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Fitch Affirms Santander Consumer Finance's IDR at 'A-'; Upgrades Senior Preferred Debt to 'A'
28 OCT 2019 10:16 AM ET



Fitch Ratings - Barcelona - 28 October 2019:

Fitch Ratings has affirmed Santander Consumer Finance, S.A.'s (SCF) Long-Term Issuer Default Rating (IDR) at 'A-', and Viability Rating (VR) at 'a-'.

At the same time, Fitch has upgraded SCF's long- and short-term senior preferred debt ratings to 'A' from 'A-' and 'F1' from 'F2', respectively. The agency has also assigned SCF deposit ratings at 'A'/'F1'.

The upgrade on the senior preferred debt ratings reflects Fitch's view that SCF's senior preferred creditors and depositors benefit from a sizeable buffer of qualifying junior debt (QJD) and senior non-preferred debt, which could be made available to protect them in case of failure. Fitch now expects SCF's senior preferred creditors to benefit from the same credit protection as those of its parent, Banco Santander, S.A. (A-/Stable/F2), because both are part of the same resolution group under the plans approved by the Single Resolution Board (SRB).

A full list of rating actions is at the end of this rating action commentary.
 

Zurich Insurance Co. Ltd. Core Subsidiaries Outlook To Positive On Improved Operating Performance; Affirmed At 'AA-'
  • 29-Oct-2019 11:13 EDT
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  • We believe Zurich Insurance Co. Ltd. (Zurich) has improved the diversification of its earnings, supporting capital adequacy at least at the 'AA' level.
  • As a result, we are increasingly confident in the strength and resilience of Zurich's profitability and business risk profile, relative to peers, and the sustainability of the group's very strong capital adequacy.
  • We are therefore revising our outlook on Zurich to positive from stable and affirming our 'AA-' ratings on Zurich and its related core subsidiaries.
  • At the same time, we are assigning our 'AA-' ratings to leading crop insurer Rural Community Insurance Services (RCIS), based on its inclusion within Zurich's North American intercompany pooling arrangement, effective Jan. 1, 2018.
 
Rating Action:
Moody's changes outlook on ArcelorMittal's ratings to negative; affirms Baa3 rating

08 Nov 2019
Frankfurt am Main, November 08, 2019 -- Moody's Investors Service ("Moody's") has today affirmed the Baa3 long-term issuer rating of ArcelorMittal ("the group"), the world's largest steel producing company. The outlook has been changed to negative from stable.



Concurrently, Moody's affirmed the short-term issuer rating of P-3, the group's senior unsecured instrument rating of Baa3, the P-3 short-term rating on the group's Commercial Paper, the (P)Baa3 senior unsecured rating on its medium-term notes (MTN) programme and senior unsecured shelf, and (P)P-3 other short-term ratings.



"We are changing the outlook on ArcelorMittal's ratings to negative, reflecting the group's sharp earnings decline this year in the context of sluggish end-market demand, and deteriorating steel spreads", says Goetz Grossmann, Moody's lead analyst for ArcelorMittal. "Although credit metrics will remain weak for the affirmed Baa3 rating also in 2020, we expect a gradual recovery on slightly improving market conditions and the group's continued focus on debt reduction, including through planned asset disposals."



Besides the current cyclical challenges, weighing on ArcelorMittal's operating performance, the industry's structural supply-demand imbalance in some markets is burdening market conditions, exacerbated by a high level of imports in Europe. While ArcelorMittal has implemented capacity reductions, additional adjustments by other market participants would be beneficial for the longer-term profitability potential of the industry.
 
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