Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (9 lettori)

[skarlatti]

è da qualche settimana che osservo le emissioni del Libano, mi stò chiedendo se sia meglio entrare oracon un rendimento che sfiora il 10% o aspettare che il treasury americano 10 anni renda stabilmente sopra il 3%... propendo più per la seconda ipotesi, voi che ne dite?

 

[gualberto]

richiamata BI-LO 15.02.2019 9,25% USU0900QAA86

 

[gualberto]

quindi dopo Valeant e Kindred ci saluta anche Bi-lo

 

[Brizione]

richiamata BI-LO 15.02.2019 9,25% USU0900QAA86

A quanto?
Vendute settima scorsa

 

[waltermasoni]

Barbados Long-Term Foreign Currency Rating Lowered To 'SD' After Missed Coupon Payment

• 06-Jun-2018 13:13 EDT

View Analyst Contact Information

RATINGS
Foreign Currency: SD/--/SD
Local Currency: CC/Watch Neg/C
For further details see Ratings List.

OVERVIEW

• On June 1, 2018, Barbados' newly elected government announced it would
  immediately suspend its external debt service payments and seek to make
  interest payments on its domestic debt while negotiating a restructuring
  agreement with domestic creditors.
• On June 5, 2018, Barbados failed to make an interest payment due on its
  6.625% notes due 2035, and we do not expect such a payment to be made. We
  also believe that Barbados will fail to pay its other outstanding
  external debt obligations as they come due while it negotiates a
  restructuring agreement with external creditors.
• We are therefore lowering our long-term foreign currency sovereign credit
  rating on Barbados to 'SD' (selective default) from 'CCC+' and our
  long-term local currency rating to 'CC' from 'CCC'. We are also lowering
  our long-term foreign currency issue rating on Barbados' 2035 notes to
  'D' from 'CCC+'.
• Another four long-term foreign currency issue ratings and the local
  currency sovereign issuer credit and issue ratings are on CreditWatch
  negative, reflecting our view that the sovereign could miss payments on
  its foreign and local currency debt within the next three months.

RATING ACTION
On June 6, 2018, S&P Global Ratings lowered its foreign currency sovereign
issuer credit ratings on Barbados to 'SD/SD' from 'CCC+/C'. At the same time,
we lowered our long-term foreign currency issue rating on the 6.625% notes due
2035 to 'D' from 'CCC+'. We also lowered our other long-term foreign currency
issue ratings to 'CC' from 'CCC+' and placed them on CreditWatch with negative
implications. In addition, we lowered our long-term local currency sovereign
issuer credit and issue ratings to 'CC' from 'CCC' and placed them on
CreditWatch with negative implications, and we affirmed our short-term local
currency rating at 'C'. Finally, we lowered our transfer and convertibility
assessment to 'CC' from 'CCC+'.

CREDITWATCH
Our CreditWatch negative reflects our opinion that there is a greater than
one-in-two chance that Barbados could default again on its local and foreign
currency debt within the next three months. We could lower the local currency
sovereign issuer credit rating to 'SD' if Barbados fails to make debt service
payments on its local currency debt or executes an exchange with bondholders.

Upon completion of any bond restructuring, we will assign new foreign and
local currency sovereign issuer credit and issue ratings that reflect
Barbados' post-exchange creditworthiness.

RATIONALE
Our ratings on Barbados reflect its selective default on its external debt
obligations and our view that a default on its local currency debt obligations
is a virtual certainty.

On June 1, 2018, Barbados' newly elected Prime Minister, Mia Mottley of the
Barbados Labor Party (BLP), announced that the government would immediately
suspend payments on its debt owed to external commercial creditors. The prime
minister also stated that the government would strive to meet its interest
payment obligations on its domestic debt but would ask domestic creditors to
roll over principal maturities until the government reached a restructuring
agreement with its domestic creditors. The government will also negotiate with
external creditors to restructure its external debt. The government's
announcement comes one week after the BLP won an absolute majority in the
country's general election.

Following the missed interest payment on the government's 6.625% notes due
2035 on June 5, 2018, we do not expect the government to subsequently make
this payment in light of its announcement. Per our ratings definitions, an
obligation rated 'D' is in default or in breach of an imputed promise, while
an issuer rated 'SD' is in default on one or more of its financial
obligations.

