Ma che davero?Regalo di Pasqua per gion ,Alliance a 100
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (2 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
captain sparrow
Forumer storico
Gion, anche questi non sono tanto ottimisti su Tesla
https://www.moodys.com/research/Moodys-dow...F9-ACC08F9002F4
- New York, March 27, 2018 -- Moody's Investors Service downgraded Tesla, Inc.'s (Tesla) Corporate Family Rating (CFR) to B3 from B2, unsecured note rating to Caa1 from B3, and Speculative Grade Liquidity rating to SGL-4 from SGL-3. The outlook is negative.
RATINGS RATIONALE
Tesla's ratings reflect the significant shortfall in the production rate of the company's Model 3 electric vehicle. The company also faces liquidity pressures due to its large negative free cash flow and the pending maturities of convertible bonds ($230 million in November 2018 and $920 million in March 2019). Tesla produced only 2,425 Model 3s during the fourth quarter of 2017; it is currently targeting a weekly production rate of 2,500 by the end of March, and 5,000 per week by the end of June. This compares with the company's year-earlier production expectations of 5,000 per week by the end of 2017 and 10,000 by the end of 2018.
The Caa1 rating of the unsecured notes reflects the junior position of the notes relative to the company's $1.9 billion secured credit facility.
Tesla continues to benefit from solid market acceptance of Models S and X, which collectively hold over a third of the US luxury market. In addition, third-party evaluations of the Model 3 remain favorable, consumer response to the vehicle is sound, and advance purchase reservations and deposits remain high. Finally, regulatory support for battery electric and zero-emission vehicles continues to grow.
The negative outlook reflects the likelihood that Tesla will have to undertake a large, near-term capital raise in order to refund maturing obligations and avoid a liquidity short-fall. Prospects for addressing its liquidity requirements (whether equity, convertible notes or debt) will be supported if the company can establish credibility for reaching Model 3 production levels -- 2,500 per week by the end of March, and 5,000 per week by the end of June.
Tesla's liquidity consists principally of $3.4 billion in cash and securities at December 31, 2017. The company also has moderate availability under the $1.9 billion ABL facility. This liquidity position is not adequate to cover: 1) the approximately $500 million in minimum cash that we estimate Tesla must maintain for normal operations; 2) a 2018 operating cash burn that will approximate $2 billion if Tesla maintains high discretionary capital expenditures to increase capacity; and 3) convertible debt maturities of approximately $1.2 billion through early 2019. These cash needs will likely require Tesla to undertake a near-term capital raise exceeding $2 billion. Moreover, if the company maintains its expected pace of expansion, it will likely need to raise additional capital during the second half of 2019.
Tesla's rating could be lowered further if there are shortfalls from its updated Model 3 production targets. The rating will also be pressured if the company is unable to raise sufficient new capital to cover its late-2018 and early-2019 convertible maturities, and to cover the operating cash consumption that will likely continue into 2019.
The rating could be raised if production rates of the Model 3 meet Tesla's current expectations and if the company maintains good liquidity.
The following rating actions were taken:
Downgrades:
..Issuer: Tesla, Inc.
.... Probability of Default Rating, Downgraded to B3-PD from B2-PD
.... Speculative Grade Liquidity Rating, Downgraded to SGL-4 from SGL-3
.... Corporate Family Rating, Downgraded to B3 from B2
....GTD Senior Unsecured Regular Bond/Debenture, Downgraded to Caa1 (LGD4) from B3 (LGD4)
Outlook Actions:
..Issuer: Tesla, Inc.
....Outlook, Changed To Negative From Stable
MP
multiquote »
certo, ma da li a dire bancarotta ce ne passa....
Tesla è un investimento a lunghissimo termine, le auto elettriche sono, spero per noi e per i nostri figli, il futuro.
