Portafogli e Strategie (investimento) Investment Grade, entro le frontiere conosciute.

Mastercard Inc.'s Proposed Issuance Of Senior Notes Rated 'A+'
  • 28-May-2019 12:18 EDT
View Analyst Contact Information
  • Table of Contents
NEW YORK (S&P Global Ratings) May 28, 2019--S&P Global Ratings today said it assigned its 'A+' debt rating on Mastercard Inc.'s (A+/Stable/A-1) proposed offering of two issues of senior unsecured debt . We expect the company, which repaid $500 million of senior notes last month using cash on hand, to use the proceeds for general corporate purposes.

The issuance will raise Mastercard's leverage modestly, but we expect its debt to EBITDA to remain roughly around 0.3x or lower, as we calculate it, over the next two years. Our stable outlook on our rating on Mastercard incorporates our expectation of continued low leverage, solid earnings, and high and stable profit margins.

Mastercard's strong market position, as the operator of the second-largest retail payment network outside of China, has allowed it to benefit significantly from the growth of global consumer spending as well as some ongoing shift to electronic payments from cash. We expect the company's revenues and EBITDA to rise in the low-to-mid teens in 2019 and 2020, which will keep its leverage low even with the rise in gross debt.
 

eBay Inc. 'BBB+' Long-Term Issuer Credit Rating Affirmed, Outlook Remains Stable
  • 28-May-2019 17:38 EDT
View Analyst Contact Information
  • Table of Contents
  • We expect that global e-commerce solutions provider eBay Inc.'s leverage will increase to the mid-1x area as it executes its planned $5 billion of share buybacks in 2019.
  • We are affirming our 'BBB+' long-term issuer credit rating on the company.
  • The stable outlook reflects our view that the company's established market position will allow it to deliver consistent operating results while maintaining leverage below our 2x downgrade threshold.
 

Harris Corp.’s Senior Unsecured Notes Rated 'BBB-', Placed On CreditWatch Positive
  • 30-May-2019 10:00 EDT
View Analyst Contact Information
  • Table of Contents


NEW YORK (S&P Global Ratings) May 30, 2019--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Melbourne, Fla.-based defense contractor Harris Corp.'s proposed senior unsecured notes and placed them on CreditWatch with positive implications.

Harris is seeking to exchange the proposed notes for $3.35 billion of outstanding debt at L3 Technologies Inc., mirroring their principal amount, interest rate, and maturity date. The proposed notes are contingent on Harris closing its merger with L3. The exchange is offered to all of L3's existing debt.

Following close of the merger of Harris and L3, expected in the third quarter of calendar 2019, we will resolve the CreditWatch on all ratings on Harris. Based on the proposed financing terms and assuming no significant changes in financial policy or operating performance, we expect to raise the issuer credit rating on Harris to 'BBB' from 'BBB-' and assign a stable outlook.

We also expect to raise the ratings on Harris' existing notes and the proposed notes to 'BBB', with no adjustments for structural subordination. Although unexchanged L3 debt would be viewed as subsidiary debt, we expect remaining L3 notes will total less than 10% of the total debt outstanding post close. As such, in our opinion, there will be no meaningful structural subordination issues.
 
You must log in or register to reply here.

Users who are viewing this thread

Total: 1 (members: 0, guests: 1)
Back
Alto