Portafogli e Strategie (investimento) Investment Grade, entro le frontiere conosciute.
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waltermasoni
Caribbean Trader
Berkshire Hathaway Inc. 'AA' Ratings Affirmed, Removed From CreditWatch Negative; Outlook Stable
- 22-Aug-2017 10:39 EDT
- Berkshire Hathaway Energy Co., a subsidiary of BRK, announced that its
agreement to acquire EFH and its interest in Oncor has been terminated by
EFH. - We are removing our ratings on BRK from CreditWatch Negative and
affirming the rating. - The stable outlook reflects our view that BRK's competitive position
remains strong and its credit-protection measures remain in line with our
modest financial risk profile assessment.
affirmed its 'AA' long-term counterparty credit and senior unsecured debt
ratings on Berkshire Hathaway Inc. (BRK). At the same time, we affirmed our
ratings on intermediate holding companies and finance companies GEICO Corp.,
General Re Corp., and General Re Financial Products Corp. Concurrently, we
removed all these ratings from CreditWatch with negative implications, where
we initially placed them July 7, 2017. The outlook is stable.
The CreditWatch removal follows BRK's announcement that its agreement to
acquire Energy Future Holdings Corp. (EFH) and its interest in Oncor has been
terminated by EFH. We had placed the ratings on CreditWatch negative following
the Oncor acquisition announcement to reflect the uncertainty around the
funding of the acquisition and how it could affect leverage metrics at the
parent-company level. With the transaction now terminated, we expect the
company's current leverage to remain within our original expectations. Our
adjusted leverage for BRK (including subsidiary debt) was 1.9x as of
second-quarter 2017, consistent with year-end 2016 levels and commensurate
with our "modest" financial profile assessment.
The stable outlook on BRK reflects our expectation that the group will
continue to report solid profitability metrics, significant cash-flow
generation, and strong EBITDA margins--in line with our favorable view of the
group's strong competitive position in its various business segments and
management's strategic focus on operating profitability.
We could lower our ratings if our assessment of BRK's financial risk profile
declines below the modest level either due to a large acquisition or a change
in financial policy. Such a decline in our financial risk profile assessment
could be driven by its debt-to-EBITDA ratio sustained at greater than 2x, or
its funds from operations-to-debt ratio falling below 45% on a sustained
basis.
We are unlikely to raise our ratings over the next 24 months because we
consider it unlikely that we will improve our view of the group's business
risk profile from the current strong level during that time. Rating upside may
also be constrained by operating and execution risks related to BRK's
acquisitive profile.
waltermasoni
Caribbean Trader
Announcement:
Moody's: Slovenia's credit profile supported by substantial wealth levels and high-value export base
17 May 2018
Frankfurt am Main, May 17, 2018 -- Slovenia's credit profile (Baa1 stable) reflects its substantial per-capita wealth, and high value-added export base, Moody's Investors Service said in an new annual report. The country's credit constraints include its high, but declining, government debt burden.
The report, "Government of Slovenia -- Baa1 stable, Annual credit analysis", is now available on www.moodys.com. Moody's subscribers can access this report via the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.
"Slovenia's growth is expected to slow gradually from a peak of 5% in 2017 as the economic cycle begins to turn both at home and for its main export partners, but it will remain robust over the next few years," said Petter Bryman, a Moody's Assistant Vice President -- Analyst and co-author of the report.
"Sustained improvements in government debt and deficit metrics, as well as recent reforms aimed at addressing some of the country's institutional challenges, will also support creditworthiness."
Slovenia's GDP growth rates are forecast to stand at 4.3% in 2018 and 3.5% in 2019, driven by continued growth in private consumption and investment as strong export growth will require additional investment from firms already operating at, or close to, full capacity.
Over the longer-term, Slovenia's ageing population will slow the growth of the country's labour force and its productive potential and will also have significant implications for the long-term sustainability of the country's public finances.
While Slovenian institutions have been strengthened in recent years alongside judicial and administrative reforms, the government's slow policy response remains a negative institutional feature.
The strong cyclical environment led the government budget to record a slight surplus in 2017. Given that Moody's expects continued strong, but slowing, growth rates in 2018 and 2019, the government is expected to generate a surplus of 0.4% of GDP in 2018 and 2019.
