fabriziof
Forumer storico
downgrade una settimana fa ,non so altro
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (2 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
idomeneo1966
Forumer attivo
e Noble Holding come sta ?
fabriziof
Forumer storico
Ieri qui é stato postato un articolo
skarlatti
Forumer storico
Il downgrade ci sta in quanto hanno una scadenza l’anno prossimo per 1,4 miliardi e nel 2020 un altra per 1,1 miliardi e per ora non hanno provveduto a fare nuove emissioni... resta comunque una buona azienda che fa utili e che capitalizza 15 miliardi.
per un downgrade mi sembra eccessivo il calo....il 2026 ha perso 30 punti....
skarlatti
Forumer storico
Secondo me erano troppo care prima.
se fosse così un assaggio lo prenderei
skarlatti
Forumer storico
Io ci sto facendo un pensierino, più che altro devo ancora capire se possono scendere ancora.
waltermasoni
Caribbean Trader
Interessante. Ha una miriade di Bond anche taglio 1k . Un po’ cari ma se va in porto la fusione ha del valore
Press Release
Fitch Places Sprint's 'B+' IDR on Positive Watch on Proposed T-Mobile Transaction
30 APR 2018 10:23 AM ET
Fitch Ratings-Chicago-30 April 2018: Fitch Ratings has placed the 'B+' Long-Term Issuer Default Ratings (IDRs) and outstanding debt of Sprint Corporation (Sprint) (NYSE: S) and its subsidiaries on Rating Watch Positive. A full list of rating actions follows at the end of this release. The transaction, as proposed, is likely to lead to a three-notch upgrade of the IDRs and outstanding debt of Sprint Corporation based on existing assumptions. A separate release will be issued for the Sprint spectrum securitization to discuss ratings impact.
Fitch's rating actions follows Sprint and T-Mobile US Inc.'s announcement that the companies have entered into definitive agreements to merge operations through an all-stock transaction with an exchange ratio of 9.75 Sprint shares for each T-Mobile US share. Fitch believes the merger will substantially strengthen the credit support for existing Sprint bondholders. The combination is expected to create significant scale, asset and synergy benefits that should materially improve the combined entities' long-term competitive position. Transaction closing, pending regulatory approval, is expected by the first half of 2019. Pro forma for the transaction, gross core telecom leverage (adjusted debt-to-EBITDAR) would be high at transaction close, based on Fitch adjustments, at approximately 5x. Fitch expects material deleveraging during the two years post close due to debt reduction and EBITDA growth to reduce leverage to the low 4x range.
KEY RATING DRIVERS
Combination Drives Scale Benefits: A T-Mobile and Sprint combination is expected to create significant scale, asset and synergy benefits that should materially improve the combined entities' long-term competitive position particularly for 5G network capabilities. T-Mobile is expected to build upon its challenger strategy that has captured significant consumer momentum and target new and/or improved growth opportunities across multiple segments including enterprise, rural, broadband replacement, IoT and OTT video. The larger combined spectrum portfolio and selective rationalization of Sprint's network should materially enhance and further densify T-Mobile's existing network, resulting in greater speed, capacity and capabilities along with increased geographic reach.
Substantial Synergies, Material Execution Risk: The combined company expects to create substantial value for T-Mobile and Sprint shareholders through an expected $6+ billion in run rate cost synergies, representing a net present value (NPV) of $43+ billion. Fitch believes these synergies are largely achievable due to good line of sight on network related cost reductions that constitute the majority of cost benefits. Given the scope of the transaction, execution risk with network decommissioning and subscriber migration to T-Mobile's network is high. Partly mitigating this risk, Fitch believes T-Mobile has a good integration track record following past acquisitions.
