Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (1 Viewer)

fedro10

è la somma che fa il totale...
scusate ma siete riusciti a compilare il questionario Mifid dal portale IW ogni volta che confermo mi restituisce ERRORE TECNICO.
 

waltermasoni

Caribbean Trader
Fitch Upgrades Eletrobras to 'BB-'; Outlook Stable
14 JUN 2018 5:09 PM ET


Fitch Ratings-Sao Paulo-14 June 2018: Fitch Ratings has upgraded the Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs) of Centrais Eletricas Brasileiras S.A. (Eletrobras) and its wholly owned subsidiary, Furnas Centrais Eletricas S.A., to 'BB-' from 'B+'. Fitch has also upgraded the companies' Long-Term National Scale Ratings to 'AA(bra)' from 'AA- (bra)'. The Rating Outlook is Stable. A complete list of rating actions follows at the end of this release.

The upgrade reflects Fitch's view of the Federative Republic of Brazil's (IDR BB-/Stable) continuing support of Eletrobras through existing debt guarantees, with a relevant portion of the loans coming from federal banks, and the gradual strengthening on Eletrobras' standalone credit profile after some cost saving measures, which may be reinforced in case of the relevant asset sales program conclusion. Fitch considers Eletrobras' standalone credit profile (SCP) commensurate to a 'B-' IDR, which based on the Government Related Entities methodology and the three notches distance to Brazil's IDR, leads to the equalization of the ratings.

Eletrobras has a strong linkage with Brazil due to its strategic importance as the largest power company in the country and the sovereign's direct control of the company, as owner of 51% of the voting shares. The sovereign also guarantees around 30% Eletrobras's consolidated on-balance-sheet debt.

Eletrobras's SCP at 'B-' reflects its still weak operational cash flow generation and high leverage. Management's initiatives to reduce costs and capex, as well as sell assets to improve the group's capital structure, are positive, but may take time to improve the overall credit profile. Fitch believes Eletrobras' divestment strategy and the privatization of the six energy distribution companies currently managed by Eletrobras are potentially positive for the company. The Government's intention to privatize Eletrobras was not considered in this analysis as it is uncerta
 

gionmorg

low cost high value
Membro dello Staff
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