Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (3 lettori)

veltroni

Forumer storico
Scusate ora che non abbiamo più Eurotlx quale sito italiano mi consigliate a parte Borsa Italiana e MF? Su Tlx avevi subito i maggiori rialzi, ribassi, valute ecc,, tante informazioni subito a video....
 

waltermasoni

Caribbean Trader

Severe Downturn Prompts Rating Actions Across The European Oil And Gas Value Chain

  • 31-Mar-2020 04:40 EDT
View Analyst Contact Information
  • Table of Contents
  • Oil prices and refining margins are showing the combined impact of COVID-19 travel stoppages as well as unrestrained crude oil supply and price discounting.
  • With E&P companies cutting their capex by 20%, we believe companies that supply to oil and gas producers now face a very challenging period.
  • Refiners' performance will be impacted by collapsing demand for key oil products.
  • Engineering and construction will remain an island of stability, but new contract awards may be delayed.
  • We are therefore taking rating actions on six European oilfield service companies and two refiners.

LONDON (S&P Global Ratings) March 31, 2020--S&P Global Ratings said today that it has taken rating actions on eight EMEA-based companies following the oil price collapse, as part of its global review of the oil and gas industry (see table 1).

Table 1
Rating Actions On EMEA Oilfield Service Companies And Refiners
Company
New Rating Previous Rating Driver
CGG

B-/Stable/-- B/Stable/-- Limited visibility on demand for seismic services under the new oil prices
PGS ASA

B-/Watch Neg/-- B/Stable/-- Limited visibility on demand for seismic services under the new oil prices, and tight headroom under financial covenants
Vallourec

CCC+/Watch Dev/C B-/Watch Pos/B Potential delays in completing a capital increase, together with weakening core markets
Welltec A/S

B-/Negative/-- B-/Stable/-- Weaker market environment
Shelf Drilling Holdings Ltd.

CCC+/Stable/-- B-/Stable/-- Weaker profitability, leading to an unsustainable capital structure
ADES International Holdings Ltd.

B+/Negative/-- B+/Stable/-- Weaker market environment
Corral Petroleum Holdings AB (Publ)

B/Negative/-- B+/Positive/-- Very weak refining industry conditions
Raffinerie Heide GmbH

B-/Stable/-- B/Stable/-- Very weak refining industry conditions
 

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