Guarantee Structure: As a result of the merger agreement, T-Mobile US, Inc. and T-Mobile USA, Inc. are expected to provide downstream unsecured guarantees to the senior notes at Sprint Corp, Sprint Communications, Inc. (SCI) and Sprint Capital Corp. T-Mobile US and T-Mobile USA will also guarantee Sprint spectrum lease payments on an unsecured basis. T-Mobile USA, Inc. senior notes are expected to receive unsecured guarantees from all wholly-owned domestic restricted subsidiaries of Sprint. T-Mobile USA senior notes currently receive guarantees from its subsidiaries and T-Mobile US. As contemplated, the cross-guaranty structure would result in ratings equalization for the Sprint and T-Mobile USA, Inc.'s senior notes.
Significant Regulatory Uncertainty: Fitch believes the regulatory approval of a horizontal consolidation between T-Mobile and Sprint will be lengthy, challenging and uncertain given the high degree of scrutiny around antitrust elements and the lack of potential public interest benefits related to this merger. Fitch believes regulatory approval will be dependent on the regulatory lens used to analyze the transaction. Regulators would have several options for potential remedies if the transaction is approved. Remedies could potentially include spectrum divestitures, prepaid brand divestitures, rural broadband coverage deployment milestones, fixed wireless (broadband replacement) deployment milestones and MVNO considerations.
Material Deleveraging Expected: Pro forma gross core telecom leverage (adjusted debt-to-EBITDAR) would be high at transaction close, based on Fitch adjustments, at approximately 5x. Fitch believes significant deleveraging would occur due to substantial cost synergies and subscriber growth that is expected to drive material EBITDA growth. Fitch anticipates excess cash would be used to repay maturing and pre-payable debt with gross core telecom leverage estimated in the lower 4x range by the end of 2021. The forecast does not assume any material divestitures that could be required if regulators approve the transaction.
With expected secured leverage (total secured debt / EBITDA) at T-Mobile of less than 4x and strong underlying asset value, Fitch does not view structural subordination as being present to where recovery prospects at the unsecured level are impaired. Thus, Sprint's unsecured notes would not be notched down one from the IDR.
Parent Support: Fitch views a moderate parent subsidiary linkage would exist for the combined entities that would result in a one-notch uplift to the Issuer Default Rating for Sprint's IDR. As mentioned above, the cross-guaranty structure would equalize the IDRs at Sprint and T-Mobile. Operational and strategic linkages are strong given material benefits derived from Deutsche Telekom AG (DT) and SoftBank Group's joint ownership through combined global purchasing scale that provides significant benefits for network, handset and general procurement. Further support comes through DT parent held debt, strong involvement through control of the board of the combined companies, and potential benefits from leveraging SoftBank's numerous strategic investments. Both parents will also be subject to four-year equity lockup agreements.
Press Release
Fitch Places Sprint's 'B+' IDR on Positive Watch on Proposed T-Mobile Transaction
30 APR 2018 10:23 AM ET
Fitch Ratings-Chicago-30 April 2018: Fitch Ratings has placed the 'B+' Long-Term Issuer Default Ratings (IDRs) and outstanding debt of Sprint Corporation (Sprint) (NYSE: S) and its subsidiaries on Rating Watch Positive. A full list of rating actions follows at the end of this release. The transaction, as proposed, is likely to lead to a three-notch upgrade of the IDRs and outstanding debt of Sprint Corporation based on existing assumptions. A separate release will be issued for the Sprint spectrum securitization to discuss ratings impact.
Fitch's rating actions follows Sprint and T-Mobile US Inc.'s announcement that the companies have entered into definitive agreements to merge operations through an all-stock transaction with an exchange ratio of 9.75 Sprint shares for each T-Mobile US share. Fitch believes the merger will substantially strengthen the credit support for existing Sprint bondholders. The combination is expected to create significant scale, asset and synergy benefits that should materially improve the combined entities' long-term competitive position. Transaction closing, pending regulatory approval, is expected by the first half of 2019. Pro forma for the transaction, gross core telecom leverage (adjusted debt-to-EBITDAR) would be high at transaction close, based on Fitch adjustments, at approximately 5x. Fitch expects material deleveraging during the two years post close due to debt reduction and EBITDA growth to reduce leverage to the low 4x range.