In light of this and Slovenia's expected robust growth rates, Moody's expects the debt-to-GDP ratio to continue to gradually fall after peaking in 2015 at 82.6%. By 2021, the ratio is forecast to stand at around 60%.
Slovenia's moderate susceptibility to event risk is largely driven by the banking sector, although it poses a much smaller risk to the sovereign's balance sheet than it did in 2014-15. Capital levels have significantly improved and the state has started to unwind its stakes in the country's banking system.
Moody's would consider upgrading Slovenia's government bond ratings following further progress on structural macroeconomic or institutional reforms. Signs that the country's structural fiscal vulnerabilities are being addressed would also put upward pressure on the rating.
Downward rating pressure would be generated by a substantial weakening of the macroeconomic environment or fiscal position.
A return of problems in the banking sector would also be negative, but recent recapitalization and restructuring implies that even an extreme event of this nature would not have the same negative impact as during the financial crisis.
Subscribers can access the report at: Log In - Moody's
NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at [email protected] or visit our web site at www.moodys.com.
Moody's: Slovenia's credit profile supported by substantial wealth levels and high-value export base
17 May 2018
Frankfurt am Main, May 17, 2018 -- Slovenia's credit profile (Baa1 stable) reflects its substantial per-capita wealth, and high value-added export base, Moody's Investors Service said in an new annual report. The country's credit constraints include its high, but declining, government debt burden.
The report, "Government of Slovenia -- Baa1 stable, Annual credit analysis", is now available on www.moodys.com. Moody's subscribers can access this report via the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.
"Slovenia's growth is expected to slow gradually from a peak of 5% in 2017 as the economic cycle begins to turn both at home and for its main export partners, but it will remain robust over the next few years," said Petter Bryman, a Moody's Assistant Vice President -- Analyst and co-author of the report.
"Sustained improvements in government debt and deficit metrics, as well as recent reforms aimed at addressing some of the country's institutional challenges, will also support creditworthiness."
Slovenia's GDP growth rates are forecast to stand at 4.3% in 2018 and 3.5% in 2019, driven by continued growth in private consumption and investment as strong export growth will require additional investment from firms already operating at, or close to, full capacity.
Over the longer-term, Slovenia's ageing population will slow the growth of the country's labour force and its productive potential and will also have significant implications for the long-term sustainability of the country's public finances.
While Slovenian institutions have been strengthened in recent years alongside judicial and administrative reforms, the government's slow policy response remains a negative institutional feature.
The strong cyclical environment led the government budget to record a slight surplus in 2017. Given that Moody's expects continued strong, but slowing, growth rates in 2018 and 2019, the government is expected to generate a surplus of 0.4% of GDP in 2018 and 2019.
In light of this and Slovenia's expected robust growth rates, Moody's expects the debt-to-GDP ratio to continue to gradually fall after peaking in 2015 at 82.6%. By 2021, the ratio is forecast to stand at around 60%.
Slovenia's moderate susceptibility to event risk is largely driven by the banking sector, although it poses a much smaller risk to the sovereign's balance sheet than it did in 2014-15. Capital levels have significantly improved and the state has started to unwind its stakes in the country's banking system.
Moody's would consider upgrading Slovenia's government bond ratings following further progress on structural macroeconomic or institutional reforms. Signs that the country's structural fiscal vulnerabilities are being addressed would also put upward pressure on the rating.
Downward rating pressure would be generated by a substantial weakening of the macroeconomic environment or fiscal position.
A return of problems in the banking sector would also be negative, but recent recapitalization and restructuring implies that even an extreme event of this nature would not have the same negative impact as during the financial crisis.
Subscribers can access the report at: Log In - Moody's
NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at [email protected] or visit our web site at www.moodys.com.
waltermasoni
Caribbean Trader
waltermasoni
Caribbean Trader
waltermasoni
Caribbean Trader
zoroaster
Forumer attivo
interessante, grazie per la segnalazione, mi sembra che l`emittente non sia in buone acque comunque il nome è solido.Peccato il coupon molto misero ...........da seguir per verificare dove si ferma la quotazione