fabriziof
Forumer storico
É un amortizing se non erro,ha già cominciato a rimborsare da tempo
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2
- Creatore Discussione gionmorg
- Data di Inizio
iguanito
Forumer storico
captain sparrow
Forumer storico
Ce l'ho. Come anche KLM perpetual. Sono sopra la pari. Vorrei diversificare Grazie comunque
fabriziof
Forumer storico
Comunque é crollato a 92 pure lui,vedo su berlino
waltermasoni
Caribbean Trader
Rating Action:
Moody's downgrades Thomas Cook's ratings to B3; places ratings under review for downgrade
26 Apr 2019
London, 26 April 2019 -- Moody's Investors Service ("Moody's") has today downgraded the corporate family rating (CFR) of the British tourism group Thomas Cook Group plc (Thomas Cook) to B3 from B2 and its probability of default rating (PDR) to B3-PD from B2-PD. Moody's has also downgraded to B3 from B2 the rating on Thomas Cook's EUR 750 million senior unsecured notes due 2022 and downgraded to B3 from B2 its EUR 400 million senior unsecured notes due 2023 issued under Thomas Cook Finance 2 plc. The ratings are placed under review for further downgrade. The outlook on both entities has changed to rating under review from negative.
"Today's rating action reflects our concerns over the company's ability to recover its credit metrics after the sharp deterioration in fiscal year 2018 due to the ongoing challenging market environment. We expect further negative free cash flow generation this year to pressure already weakened liquidity. A sale of the Airline business has the potential to improve the group's liquidity, however the execution risks for the sale are high and valuation and the timing are uncertain," says Martin Hallmark, a Moody's Senior Vice President and lead analyst for Thomas Cook.
RATINGS RATIONALE
Moody's downgrades Thomas Cook's ratings to B3; places ratings under review for downgrade
26 Apr 2019
London, 26 April 2019 -- Moody's Investors Service ("Moody's") has today downgraded the corporate family rating (CFR) of the British tourism group Thomas Cook Group plc (Thomas Cook) to B3 from B2 and its probability of default rating (PDR) to B3-PD from B2-PD. Moody's has also downgraded to B3 from B2 the rating on Thomas Cook's EUR 750 million senior unsecured notes due 2022 and downgraded to B3 from B2 its EUR 400 million senior unsecured notes due 2023 issued under Thomas Cook Finance 2 plc. The ratings are placed under review for further downgrade. The outlook on both entities has changed to rating under review from negative.
"Today's rating action reflects our concerns over the company's ability to recover its credit metrics after the sharp deterioration in fiscal year 2018 due to the ongoing challenging market environment. We expect further negative free cash flow generation this year to pressure already weakened liquidity. A sale of the Airline business has the potential to improve the group's liquidity, however the execution risks for the sale are high and valuation and the timing are uncertain," says Martin Hallmark, a Moody's Senior Vice President and lead analyst for Thomas Cook.
RATINGS RATIONALE
waltermasoni
Caribbean Trader
Fitch Affirms T-Mobile's IDR at 'BB+(EXP)'
26 APR 2019 01:37 PM ET
Fitch Ratings-Chicago-26 April 2019: Fitch Ratings has affirmed T-Mobile US, Inc.'s (T-Mobile) long-term Issuer Default Rating (IDR) at 'BB+(EXP)'. The recovery rating on the T-Mobile USA, Inc. senior notes is revised to 'RR3' from 'RR4'. The expected ratings are contingent on the merger between T-Mobile and Sprint being approved and a final committee review by Fitch to assess any change in assumptions that may have occurred from the time the merger was announced. Fitch has also affirmed T-Mobile's proposed secured credit facility, secured term loan and secured notes at 'BBB-/RR1(EXP)'. The one-notch uplift reflects superior recovery prospects at the senior secured level of the pro forma capital structure incorporating the value of the combined wireless network, subscriber base and spectrum portfolio. The aforementioned expected ratings are for a merged T-Mobile-Sprint entity. If the merger does not occur, the expected rating for T-Mobile could be different.
Transaction closing is subject to regulatory approval and other customary closing conditions. T-Mobile expects regulatory approval from the DOJ and FCC in 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, approaching 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.
26 APR 2019 01:37 PM ET
Fitch Ratings-Chicago-26 April 2019: Fitch Ratings has affirmed T-Mobile US, Inc.'s (T-Mobile) long-term Issuer Default Rating (IDR) at 'BB+(EXP)'. The recovery rating on the T-Mobile USA, Inc. senior notes is revised to 'RR3' from 'RR4'. The expected ratings are contingent on the merger between T-Mobile and Sprint being approved and a final committee review by Fitch to assess any change in assumptions that may have occurred from the time the merger was announced. Fitch has also affirmed T-Mobile's proposed secured credit facility, secured term loan and secured notes at 'BBB-/RR1(EXP)'. The one-notch uplift reflects superior recovery prospects at the senior secured level of the pro forma capital structure incorporating the value of the combined wireless network, subscriber base and spectrum portfolio. The aforementioned expected ratings are for a merged T-Mobile-Sprint entity. If the merger does not occur, the expected rating for T-Mobile could be different.
Transaction closing is subject to regulatory approval and other customary closing conditions. T-Mobile expects regulatory approval from the DOJ and FCC in 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, approaching 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.