KEY RATING DRIVERS
Combination Drives Scale Benefits: A T-Mobile and Sprint combination is expected to create significant scale, asset and synergy benefits that should materially improve the combined entities' long-term competitive position particularly for 5G network capabilities. T-Mobile is expected to build upon its challenger strategy that has captured significant consumer momentum and target new and/or improved growth opportunities across multiple segments including enterprise, rural, broadband replacement, IoT and OTT video. The larger combined spectrum portfolio and selective rationalization of Sprint's network should materially enhance and further densify T-Mobile's existing network, resulting in greater speed, capacity and capabilities along with increased geographic reach.
Substantial Synergies, Material Execution Risk: The combined company expects to create substantial value for T-Mobile and Sprint shareholders through an expected $6+ billion in run rate cost synergies, representing a net present value (NPV) of $43+ billion. Fitch believes these synergies are largely achievable due to good line of sight on network related cost reductions that constitute the majority of cost benefits. Given the scope of the transaction, execution risk with network decommissioning and subscriber migration to T-Mobile's network is high. Partly mitigating this risk, Fitch believes T-Mobile has a good integration track record following past acquisitions.
Guarantee Structure: As a result of the merger agreement, T-Mobile US, Inc. and T-Mobile USA, Inc. are expected to provide downstream unsecured guarantees to the senior notes at Sprint Corp, Sprint Communications, Inc. (SCI) and Sprint Capital Corp. T-Mobile US and T-Mobile USA will also guarantee Sprint spectrum lease payments on an unsecured basis. T-Mobile USA, Inc. senior notes are expected to receive unsecured guarantees from all wholly-owned domestic restricted subsidiaries of Sprint. T-Mobile USA senior notes currently receive guarantees from its subsidiaries and T-Mobile US. As contemplated, the cross-guaranty structure would result in ratings equalization for the Sprint and T-Mobile USA, Inc.'s senior notes.
Significant Regulatory Uncertainty: Fitch believes the regulatory approval of a horizontal consolidation between T-Mobile and Sprint will be lengthy, challenging and uncertain given the high degree of scrutiny around antitrust elements and the lack of potential public interest benefits related to this merger. Fitch believes regulatory approval will be dependent on the regulatory lens used to analyze the transaction. Regulators would have several options for potential remedies if the transaction is approved. Remedies could potentially include spectrum divestitures, prepaid brand divestitures, rural broadband coverage deployment milestones, fixed wireless (broadband replacement) deployment milestones and MVNO considerations.
Material Deleveraging Expected: Pro forma gross core telecom leverage (adjusted debt-to-EBITDAR) would be high at transaction close, based on Fitch adjustments, at approximately 5x. Fitch believes significant deleveraging would occur due to substantial cost synergies and subscriber growth that is expected to drive material EBITDA growth. Fitch anticipates excess cash would be used to repay maturing and pre-payable debt with gross core telecom leverage estimated in the lower 4x range by the end of 2021. The forecast does not assume any material divestitures that could be required if regulators approve the transaction.
With expected secured leverage (total secured debt / EBITDA) at T-Mobile of less than 4x and strong underlying asset value, Fitch does not view structural subordination as being present to where recovery prospects at the unsecured level are impaired. Thus, Sprint's unsecured notes would not be notched down one from the IDR.
Parent Support: Fitch views a moderate parent subsidiary linkage would exist for the combined entities that would result in a one-notch uplift to the Issuer Default Rating for Sprint's IDR. As mentioned above, the cross-guaranty structure would equalize the IDRs at Sprint and T-Mobile. Operational and strategic linkages are strong given material benefits derived from Deutsche Telekom AG (DT) and SoftBank Group's joint ownership through combined global purchasing scale that provides significant benefits for network, handset and general procurement. Further support comes through DT parent held debt, strong involvement through control of the board of the combined companies, and potential benefits from leveraging SoftBank's numerous strategic investments. Both parents will also be subject to four-year equity lockup agreements.