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Kraft Heinz Co. Outlook Revised To Negative From Stable; Ratings Affirmed
  • 23-Aug-2019 08:33 EDT
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  • U.S.-based Kraft Heinz Co. reported weaker than expected first-half results and withdrew guidance for 2019, though it reiterated its commitment to investment-grade ratings. We estimate adjusted leverage is in the high-4x area, pro forma for the Canadian asset disposal.
  • Risks in the second half of 2019 include potentially higher key commodity inflation, retailer inventory destocking, and adverse currency movements, notwithstanding improved consumer takeaway.
  • We are affirming all of our ratings on Kraft Heinz, including our 'BBB-/A-3' long-term and short-term issuer credit ratings. However, we are revising the outlook to negative from stable given its continuing performance erosion and lack of clarity on the company's outlook, including the potential for second-half risks to emerge.
  • The negative outlook reflects the potential for a downgrade to speculative grade by mid-2021 if we believe Kraft Heinz cannot reduce adjusted leverage to below 4x. This could result if operating performance weakens further and we come to believe the strategic plan to be announced by the new CEO in early 2020 will be unsuccessful, including a failure to stabilize and reverse EBITDA declines, or an inability or unwillingness to reduce or eliminate the dividend or conduct meaningful deleveraging asset sales.
 
Fitch Affirms Bulgaria at 'BBB'; Outlook Positive
23 AUG 2019 04:03 PM ET




Fitch Ratings-Frankfurt/London-23 August 2019: Fitch Ratings has affirmed Bulgaria's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Positive Outlook.

A full list of rating actions is at the end of this rating action commentary.
 
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Fitch Affirms Bulgaria at 'BBB'; Outlook Positive
23 AUG 2019 04:03 PM ET




Fitch Ratings-Frankfurt/London-23 August 2019: Fitch Ratings has affirmed Bulgaria's Long-Term Foreign-Currency Issuer Default Rating (IDR) at 'BBB' with a Positive Outlook.

A full list of rating actions is at the end of this rating action commentary.
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General Electric's credit rating is maintained at BBB+ with a negative outlook at Fitch, which says the "mix of developments" in recent months - including the report from a noted whistleblower alleging financial improprieties - "has not substantially altered" its base case for the company.
While the whistleblower's concerns about liabilities at GE's long-term care insurance business, value of Baker Hughes, working capital, GE Power and the aircraft engine and leasing businesses are valid topics of discussion regarding GE's credit profile, Fitch says it does not agree with many of the report's conclusions.
"Fitch already considers these topics in its ratings for GE, and some are highlighted as risks supporting the current negative rating outlook," the ratings agency writes.
Fitch recently said GE ranked second on its list of the 16 riskiest long-term care insurers, citing the company's mostly older policies that were written when the costs of long-term care were poorly understood.
Fitch's BBB+ rating is three notches above speculative grade, or "junk" status.
 
Fitch Upgrades Wind Tre to 'BBB+'; Withdraws IDR
29 AUG 2019 12:36 PM ET



Fitch Ratings - Frankfurt am Main - 29 August 2019:

Fitch Ratings has upgraded Wind Tre's Long-Term Issuer Default Rating (IDR) and senior secured ratings to 'BBB+' from 'BB-' and 'BB' respectively, and removed them from Rating Watch Positive. The Outlook on the IDR is Stable.

The rating action follows a redemption by Wind Tre of its outstanding bonds in light of the reorganisation of its ownership. Fitch has subsequently withdrawn Wind Tre's IDR following the refinancing of legacy Wind Tre debt at the level of owner CK Hutchison Group Telecom Holdings Limited (CKHT, BBB+/Stable), which sees Wind Tre being fully integrated into CKHT. Fitch will no longer provide separate ratings or analytical coverage for Wind Tre. Fitch considers the parent and subsidiary linkage (PSL) between Wind Tre and CKHT as strong, operationally and strategically, which justifies the equalisation of the ratings. Wind Tre will be the largest asset of the new telecom group, contributing around half the group's total EBITDA.
 

The Walt Disney Co.'s Proposed Senior Unsecured Debt Securities Rated 'A'
  • 03-Sep-2019 10:36 EDT
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NEW YORK (S&P Global Ratings) Sept. 3, 2019--S&P Global Ratings today assigned its 'A' issue-level rating to The Walt Disney Co.'s proposed senior unsecured notes. Disney plans to issue several series of fixed- and floating-rate notes, and will use the proceeds to fund its tender offers for Disney and 21st Century Fox America Inc. (21CFA) debt, repay the credit facility that was used to fund the Twenty-First Century Fox Inc. (21CF) acquisition, and for general corporate purposes.

Our 'A' issuer credit rating on Disney reflects its unparalleled collection of iconic brands including Disney, Star Wars, Marvel (its acquisition of portions of 21CF added the X-Men and Fantastic Four), Pixar, and Avatar; the breadth and depth of its studios, which is greatly enhanced by the addition of the 20th Century Fox studio and library; the global distribution footprint boosted by Fox's global collection of cable networks and streaming video on demand (SVOD) services; and the broad diversity in its media and entertainment businesses. In our view, Disney remains the preeminent company for monetizing intellectual property across the full breadth of its businesses.

Somewhat tempering these strengths is Disney's exposure to shifts in media consumption and advertising spending, particularly within the U.S. television industry. Disney's direct-to-consumer content distribution strategy seeks to better position it to face these shifts, but carries operational risks. The rating benefits from Disney's conservative financial policy, which balances conservative credit metrics with shareholder returns, acquisitions, and strong cash flow generation. This could be somewhat tested over the next few years due to the strategic shift to direct-to-consumer offerings.

S&P Global Ratings-adjusted leverage was 3.5x as of June 30, 2019. This calculation includes only four months of 21CF financials and the $7.8 billion value of the Hulu put, and is pro forma for the proceeds from the sale of 21CF's ownership stake in the regional sports networks. We expect Disney to reduce leverage under the 2.5x threshold for the 'A' rating within two years.
 
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