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

[waltermasoni]

Fitch Downgrades PEMEX's IDRs to 'BB'; Outlook Negative

Fri 03 Apr, 2020 - 15:52 ET




Fitch Ratings - Chicago - 03 Apr 2020: Fitch Ratings has downgraded Petroleos Mexicanos' (PEMEX) Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) to 'BB' from 'BB+', National Long-Term ratings to 'A(mex)' from 'AA(mex)'. The Rating Outlook for all ratings is Negative. The downgrade applies to approximately USD80 billion of notes outstanding. Fitch has also downgraded PEMEX's National Short-Term ratings to 'F1(mex)' from 'F1+(mex)'.



Today's downgrades reflect the continued deterioration of the company's stand-alone credit profile (SCP) to 'ccc-' amid the downturn in the global oil and gas industry, Fitch's lower oil price assumptions and the weakening credit linkage between Mexico and PEMEX. PEMEX's SCP deterioration reflects the company's limited flexibility to navigate the downturn in the oil and gas industry given its elevated tax burden, high leverage, rising per barrel lifting costs and high investment needs to maintain production and replenish reserves. Fitch estimates PEMEX's FCF will range from negative $15 billion to negative $20 billion per year. At the current Mexico's crude basket price of below $20/bbl, PEMEX's upstream business does not generate enough cash flow to cover operational and financial costs (half-cycle costs) of more than $25/bbl and the company will need extraordinary government support in the immediate future.

 

[waltermasoni]

Fitch Downgrades U.S. Steel's IDR to 'B-'; Outlook Negative

Fri 03 Apr, 2020 - 13:09 ET




Fitch Ratings - New York - 03 Apr 2020: Fitch Ratings has downgraded United States Steel Corporation's Long-Term Issuer Default Rating (IDR) to 'B-' from 'B+'. The Rating Outlook is Negative.

The ratings reflect Fitch's expectation that key steel end markets, particularly automotive and energy will be materially weaker in 2020 in addition to the uncertainty associated with the coronavirus global pandemic's longer term impact on the economy. In response to the coronavirus pandemic, U. S. Steel announced a number of strategic decisions including the decision to idle a number of facilities, draw an additional $800 million under its asset-backed loan (ABL) and to defer capex. Although Fitch views the decisions as prudent to preserve liquidity, the significant reduction in earnings, increase in debt and uncertain timing of an economic recovery results in total debt/EBITDA expected to be highly elevated in the near-term to medium-term.

The Negative Outlook reflects the uncertain ultimate economic impact of the coronavirus pandemic, the uncertain timing and magnitude of a recovery in the economy which could lead to weakened liquidity and the possibility total debt/EBITDA will be sustained above 7.5x.

 

[waltermasoni]

Rating Action:
Moody's downgrades Ecuador's rating to Caa3; changes outlook to negative

03 Apr 2020
New York, April 03, 2020 -- Moody's Investors Service, ("Moody's") has today downgraded the long-term foreign-currency issuer and senior unsecured rating of the Government of Ecuador to Caa3 from Caa1 and changed the outlook to negative from stable.



Moody's decision to downgrade Ecuador's rating reflects the increased and now very high probability of a restructuring, distressed exchange or default on Ecuador's market debt as a result of the economic and financial shock the country is experiencing due to the coronavirus outbreak that has led to extremely tight financing conditions for Ecuador. The EMBIG spread widened further in the last ten days and reached over 5,000 basis points, following the government's 23 March decision to make use of the 30-day grace period for paying interest owed on market debt in order to consider redirecting its resources towards containing the health and economic shock of the pandemic[1]. Moody's expectation of losses to investors in a potential credit event has risen significantly as a consequence of the mounting pressure on government finances.



The negative outlook on the Caa3 rating reflects the strong downward risk bias based on the possibility that losses could exceed levels consistent with a Caa3 rating, which typically captures losses of up to 35%. Given the scarce availability of funding alternatives for the sovereign and the uncertainty surrounding the possibility of fresh International Monetary Fund (IMF) financing, the authorities may seek to impose heavier losses to alleviate their distressed liquidity position in order to reallocate some of their limited resources to contain the impact of Covid-19.



At the same time Moody's has affirmed the long-term foreign-currency senior unsecured rating for unrestructured debt at C, pertaining to the approximately $52 million (including accrued interest) of the 2030 global bonds that have been in default since 2008.



Ecuador's long-term foreign-currency bond ceiling was changed to Caa2 from B3 and the foreign-currency deposit ceiling changed to Ca from Caa2. The short-term foreign-currency bond ceiling and the short-term foreign-currency bank deposit ceilings remain unchanged at Not Prime (NP).

