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Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
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iguanito
Forumer storico
Ok. Fammi sapere se puoi, grazie.
ma certo
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Sui costruttori e sui tagli da 100.000 ci sono un paio di cose anche nazionali da vedere volendo:
- Astaldi 7,125% 2020 ultimo prezzo 81,40 ISIN XS1000393899
- Trevi Fin Industrial 6% 2019 ultimo prezzo 63,00 ISIN IT0005038382
Entrambe le aziende in situazione abbastanza complicata come testimoniano i prezzi.
Moody's says the results of Windstream's exchange offer are positive; no immediate impact to the ratings or outlook
Global Credit Research - 12 Dec 2017
New York, December 12, 2017 -- Moody's Investors Service, ("Moody's") said the results of Windstream Services, LLC's exchange offers are credit positive due to the improvement in maturity profile. However, the new notes will have a higher coupon rate that will weaken cash flows and partially offset the positives of the deal.
As of the early tender date, Windstream has received offers to exchange a significant portion of its 2021 and 2022 notes for approximately $832.6 million aggregate principal amount of new 8.75% senior notes due 2024. The new 2024 notes are pari passu with the company's existing B3-rated unsecured notes. The company's concurrent offer to exchange existing 7.50% senior notes due 2023 for new 6 3/8% senior notes due 2023 is being extended as the company has not yet received a sufficient level of acceptance of its proposal. Moody's views the 2023 change as having no impact to Windstream's credit.
While the improved liquidity position helps support Windstream's credit profile, the ratings trajectory is more heavily influenced by the company's fundamental operating performance. Moody's expects Windstream to face continued top line pressure and margin compression, which may be partially offset by expense savings initiatives.
Windstream's B2 corporate family rating reflects its scale as a national wireline operator with a stable, predictable base of recurring revenues, offset by high leverage, a declining top line and margin pressure. Moody's believes that Windstream faces a continued erosion of EBITDA and cash flows as a result of prior underinvestment and the company's challenged competitive position. Moody's expects Windstream's pro forma EBITDA to decline in the low single digit percentage range for the next several years, although some of this impact could be offset by merger synergies and greater investment into the consumer segment. Moody's views Windstream as having limited leverage tolerance due to its low asset coverage following the 2015 sale and leaseback transaction of its outside plant and real estate assets to Uniti Group.
The negative outlook reflects the risk that Windstream may not be able to reverse its unfavorable operating trends and incorporates our view that the downward pressure on EBITDA could result in sustained negative free cash flow. Moody's could downgrade Windstream's ratings further if the company is unable to transition to approximately stable EBITDA over the next 12 to 18 months, its liquidity deteriorates or its subscriber trends worsen. Moody's could stabilize the outlook if Windstream was on track to achieve stable EBITDA, while maintaining leverage below 5.5x and good liquidity. Given the company's weak fundamentals a ratings upgrade is unlikely at this point.
Windstream Services, LLC is a pure-play wireline operator headquartered in Little Rock, AR that provides telecommunications services in 48 states. For the last twelve months ended June 30, 2017 Windstream generated $6.1 billion in revenues.
Global Credit Research - 12 Dec 2017
New York, December 12, 2017 -- Moody's Investors Service, ("Moody's") said the results of Windstream Services, LLC's exchange offers are credit positive due to the improvement in maturity profile. However, the new notes will have a higher coupon rate that will weaken cash flows and partially offset the positives of the deal.
As of the early tender date, Windstream has received offers to exchange a significant portion of its 2021 and 2022 notes for approximately $832.6 million aggregate principal amount of new 8.75% senior notes due 2024. The new 2024 notes are pari passu with the company's existing B3-rated unsecured notes. The company's concurrent offer to exchange existing 7.50% senior notes due 2023 for new 6 3/8% senior notes due 2023 is being extended as the company has not yet received a sufficient level of acceptance of its proposal. Moody's views the 2023 change as having no impact to Windstream's credit.
While the improved liquidity position helps support Windstream's credit profile, the ratings trajectory is more heavily influenced by the company's fundamental operating performance. Moody's expects Windstream to face continued top line pressure and margin compression, which may be partially offset by expense savings initiatives.
Windstream's B2 corporate family rating reflects its scale as a national wireline operator with a stable, predictable base of recurring revenues, offset by high leverage, a declining top line and margin pressure. Moody's believes that Windstream faces a continued erosion of EBITDA and cash flows as a result of prior underinvestment and the company's challenged competitive position. Moody's expects Windstream's pro forma EBITDA to decline in the low single digit percentage range for the next several years, although some of this impact could be offset by merger synergies and greater investment into the consumer segment. Moody's views Windstream as having limited leverage tolerance due to its low asset coverage following the 2015 sale and leaseback transaction of its outside plant and real estate assets to Uniti Group.
The negative outlook reflects the risk that Windstream may not be able to reverse its unfavorable operating trends and incorporates our view that the downward pressure on EBITDA could result in sustained negative free cash flow. Moody's could downgrade Windstream's ratings further if the company is unable to transition to approximately stable EBITDA over the next 12 to 18 months, its liquidity deteriorates or its subscriber trends worsen. Moody's could stabilize the outlook if Windstream was on track to achieve stable EBITDA, while maintaining leverage below 5.5x and good liquidity. Given the company's weak fundamentals a ratings upgrade is unlikely at this point.
Windstream Services, LLC is a pure-play wireline operator headquartered in Little Rock, AR that provides telecommunications services in 48 states. For the last twelve months ended June 30, 2017 Windstream generated $6.1 billion in revenues.
