Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (7 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
waltermasoni
Caribbean Trader
Wind Tre 'BB-' Ratings Placed On CreditWatch Positive On Announced Acquisition By CK Hutchison
- 09-Jul-2018 12:43 EDT
- CK Hutchison (Hutchison) is acquiring the remaining 50% of Wind Tre
S.p.A, thus becoming the 100% owner, leading to a closer link between the
two companies, since Wind Tre will account for a sizeable part of the
group's consolidated earnings (about 18% of pro forma EBITDA). - We continue to believe Wind Tre's currently weak operating results will
improve significantly from 2019, thanks to its ongoing network upgrade,
cost synergies, and substantial wholesale roaming revenues from Iliad,
despite challenging market conditions and a shrinking mobile-subscriber
base. - We are placing our 'BB-' ratings on Wind Tre and its related debt issues
on CreditWatch with positive implications. - The CreditWatch indicates that we could raise ratings by one notch or,
less likely, two notches, depending on the extent to which the more
supportive ownership situation is counterbalanced by ongoing market
challenges.
'BB-' long-term issuer credit rating on Italian mobile operator Wind Tre
S.p.A. and its wholly owned subsidiary Wind Acquisition Finance S.A., and the
'BB-' issue rating on Wind Tre's senior secured debt, on CreditWatch with
positive implications.
The recovery rating on the debt remains at '3', indicating our expectation of
meaningful recovery (50%-70%; rounded estimate 65%) in the event of a default.
The action follows the announcement by CK Hutchison Holdings Ltd. (Hutchison;
A-/Positive/--), a 50% shareholder in Wind Tre, that it will buy the remaining
50% stake in the company, thereby becoming its 100% owner, pending regulatory
approvals.
As a result, we believe there is an increased likelihood of parental support
to Wind Tre. However, we expect Wind Tre will remain a self-funded subsidiary,
and do not anticipate any parental guarantee for Wind Tre's debt. We also are
mindful of Hutchison's long-standing presence in several European telecom
markets, and the sizeable contribution Wind Tre will make to Hutchison's
telecom division, as well as to Hutchison's consolidated earnings, since we
expect Wind Tre will account for about half of Hutchison's telecom EBITDA and
about 18% of its consolidated EBITDA. Our view of an increasing likelihood of
parental support is mitigated, however, by Hutchison's intrinsically
opportunistic investment strategy as a diversified conglomerate, and we cannot
totally exclude the possibility it would sell its Italian subsidiary in the
longer term. We would therefore likely assess Wind Tre as being a
strategically important subsidiary of Hutchison at transaction close, compared
with our current assessment of the company as moderately strategic to its
co-owners. However, we would not characterize it as a core or highly strategic
subsidiary.
Furthermore, we think the new ownership structure, intrinsically more stable
and less subject to potential dissensions between shareholders, will better
support Wind Tre's daily operations and help to reinforce its long-term,
margin focused, and strategic approach. We view this as positive, especially
in the current difficult market environment, where Wind Tre is executing its
challenging network overhaul and commercial repositioning to combat its
shrinking mobile subscriber base, better resist fierce competition from more
integrated players like Telecom Italia and Vodafone, and cope with aggressive
price positioning of the new mobile operator Iliad. We do not expect
Hutchison's increased ownership will result in a credit-adverse change in Wind
Tre's capital structure. This is because we believe that Hutchison will
continue to support the company's long-term deleveraging objective of reducing
reported net debt to EBITDA to 3x, likely corresponding to about 4.1x S&P
Global Ratings-adjusted leverage, and about 3.2x excluding the shareholder
loans.
Moreover, in our view, Hutchison has an even greater incentive to ensure Wind
Tre has good stand-alone financial strength and is self-sustainable, because
we believe that a portion of Hutchison's debt may be cross-defaulted by the
acceleration of the debt at Wind Tre. This is assuming Wind Tre is fully
consolidated, is a principal subsidiary of Hutchison, and our rating on Wind
Tre remains below 'BB+', and is subject to the actual circumstances of a
default of Wind Tre's debt.
Despite a shrinking subscriber base, we continue to believe that Wind Tre's
weak operating results will significantly improve from 2019, thanks to its
ongoing network upgrade, realization of cost synergies, and substantial
wholesale roaming revenues received from Iliad.
We intend to resolve the CreditWatch within three months after reviewing the
company's half-year results and meeting its management. Once we update our
base case, we could raise the ratings by one notch or, less likely, two
notches, depending on the extent to which the more-supportive ownership
situation is counterbalanced by the ongoing market challenges.
We could raise the ratings by one notch, instead of two, if the benefits of
the new ownership are partly offset by a weaker stand-alone profile as a
result of tough market conditions, preventing S&P Global Ratings-adjusted
leverage from dropping to the lower end of the 5.0x-5.5x range (about 4.5x
excluding the shareholder loans) in 2019, from 5.7x in 2017 (4.9x).
Alternatively, we could affirm the ratings if the benefits of the new
ownership are fully offset by a two-notch weaker stand-alone profile as a
result of tough market conditions. However, this is unlikely, in our view.
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In forte rialzo oggi.
Nordex Group awarded largest ever single contract for 595 megawatts
Wind farm in Brazil comprises 191 turbines
Hamburg, 10 July 2018. In the second quarter of 2018, the Nordex Group gained the largest single contract in its history: it will supply and install turbines for the Brazilian wind farm “Lagoa dos Ventos” with a capacity of around 595 megawatts for Enel Green Power. The project is composed of 191 AW125 turbines. With an installed capacity of 3.15 or 3.0 MW, the turbines will be mounted on top of 120-meter concrete towers which the Group will be producing locally at its own plant in Brazil to lower costs and minimise the environmental footprint.
The wind farm is located in the state of Piaui in the north of Brazil, which is characterized by favourable wind conditions. Roughly one year ago, Nordex had been awarded another contract for 65 turbines from the same series for another wind farm located in the same province.
The owner and later operator of Lagoa dos Ventos is Enel Green Power, a large international utility with which the Group has previously worked successfully in different markets.
The Nordex Group will commence work on installing the wind farms from October 2019, subsequently providing service for the turbines for at least two years. Together with the “Lagoa dos Ventos” wind farm, total capacity installed and under construction by the Nordex Group in Brazil will rise to 1.9 GW.
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mi dai una bella notizia. grazieIn forte rialzo oggi.
Nordex Group awarded largest ever single contract for 595 megawatts
Wind farm in Brazil comprises 191 turbines
Hamburg, 10 July 2018. In the second quarter of 2018, the Nordex Group gained the largest single contract in its history: it will supply and install turbines for the Brazilian wind farm “Lagoa dos Ventos” with a capacity of around 595 megawatts for Enel Green Power. The project is composed of 191 AW125 turbines. With an installed capacity of 3.15 or 3.0 MW, the turbines will be mounted on top of 120-meter concrete towers which the Group will be producing locally at its own plant in Brazil to lower costs and minimise the environmental footprint.
The wind farm is located in the state of Piaui in the north of Brazil, which is characterized by favourable wind conditions. Roughly one year ago, Nordex had been awarded another contract for 65 turbines from the same series for another wind farm located in the same province.
The owner and later operator of Lagoa dos Ventos is Enel Green Power, a large international utility with which the Group has previously worked successfully in different markets.
The Nordex Group will commence work on installing the wind farms from October 2019, subsequently providing service for the turbines for at least two years. Together with the “Lagoa dos Ventos” wind farm, total capacity installed and under construction by the Nordex Group in Brazil will rise to 1.9 GW.