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

[iguanito]

Da monitorare; potrebbe trasformarsi in una occasione. Non trovo nulla però sulle motivazioni di un tale calo.

 

[fabriziof]

Il downgrade secondo me

 

[iguanito]

Il downgrade secondo me

perdere così tanto per un dg?

 

[captain sparrow]

Superior Industries International : Reports Fourth Quarter and Full Year 2017 Financial Results | 4-Traders

mi sembra abbastanza buono. si cominciano a sentire gli effetti dell'acquisizione di Uniwheel
e infatti il bond da 97/98 che era, si è portato a 100 negli ultimi 2/3 gg

 

[fabriziof]

perdere così tanto per un dg?

Sì ,se é giunto inatteso,i fondi devono avere scaricato.

 

[salice02]

Toys R chiude i battenti. 33000 dipendenti a casa.

 

[Myskin]

mi sembra che riguardo Lexmark la nota di Moody's sia piuttosto chiara, c'è da capire semmai come quotasse così alta con una situazione debitoria così problematica

 

[fabriziof]

Il downgrade secondo me

Peraltro anche da parte di s&p ,ma non trovo il testo

 

[gualberto]

mi sembra che riguardo Lexmark la nota di Moody's sia piuttosto chiara, c'è da capire semmai come quotasse così alta con una situazione debitoria così problematica

Peraltro anche da parte di s&p ,ma non trovo il testo

68 ...un tonfo!

 

[gionmorg]

Peraltro anche da parte di s&p ,ma non trovo il testo

Lexmark International Inc. Downgraded To 'B' On Expectation For Slower Deleveraging; Outlook Negative

• We expect that leverage will remain elevated at U.S. printer and imaging

• device and supplies manufacturer Lexmark International Inc. through 2018
  as the company continues to rebuild its installed base.
• We are lowering our corporate credit rating on Lexmark to 'B' from 'B+'.
• The negative outlook reflects weak supplies sales due to a lower
  installed base and competitive printing industry conditions that pose
  threats to Lexmark's prospects to restore revenue growth and reduce
  leverage over the next 12 months.

NEW YORK (S&P Global Ratings) Feb. 16, 2018--S&P Global Ratings today lowered
its corporate credit rating on Lexington, Ky.-based Lexmark International Inc.
to 'B' from 'B+.' The outlook is negative.

We also lowered our issue-level ratings on the company's senior notes and
credit facility to 'B' from 'BB-' and revised the recovery rating to '3' from
'2'. The '3' recovery rating indicates our expectation for meaningful recovery
(50%-70%; rounded estimate: 65%) in the event of a default.

The downgrade reflects weak operating results including negative free cash
flow in 2017 and our expectation that performance will remain relatively weak
in the first half of 2018 as the company continues to rebuild its installed
user base. In response to declines in its installed base, Lexmark has
aggressively marketed new printers. While this move has better positioned
Lexmark for a return to growth in supplies revenues longer term, it has
impaired Lexmark's operating results and cash flows and we expect that it will
continue to hamper results over the coming year.

The negative outlook reflects elevated leverage currently above 10x, secular
declines in the broader printing market, highly competitive industry
conditions, and weakness in Lexmark's high-margin supplies sales due to a
lower installed base. These factors threaten Lexmark's prospects to restore
revenue growth and reduce debt to EBITDA over the next 12 months.

We could lower the rating if operating declines persist in 2018 due to
competitive pressures leading to sustained negative FOCF, leverage remaining
above 8x by the end of 2018 or covenant cushion sustained below 10%.

We could stabilize the outlook over the next 12 months if we expect revenues
will stabilize and EBITDA margins will stay in excess of 10%, debt to EBITDA
will decline and remain below the low-7x area, and FOCF to debt will remain
above 3%.