Ferry operator Moby is fined by Italy’s antitrust regulator, a credit negative
Last Friday, Italy’s Autorità garante della Concorrenza e del Mercato (AGCM), the country’s competition authority, announced that it had fined Moby S.p.A. (B2 negative) €29 million after determining that the ferry operator had abused its dominant position in shipping goods on three routes between continental Italy and Sardinia. The fine likely will strain Moby’s liquidity, a credit negative. However, Moby plans to appeal AGCM’s decision. AGCM launched a probe in April 2016 after Moby competitor Grimaldi Euromed S.p.A. and two freight customers alleged that Moby had engaged in illicit commercial practices in its freight business on certain Sardinian routes. In the 12 months to 30 September 2017, Moby recorded revenue of €567 million, 52% of which originated from Sardinia, and derives around 23% of its revenue from the freight business, the majority of which relates to Sardinia. We believe that the AGCM ruling is likely to expose the company to reputational risks and lead to increased scrutiny of commercial policies from freight customers. Moby has 90 days to pay the fine but indicated that it will appeal the decision, and has 60 days to do so. An appeal to the administrative court may result in the suspension of the payment. Since the case opened in April 2016, Moby has said that the allegations are unfounded and its conduct has always been proper. So far, the company has not made any provision related to the investigation. Today, Moby has enough liquidity to cover payment of the potential fine. At 30 September 2017, Moby had €157 million of cash on its balance sheet and access to an undrawn €60 million revolving credit facility. However, we expect the company’s liquidity profile to deteriorate owing to repayments of its bank loan of €40 million this quarter and €50 million in the first quarter of 2019. If the payment of the €29 million fine is upheld on appeal, it will strain the company’s liquidity profile. In addition, we believe that Moby is still at risk of breaching its net leverage financial maintenance covenant for the testing period as of year-end 2017. Although Moby is confident that it will be in compliance with its net leverage covenant, we believe the company is currently taking all necessary steps to remedy this situation and to regain sufficient leeway under the covenant to accommodate a prolonged period of weaker trading and potential additional cash outflows, including the €29 million fine, if it were to occur. In addition, a European Commission investigation into government grants received since 2012 by Moby’s subsidiary Tirrenia-CIN continues. In this context and pending the outcome of the ongoing European Commission investigation initiated in October 2011, Moby suspended the first instalment of €55 million, which was due in April 2016 in connection with the acquisition of Tirrenia’s assets in 2012. The timing and outcome of the investigation remain uncertain, and the proceedings could be drawn out over several years, adding further uncertainty on the company’s liquidity profile.
Last Friday, Italy’s Autorità garante della Concorrenza e del Mercato (AGCM), the country’s competition authority, announced that it had fined Moby S.p.A. (B2 negative) €29 million after determining that the ferry operator had abused its dominant position in shipping goods on three routes between continental Italy and Sardinia. The fine likely will strain Moby’s liquidity, a credit negative. However, Moby plans to appeal AGCM’s decision. AGCM launched a probe in April 2016 after Moby competitor Grimaldi Euromed S.p.A. and two freight customers alleged that Moby had engaged in illicit commercial practices in its freight business on certain Sardinian routes. In the 12 months to 30 September 2017, Moby recorded revenue of €567 million, 52% of which originated from Sardinia, and derives around 23% of its revenue from the freight business, the majority of which relates to Sardinia. We believe that the AGCM ruling is likely to expose the company to reputational risks and lead to increased scrutiny of commercial policies from freight customers. Moby has 90 days to pay the fine but indicated that it will appeal the decision, and has 60 days to do so. An appeal to the administrative court may result in the suspension of the payment. Since the case opened in April 2016, Moby has said that the allegations are unfounded and its conduct has always been proper. So far, the company has not made any provision related to the investigation. Today, Moby has enough liquidity to cover payment of the potential fine. At 30 September 2017, Moby had €157 million of cash on its balance sheet and access to an undrawn €60 million revolving credit facility. However, we expect the company’s liquidity profile to deteriorate owing to repayments of its bank loan of €40 million this quarter and €50 million in the first quarter of 2019. If the payment of the €29 million fine is upheld on appeal, it will strain the company’s liquidity profile. In addition, we believe that Moby is still at risk of breaching its net leverage financial maintenance covenant for the testing period as of year-end 2017. Although Moby is confident that it will be in compliance with its net leverage covenant, we believe the company is currently taking all necessary steps to remedy this situation and to regain sufficient leeway under the covenant to accommodate a prolonged period of weaker trading and potential additional cash outflows, including the €29 million fine, if it were to occur. In addition, a European Commission investigation into government grants received since 2012 by Moby’s subsidiary Tirrenia-CIN continues. In this context and pending the outcome of the ongoing European Commission investigation initiated in October 2011, Moby suspended the first instalment of €55 million, which was due in April 2016 in connection with the acquisition of Tirrenia’s assets in 2012. The timing and outcome of the investigation remain uncertain, and the proceedings could be drawn out over several years, adding further uncertainty on the company’s liquidity profile.
Con iw però sarà impossibile prenderla visto i radi scambi su finra
IL MARATONETA
Forumer storico
Interessante situazione sui problemi di Moby, con liquidità giudicata comunque sufficiente per i prossimi impegni.
Non siamo certo in una botte di ferro ma da considerare che siamo anche all'inizio della stagione turistica.
Non la seguo, ma se penso a moby penso alla prima compagnia italiana, e a una delle più grandi del mondo
mikim
Forumer attivo
Grazie