At the same time, although the government intends to meet its interest payment
obligations on its domestic debt, we would likely treat its request to roll
over principal on this debt as a default given the nature of the request amid
stressed financing conditions and limited options for bondholders. The
government's next significant domestic bond maturity is its Barbados dollar
(BB$) 100 million 4.375% Treasury notes due on June 30, 2018.

Prior to this development, Barbados' history of wider fiscal deficits and low
growth since the global financial crisis has resulted in a significant
increase in the government's debt burden. Net general government debt reached
nearly 95% of GDP in 2017, one of the highest debt levels among Latin American
and Caribbean sovereigns. The government has not issued in the global capital
markets since 2013. Limited appetite for government paper in the local market
in recent years led to reliance on financing from public-sector entities,
including the central bank.

Amid high current account deficits and limited external inflows, external
liquidity has been weakening. Reserves reportedly reached US$220 million as of
May 31, 2018. The decline in international reserves has increased the
vulnerability of Barbados' currency peg and increases the risk of a
balance-of-payments crisis. As a result, the new government has also announced
its intention to seek balance-of-payments support from the International
Monetary Fund (IMF), which is scheduled to visit the country this week. IMF
financial support should strengthen the country's external position. Barbados'
usable reserves have been negative since 2013, and the position continues to
deteriorate, in part because of the central bank's historical deficit
financing, which has expanded the monetary base in the past. We subtract the
monetary base from international reserves because reserve coverage of the
monetary base is critical to maintaining confidence in the exchange-rate
regime.

We expect the new government to significantly modify existing fiscal targets
as a part of its new macroeconomic framework. As a part of this framework,
which we expect to be discussed with the IMF, the government has stated its
intention to present a balanced budget by next year. However, the details of
this plan and how it will incorporate election promises--including the
elimination of the National Social Responsibility Levy, the resolution of the
country's sewage crisis, an increase in pensions, delivery of free university
education, and improved transportation and trash collection--remain to be
formulated.

 

[fabriziof]

delle Barbados si era parlato anche qui ma non ci siamo caduti anche per merito del taglio

 

[gionmorg]

A quanto?
Vendute settima scorsa

call a 100
prese nemmeno un anno fa a 82, certo quasi 20 punti in conto capitale e quasi 10 di cedola....fossero tutti cosi i trade!
Peccato per il cambio

 

[fedro10]

Rating Action:
Moody's downgrades J.C. Penney CFR to B2 from B1

06 Jun 2018
New York, June 06, 2018 -- Moody's Investors Service, ("Moody's") today downgraded Penney (J.C.) Company, Inc. ("the company, J.C. Penney") Corporate Family Rating to B2 from B1. Moody's also affirmed Penney (J.C.) Corporation, Inc.'s ("the Corporation") senior secured ABL Revolving Credit Facility at Ba2 and its senior secured term loan and senior secured notes were affirmed Ba3. The Corporation's secured second lien notes were downgraded to B3 and its senior unsecured notes were downgraded to Caa1. The rating outlook is stable. The company's SGL-1 rating has also been affirmed.



"The downgrade reflects the continued weakness in operating performance coupled with the uncertainty in its strategic plan given the recent departure of its CEO", stated Vice President, Christina Boni. "Although the company has opportunities for further improvements in merchandising, sourcing and operations as well as very good liquidity, significant headwinds remain. J.C. Penney must close the operating performance gap with its department store peers, as well as manage weak mall traffic and continued market share gains by off-price and online retailers."

 

[fedro10]

Rating Action:
Moody's places ratings of eleven Turkish corporates on review for downgrade

06 Jun 2018
London, 06 June 2018 -- Moody's Investors Service has today placed on review for downgrade the ratings of 11 non-financial corporates domiciled in Turkey.



These rating actions follow Moody's recent decision to place Turkey's Ba2 government bond rating under review for downgrade. For further information on the sovereign rating action, please refer to Moody's press release published on 1 June 2018: Moody's places Turkey's Ba2 ratings on review for downgrade.