 

[m.m.f]

Rating Action:
Moody's downgrades Ecuador's rating to Caa3; changes outlook to negative

03 Apr 2020
New York, April 03, 2020 -- Moody's Investors Service, ("Moody's") has today downgraded the long-term foreign-currency issuer and senior unsecured rating of the Government of Ecuador to Caa3 from Caa1 and changed the outlook to negative from stable.



Moody's decision to downgrade Ecuador's rating reflects the increased and now very high probability of a restructuring, distressed exchange or default on Ecuador's market debt as a result of the economic and financial shock the country is experiencing due to the coronavirus outbreak that has led to extremely tight financing conditions for Ecuador. The EMBIG spread widened further in the last ten days and reached over 5,000 basis points, following the government's 23 March decision to make use of the 30-day grace period for paying interest owed on market debt in order to consider redirecting its resources towards containing the health and economic shock of the pandemic[1]. Moody's expectation of losses to investors in a potential credit event has risen significantly as a consequence of the mounting pressure on government finances.



The negative outlook on the Caa3 rating reflects the strong downward risk bias based on the possibility that losses could exceed levels consistent with a Caa3 rating, which typically captures losses of up to 35%. Given the scarce availability of funding alternatives for the sovereign and the uncertainty surrounding the possibility of fresh International Monetary Fund (IMF) financing, the authorities may seek to impose heavier losses to alleviate their distressed liquidity position in order to reallocate some of their limited resources to contain the impact of Covid-19.



At the same time Moody's has affirmed the long-term foreign-currency senior unsecured rating for unrestructured debt at C, pertaining to the approximately $52 million (including accrued interest) of the 2030 global bonds that have been in default since 2008.



Ecuador's long-term foreign-currency bond ceiling was changed to Caa2 from B3 and the foreign-currency deposit ceiling changed to Ca from Caa2. The short-term foreign-currency bond ceiling and the short-term foreign-currency bank deposit ceilings remain unchanged at Not Prime (NP).

... di nuovo near default, sono proprio dei giocherelloni questi dei mercati emergenti. Tra poco però non emergono più...

 

[Maio72]

Walter grazie per le puntuali info. Qualche good news?

 

[waltermasoni]

Walter grazie per le puntuali info. Qualche good news?

Ahhh ...di questi tempi la vedo dura...
Ogni giorno la mia banca mi manda rating e nuove emissioni e ora e’ un disastro...

 

[russiabond]

occhio ragazzi che qua si mette male ...

questo intanto si è messo in malattia e ha dato le dimissioni ....


Deutsche Lufthansa AG: Chief Financial Officer Ulrik Svensson resigns for health reasons | MarketScreener


Yahoo fait désormais partie de Verizon Media

 

[russiabond]

Bonds

 

[m.m.f]

Rating Action:
Moody's downgrades Ecuador's rating to Caa3; changes outlook to negative

03 Apr 2020
New York, April 03, 2020 -- Moody's Investors Service, ("Moody's") has today downgraded the long-term foreign-currency issuer and senior unsecured rating of the Government of Ecuador to Caa3 from Caa1 and changed the outlook to negative from stable.



Moody's decision to downgrade Ecuador's rating reflects the increased and now very high probability of a restructuring, distressed exchange or default on Ecuador's market debt as a result of the economic and financial shock the country is experiencing due to the coronavirus outbreak that has led to extremely tight financing conditions for Ecuador. The EMBIG spread widened further in the last ten days and reached over 5,000 basis points, following the government's 23 March decision to make use of the 30-day grace period for paying interest owed on market debt in order to consider redirecting its resources towards containing the health and economic shock of the pandemic[1]. Moody's expectation of losses to investors in a potential credit event has risen significantly as a consequence of the mounting pressure on government finances.


...anche il nostro comunque è assolutamente meritevole di una rapida revisione ...una doppi BB + basta e molto avanza...


The negative outlook on the Caa3 rating reflects the strong downward risk bias based on the possibility that losses could exceed levels consistent with a Caa3 rating, which typically captures losses of up to 35%. Given the scarce availability of funding alternatives for the sovereign and the uncertainty surrounding the possibility of fresh International Monetary Fund (IMF) financing, the authorities may seek to impose heavier losses to alleviate their distressed liquidity position in order to reallocate some of their limited resources to contain the impact of Covid-19.



At the same time Moody's has affirmed the long-term foreign-currency senior unsecured rating for unrestructured debt at C, pertaining to the approximately $52 million (including accrued interest) of the 2030 global bonds that have been in default since 2008.



Ecuador's long-term foreign-currency bond ceiling was changed to Caa2 from B3 and the foreign-currency deposit ceiling changed to Ca from Caa2. The short-term foreign-currency bond ceiling and the short-term foreign-currency bank deposit ceilings remain unchanged at Not Prime (NP).

 

[salice02]

Afflussi record per fondi junk bond, appetito per il rischio in risalita | WSI