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Rating Action:
Moody's assigns Baa2 ratings to AT&T's WarnerMedia exchange offer new notes

07 Jun 2019
New York, June 07, 2019 -- Moody's Investors Service (Moody's) assigned Baa2 ratings to AT&T Inc.'s (AT&T) proposed senior unsecured notes. The new notes resulted from an obligor note exchange for notes of its 100% owned subsidiary WarnerMedia Inc. (WarnerMedia) (Baa2 stable) -- formerly known as Time Warner Inc. (Time Warner) and its subsidiary Historic TW Inc. (Historic TW; Baa2). The completion of the exchange offer materially lowers debt that is structurally senior to AT&T's debt when looking at the WarnerMedia assets and cash flows, and reduces such structurally senior debt overall for the company. As of March 31, 2019, there was $40.1 billion of structurally senior debt and liabilities at AT&T subsidiaries which represented about 20% of AT&T's total indebtedness. Pro forma for the obligor note exchange and previously announced cash tender offers, structurally senior debt represents 14% of total indebtedness. AT&T is not required or expected to file WarnerMedia financial statements going forward. Therefore, it is likely that debt ratings of all residual WarnerMedia notes not exchanged will be withdrawn shortly.
 
American Tower Corp.'s Proposed Senior Unsecured Notes Due 2025 And 2029 Assigned 'BBB-' Rating
  • 10-Jun-2019 13:37 EDT
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NEW YORK (S&P Global Ratings) June 10, 2019--S&P Global Ratings today assigned its 'BBB-' issue-level rating to Boston-based wireless tower operator American Tower Corp.'s proposed senior unsecured notes due 2025 and 2029 (amount and allocations to be determined).

The company will use the proceeds from these notes to repay borrowings under its 2013 revolving credit facility--which had approximately $2.34 billion outstanding as of March 31, 2019, and for general corporate purposes. Proceeds will also be used to repay borrowings under the 2013 and 2014 revolving credit facilities after the quarter ended March 31, 2019.

Our 'BBB-' issuer credit rating and stable outlook on American Tower remain unchanged. The transaction does not materially affect the company's key credit measures, including its adjusted leverage, which we expect to increase to the low-5x area from 4.9x as of March 31, 2019, following its agreement to acquire Eaton Towers. We expect adjusted leverage to remain in the 5x-6x range over the next couple of years based on the company's financial policy, which accommodates debt-financed acquisitions and share repurchases but limits reported leverage to a maximum of 5x (excluding operating lease liabilities).
 
Indonesia's Senior Unsecured Bonds Assigned 'BBB' Long-Term Foreign Currency Rating
  • 10-Jun-2019 23:59 EDT
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SINGAPORE (S&P Global Ratings) June 11, 2019--S&P Global Ratings today assigned its 'BBB' long-term foreign currency rating to Indonesia's (BBB/Stable/A-2) proposed euro and U.S. dollar-denominated senior unsecured notes.

The notes represent direct, general, unconditional, unsecured, and unsubordinated obligations of the sovereign, and rank equally with the sovereign's other unsecured and unsubordinated debt obligations.
 
Republic of Korea's Proposed Bonds Assigned 'AA' Rating
  • 11-Jun-2019 22:42 EDT
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SINGAPORE (S&P Global Ratings) June 12, 2019--S&P Global Ratings today
assigned its 'AA' long-term foreign currency rating to the
U.S.-dollar-denominated senior unsecured bonds issued by the Republic of Korea
(AA/Stable/A-1+).

The notes represent direct, general, unconditional, as well as unsubordinated
obligations of the sovereign and rank equally with the sovereign's other
unsecured and unsubordinated debt obligations.
 

British Airways Upgraded To 'BBB' Following Upgrade On Parent Group IAG; Outlook Stable
  • 13-Jun-2019 12:23 EDT
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  • S&P Global Ratings today raised its issuer credit rating on British Airways PLC (BA) to 'BBB' from 'BBB-', following the same rating action on its parent International Consolidated Airlines Group, S.A. (IAG). The outlook is stable.
  • As the largest airline owned by IAG, we view BA as integral to the IAG group's overall strategy. We expect the group is likely to support BA under any foreseeable circumstances.
  • At the same time, we have raised our issue rating on BA's 2013-1 class B enhanced equipment trust certificates (EETC) to 'A' from 'A-'.
  • We expect BA to achieve strong performance in 2019 and 2020, supported by lower fuel prices, a stronger pound sterling, an expanding route network, and sturdy passenger load factor.
 

International Consolidated Airlines Group Upgraded To 'BBB' On Solid Financial Performance; Outlook Stable
  • 13-Jun-2019 12:09 EDT
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  • We believe that the solid EBITDA performance of Spain-registered International Consolidated Airlines Group S.A. (IAG) will continue in 2019-2020, with passenger growth and nonfuel cost savings offsetting pressure from a larger fuel bill and weak yields.
  • We believe that IAG will generate operating cash flows to provide ample financial capacity for investment in new generation planes, while operating above our 45% adjusted funds from operations (FFO)-to-debt threshold consistent with a 'BBB' rating.
  • We factor IAG's commitment to maintaining a 'BBB' rating, which would involve implementation of a financial policy that shifts the group's priority to strict cash preservation from shareholder returns, for example, in case of EBITDA underperformance or material leverage increase to fund a sizable acquisition, such that credit measures recovered to rating-commensurate levels within 12-18 months.
  • We are raising our issuer credit rating on IAG to 'BBB' from 'BBB-'.
  • The stable outlook reflects our view that IAG will benefit from steady passenger traffic growth, make capacity adjustments, and achieve nonfuel cost savings to counterbalance weak yields and higher fuel expenses, and consequently maintain adjusted FFO to debt in excess of 45%, underpinned by a prudent financial policy and commitment to a 'BBB' rating.
 

Pfizer Inc. Ratings Placed On CreditWatch Negative Ahead Of Array BioPharma Inc. Acquisition
  • 17-Jun-2019 08:34 EDT
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  • Pharmaceutical maker Pfizer Inc. plans to acquire Array BioPharma Inc., an early-stage oncology company, for about $11.4 billion in cash and debt.
  • We view the transaction as beneficial to Pfizer's business position in the oncology market, as Array BioPharma already has two approved cancer drugs, several royalty generating agreements, a development pipeline with several products, and a highly productive research and development (R&D) engine.
  • We expect Pfizer's adjusted leverage for 2019 to rise to roughly 2.5x as a result of this transaction, as well as about $8.9 billion in share repurchases in first-quarter 2019. In contrast, leverage was 1.7x for 2018. We expect adjusted debt leverage to gradually decline after the acquisition, but that it will still exceed 2.0x for the next two years.
  • We are placing all of our ratings on Pfizer, including the 'AA' issuer credit rating, on CreditWatch with negative implications, reflecting our belief that the company is becoming more tolerant of adjusted net debt leverage slightly greater than 2.0x. Our short term rating of A-1+ is unaffected.
  • We expect to resolve the CreditWatch placement with a one-notch downgrade to 'AA-' upon the consummation of the transaction.
 
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