Portafogli e Strategie (investimento) Investment Grade, entro le frontiere conosciute.
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waltermasoni
Caribbean Trader
waltermasoni
Caribbean Trader
waltermasoni
Caribbean Trader
waltermasoni
Caribbean Trader
Rating Action:
Moody's affirms Peru's A3 ratings, maintains stable outlook
25 Jun 2019
New York, June 25, 2019 -- Moody's Investors Service, ("Moody's") has today affirmed the Government of Peru's long-term foreign-currency and local-currency issuer ratings at A3. Concurrently, the Government of Peru's foreign-currency and local-currency senior unsecured ratings have been affirmed at A3, and its foreign-currency senior unsecured shelf programs were also affirmed at (P)A3. The outlook remains stable.
The affirmation of Peru's A3 ratings balances the following key rating drivers:
1) Peru's moderate economic strength, underpinned by favorable medium-term growth prospects and demonstrated resilience to shocks in recent years
2) And the government's very high fiscal strength, bolstered by stable low debt and fiscal outperformance in recent years
3) And the country's moderate institutional strength, reflecting structural limitations related to institutional quality and the high level of corruption
The stable outlook on the rating reflects Moody's view that upside and downside risks to Peru's credit profile remain balanced. Economic growth will continue to by supportive of creditworthiness, perhaps enhanced somewhat by planned microeconomic reforms, fiscal performance will remain sound and debt ratios will remain relatively stable, even as institutional strength challenges that hinder the efficient allocation of resources in the economy remain.
Peru's long-term and short-term foreign-currency bond and deposit ceilings remain unchanged at A1/P-1 and A3/P-2, respectively. The local-currency bond and deposit ceilings remain unchanged at A1.
Moody's affirms Peru's A3 ratings, maintains stable outlook
25 Jun 2019
New York, June 25, 2019 -- Moody's Investors Service, ("Moody's") has today affirmed the Government of Peru's long-term foreign-currency and local-currency issuer ratings at A3. Concurrently, the Government of Peru's foreign-currency and local-currency senior unsecured ratings have been affirmed at A3, and its foreign-currency senior unsecured shelf programs were also affirmed at (P)A3. The outlook remains stable.
The affirmation of Peru's A3 ratings balances the following key rating drivers:
1) Peru's moderate economic strength, underpinned by favorable medium-term growth prospects and demonstrated resilience to shocks in recent years
2) And the government's very high fiscal strength, bolstered by stable low debt and fiscal outperformance in recent years
3) And the country's moderate institutional strength, reflecting structural limitations related to institutional quality and the high level of corruption
The stable outlook on the rating reflects Moody's view that upside and downside risks to Peru's credit profile remain balanced. Economic growth will continue to by supportive of creditworthiness, perhaps enhanced somewhat by planned microeconomic reforms, fiscal performance will remain sound and debt ratios will remain relatively stable, even as institutional strength challenges that hinder the efficient allocation of resources in the economy remain.
Peru's long-term and short-term foreign-currency bond and deposit ceilings remain unchanged at A1/P-1 and A3/P-2, respectively. The local-currency bond and deposit ceilings remain unchanged at A1.
waltermasoni
Caribbean Trader
Rating Action:
Moody's assigns (P)Baa3 to Santander Consumer Bank AS's junior senior unsecured MTN programme, affirms other programme ratings
26 Jun 2019
Limassol, June 26, 2019 -- Moody's Investors Service (Moody's) today assigned local and foreign currency long-term junior senior unsecured (also commonly referred to as "senior non-preferred") ratings of (P)Baa3 to Santander Consumer Bank AS's (SCB) Euro Medium Term Note (MTN) programme. At the same time the agency affirmed the foreign currency (P)A3 long-term senior unsecured MTN rating and the foreign currency (P)Baa3 subordinate MTN rating.
This rating action follows SCB's update of its EUR2.5 billion MTN programme, under which the bank can issue debt designated as "Senior Non-Preferred Notes" in the documentation. This junior senior unsecured debt would rank junior to other senior obligations, including senior unsecured debt, and senior to subordinated debt in resolution and insolvency.
Moody's assigns (P)Baa3 to Santander Consumer Bank AS's junior senior unsecured MTN programme, affirms other programme ratings
26 Jun 2019
Limassol, June 26, 2019 -- Moody's Investors Service (Moody's) today assigned local and foreign currency long-term junior senior unsecured (also commonly referred to as "senior non-preferred") ratings of (P)Baa3 to Santander Consumer Bank AS's (SCB) Euro Medium Term Note (MTN) programme. At the same time the agency affirmed the foreign currency (P)A3 long-term senior unsecured MTN rating and the foreign currency (P)Baa3 subordinate MTN rating.
This rating action follows SCB's update of its EUR2.5 billion MTN programme, under which the bank can issue debt designated as "Senior Non-Preferred Notes" in the documentation. This junior senior unsecured debt would rank junior to other senior obligations, including senior unsecured debt, and senior to subordinated debt in resolution and insolvency.
waltermasoni
Caribbean Trader
Fitch Affirms Uruguay at 'BBB-'; Outlook Negative
27 JUN 2019 12:33 PM ET
Fitch Ratings - New York - 27 June 2019: Fitch Ratings has affirmed Uruguay's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Negative Rating Outlook.
27 JUN 2019 12:33 PM ET
Fitch Ratings - New York - 27 June 2019: Fitch Ratings has affirmed Uruguay's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB-' with a Negative Rating Outlook.
waltermasoni
Caribbean Trader
Fitch Affirms ArcelorMittal at 'BBB-'; Outlook Stable
28 JUN 2019 05:10 AM ET
Fitch Ratings - Barcelona - 28 June 2019:
Fitch Ratings has affirmed ArcelorMittal S.A.'s (AM) Long-Term Issuer Default Rating (IDR) and senior unsecured ratings at 'BBB-'. The Outlook on the Long-Term IDR is Stable. The Short-Term IDR has been affirmed at 'F3'.
The affirmation reflects our expectation that despite decreasing margins driven by sluggish steel markets and raw materials pressure, AM will continue to generate positive free cash flow and will use most of its post dividend free cash flow (FCF) for debt repayment, in line with its announced intent to prioritise deleveraging over shareholder returns. We project that funds from operations (FFO) adjusted gross leverage will reach 3.6x in 2019. However, ongoing deleveraging and some normalisation in earnings should result in FFO adjusted gross leverage returning below 3x by 2020. This will also depend upon market conditions and the company's financial approach (including in respect of capex and M&A spend) over this period.
28 JUN 2019 05:10 AM ET
Fitch Ratings - Barcelona - 28 June 2019:
Fitch Ratings has affirmed ArcelorMittal S.A.'s (AM) Long-Term Issuer Default Rating (IDR) and senior unsecured ratings at 'BBB-'. The Outlook on the Long-Term IDR is Stable. The Short-Term IDR has been affirmed at 'F3'.
The affirmation reflects our expectation that despite decreasing margins driven by sluggish steel markets and raw materials pressure, AM will continue to generate positive free cash flow and will use most of its post dividend free cash flow (FCF) for debt repayment, in line with its announced intent to prioritise deleveraging over shareholder returns. We project that funds from operations (FFO) adjusted gross leverage will reach 3.6x in 2019. However, ongoing deleveraging and some normalisation in earnings should result in FFO adjusted gross leverage returning below 3x by 2020. This will also depend upon market conditions and the company's financial approach (including in respect of capex and M&A spend) over this period.