for spot trades (contracts with a tenure of less than three months).
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Shipping Industry published in December 2017. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.