Moody's has placed on review for downgrade the ratings of the following corporates:



• Anadolu Efes Biracilik ve Malt Sanayii A.S. (Efes)

• Coca-Cola Icecek A.S. (CCI)

• Dogus Holding A.S. (Dogus)

• Eregli Demir ve Celik Fabrikalari T.A.S. (Erdemir)

• Koc Holding A.S. (Koc Holding)

• Ordu Yardimlasma Kurumu (OYAK)

• Ronesans Gayrimenkul Yatirim A.S. (Ronesans)

• Turkcell Iletisim Hizmetleri A.S. (Turkcell)

• Turk Hava Yollari Anonim Ortakligi (Turkish Airlines)

• Turkiye Petrol Rafinerileri A.S. (Tupras)

• Turkiye Sise ve Cam Fabrikalari A.S. (Sisecam)



Additionally, Moody's has taken rating actions on two enhanced equipment trust certificate (EETC) transactions related to Turkish Airlines: Bosphorus Pass Through Trust 2015-1A and the Japanese Yen denominated, Anatolia Pass Through Trust, Class A and Class B, also issued in 2015. Moody's downgraded the Class A certificates of the Bosphorus transaction to Baa2 from Baa1 and then placed all of the EETC ratings under review for downgrade.



The outlooks for all the above corporates were stable prior to this action except for Dogus, which had a negative outlook.



A complete list of rating actions can be found at the end of this press release.

 

[fedro10]

Rating Action:
Moody's affirms Boeing's A2 senior unsecured rating, outlook stable

04 Jun 2018
New York, June 04, 2018 -- Moody's Investors Service, Inc. affirmed its ratings assigned to The Boeing Company and Boeing Capital Corporation: senior unsecured of A2 and short-term of P-1. The rating outlook is stable.



RATINGS RATIONALE



The A2 senior unsecured rating reflects Boeing's position as one of two manufacturers of large commercial airplanes and a prime US defense contractor. The company's backlog provides excellent long-term revenue visibility. Backlog was $415 billion and $71 billion for commercial airplanes and the rest of the business, respectively at March 31, 2018. Moody's expects annual operating cash flow to increase in 2018, as Boeing increases production rates for commercial airplanes and improves execution on other programs including the KC-46A Tanker for the US Air Force. The company is favorably positioned in the A2 rating category, providing flexibility to execute the acquisition component of its growth strategy. Moody's anticipates that Boeing will prioritize restoring credit metrics subsequent to larger debt-funded acquisitions that initially weaken credit metrics.



Moody's anticipates that share repurchases will modestly exceed free cash flow in 2018. Boeing's strong balance sheet, current excellent liquidity and ability to curtail share repurchases mitigate potential pressure on credit metrics that could arise should Boeing pursue more and larger debt-funded acquisitions following the upcoming acquisition of the aerospace operations of service company, KLX, Inc. expected to close by the third quarter of 2018.



The stable outlook reflects Moody's expectation of improved earnings and operating cash flow, particularly from commercial airplanes, which will help fund steady returns to shareholders, which would likely temper should Boeing launch the new commercial airliner, the "New Market Aircraft" that it is studying. The stable outlook also anticipates that credit metrics will be mostly stable near their current levels though with a bias for some strengthening with earnings expansion as long as significant amounts of new debt is not issued to fund acquisitions, share repurchases or a new airplane program.



Moody's currently anticipates little upwards rating pressure within the next 12 to 24 months. However, an upgrade of the rating could occur if Boeing was to strengthen its credit metrics, such as sustaining debt to EBITDA near 1.5x; retained cash flow to net debt above 45% and or EBIT to interest expense above 10x. In addition, continually limiting annual share repurchases below annual free cash flow could also positively pressure the rating. A downgrade of the ratings could occur if: 1) returns to shareholders repeatedly exceed free cash flow; 2) Boeing is unable to win major DoD contracts; 3) unrestricted cash is sustained below $5 billion; 4) retained cash flow to net debt is less than 25%; 5) EBIT to interest expense is sustained below 6x; 6) EBITA to average assets is below 10%; and or 6) debt to EBITDA approaches 3x.



The Boeing Company is a leading large commercial airplane manufacturer and one of the largest prime contractors for aircraft and related systems to the US Department of Defense. The company operates in three principal business segments: Commercial Airplanes; Defense, Space & Security; and Global Services. Headquartered in Chicago, Illinois, Boeing reported $93.392 billion of revenue for 2017.