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

Rating Action:
Moody's downgrades Ford senior debt rating to Ba2 from Ba1; places rating under review for further downgrade

25 Mar 2020
New York, March 25, 2020 -- Moody's Investors Service, ("Moody's") downgraded Ford Motor Company's (Ford) corporate family rating (CFR) and senior unsecured debt rating to Ba2 from Ba1, with the Speculative Grade Liquidity unchanged at SGL-1. The ratings were placed under review for downgrade.



RATINGS RATIONALE
 

Ecuador Ratings Lowered To 'CCC-/C' And Placed On CreditWatch Negative On Risks To Debt Service

  • 25-Mar-2020 14:24 EDT
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  • Table of Contents
Overview
  • Ecuador's already large budgetary financing needs have been exacerbated by the recent plunge in oil prices and the negative global economic impact of the COVID-19 pandemic.
  • On March 23, 2020, the Ecuadorian government announced that it would delay the upcoming March 27 interest payment on its 2022, 2025, and 2030 bonds. The government is seeking additional sources of funding to make the payment within the 30-day grace period ending April 27.
  • As a result, we are lowering our long- and short-term sovereign credit ratings on Ecuador to 'CCC-/C' from 'B-/B', reflecting that a default, distressed exchange, or redemption appears inevitable within six months, absent unanticipated significantly favorable changes in business, financial, and economic conditions.
  • We are also placing the sovereign credit ratings on CreditWatch with negative implications, reflecting the risk of a further downgrade to selective default ('SD') if Ecuador fails to secure funds to cover the interest payment within the grace period.
 

Ecuador Ratings Lowered To 'CCC-/C' And Placed On CreditWatch Negative On Risks To Debt Service

  • 25-Mar-2020 14:24 EDT
View Analyst Contact Information
  • Table of Contents
Overview
  • Ecuador's already large budgetary financing needs have been exacerbated by the recent plunge in oil prices and the negative global economic impact of the COVID-19 pandemic.
  • On March 23, 2020, the Ecuadorian government announced that it would delay the upcoming March 27 interest payment on its 2022, 2025, and 2030 bonds. The government is seeking additional sources of funding to make the payment within the 30-day grace period ending April 27.
  • As a result, we are lowering our long- and short-term sovereign credit ratings on Ecuador to 'CCC-/C' from 'B-/B', reflecting that a default, distressed exchange, or redemption appears inevitable within six months, absent unanticipated significantly favorable changes in business, financial, and economic conditions.
  • We are also placing the sovereign credit ratings on CreditWatch with negative implications, reflecting the risk of a further downgrade to selective default ('SD') if Ecuador fails to secure funds to cover the interest payment within the grace period.
El FMI trabaja en un nuevo acuerdo económico con Ecuador y analiza dar recursos emergentes
 
Rating Action:
Moody's downgrades Ford senior debt rating to Ba2 from Ba1; places rating under review for further downgrade

25 Mar 2020
New York, March 25, 2020 -- Moody's Investors Service, ("Moody's") downgraded Ford Motor Company's (Ford) corporate family rating (CFR) and senior unsecured debt rating to Ba2 from Ba1, with the Speculative Grade Liquidity unchanged at SGL-1. The ratings were placed under review for downgrade.



RATINGS RATIONALE
per me ha ancora un rating esagerato, non penso che quest'anno possa far meglio dello scorso che già aveva segnato una svolta negativa dai precedenti. I prezzi dei bond sono allettanti ma non da farci all-in sicuramente
 

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