Portafogli e Strategie (investimento) Investment Grade, entro le frontiere conosciute. (3 lettori)

waltermasoni

waltermasoni

Caribbean Trader
zoroaster ha scritto:
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
Clicca per allargare...


Ciao,
Il rating è un a3...Moody’s . E a fitch
L’emissione è nuova e sta a circa 99,8.
Io in questo momento preferisco duration basse anche rinunciando a un po’ di coupon
Buon week end!

LONG TERM RATING
Rating: A3, Not on Watch
Type: BACKED Senior Unsecured - Dom Curr
Date: 19 Dec 2014

Fitch Expects to Rate Harley-Davidson Financial's Unsecured Notes 'A'
16 MAY 2018 10:08 AM ET


Fitch Ratings-New York-16 May 2018: Fitch Ratings expects to assign an 'A' rating to Harley-Davidson Financial Services, Inc.'s (HDFS) proposed issuance of two-year floating rate and three-year fixed rate senior unsecured medium term notes (MTNs). The interest rate will be determined at the time of issuance. HDFS is the captive subsidiary of Harley-Davidson, Inc. (HOG; A/Stable), a manufacturer of motorcycles.

KEY RATING DRIVERS
IDRs AND SENIOR DEBT
The expected rating reflects that the debt is expected to rank pari passu with all other senior unsecured notes issued by HDFS. The equalization of the expected rating with HDFS' Long-term Issuer Default Rating (IDR) reflects the predominately unsecured funding profile and unencumbered asset coverage available to senior noteholders.

Fitch does not expect any material impact to HDFS' leverage resulting from the issuance, as issuance proceeds will be used to refinance upcoming debt maturities, including $877.5 million of debt coming due in June 2018. Leverage, defined as total debt divided by tangible equity, was 6.8x at March 31, 2018 (1Q18) compared to 6.5x at 1Q17, which remains within the firm's historical range of 5.0x to 7.0x. Fitch notes that HDFS' leverage is moderately lower than captive finance company peers.

HDFS' and HOG's ratings are equalized, as Fitch believes that HDFS is a core subsidiary of HOG as demonstrated by the explicit and implicit level of support between the two entities. HDFS' ratings reflect its close operating relationship and support agreement with HOG, under which the parent must maintain HDFS' fixed-charge coverage at 1.25x and its minimum net worth at $40 million.
 

zoroaster

Forumer attivo
waltermasoni ha scritto:
Ciao,
Il rating è un a3...Moody’s . E a fitch
L’emissione è nuova e sta a circa 99,8.
Io in questo momento preferisco duration basse anche rinunciando a un po’ di coupon
Buon week end!

LONG TERM RATING
Rating: A3, Not on Watch
Type: BACKED Senior Unsecured - Dom Curr
Date: 19 Dec 2014

Fitch Expects to Rate Harley-Davidson Financial's Unsecured Notes 'A'
16 MAY 2018 10:08 AM ET


Fitch Ratings-New York-16 May 2018: Fitch Ratings expects to assign an 'A' rating to Harley-Davidson Financial Services, Inc.'s (HDFS) proposed issuance of two-year floating rate and three-year fixed rate senior unsecured medium term notes (MTNs). The interest rate will be determined at the time of issuance. HDFS is the captive subsidiary of Harley-Davidson, Inc. (HOG; A/Stable), a manufacturer of motorcycles.

KEY RATING DRIVERS
IDRs AND SENIOR DEBT
The expected rating reflects that the debt is expected to rank pari passu with all other senior unsecured notes issued by HDFS. The equalization of the expected rating with HDFS' Long-term Issuer Default Rating (IDR) reflects the predominately unsecured funding profile and unencumbered asset coverage available to senior noteholders.

Fitch does not expect any material impact to HDFS' leverage resulting from the issuance, as issuance proceeds will be used to refinance upcoming debt maturities, including $877.5 million of debt coming due in June 2018. Leverage, defined as total debt divided by tangible equity, was 6.8x at March 31, 2018 (1Q18) compared to 6.5x at 1Q17, which remains within the firm's historical range of 5.0x to 7.0x. Fitch notes that HDFS' leverage is moderately lower than captive finance company peers.

HDFS' and HOG's ratings are equalized, as Fitch believes that HDFS is a core subsidiary of HOG as demonstrated by the explicit and implicit level of support between the two entities. HDFS' ratings reflect its close operating relationship and support agreement with HOG, under which the parent must maintain HDFS' fixed-charge coverage at 1.25x and its minimum net worth at $40 million.
Clicca per allargare...
Ti ringrazio per l`informazione,la mia osservazione di ieri era dovuta al fatto che circa un mese fa lessi (non ricordo più dove , forse su 24 ore) che la compagnia - non ostante il buon rating- si trova in difficoltà, purtroppo non ricordo esattamente il motivo, forse vendite in netto declino e ricerca di partener? bisogna indagare
 

zoroaster

Forumer attivo
zoroaster ha scritto:
Ti ringrazio per l`informazione,la mia osservazione di ieri era dovuta al fatto che circa un mese fa lessi (non ricordo più dove , forse su 24 ore) che la compagnia - non ostante il buon rating- si trova in difficoltà, purtroppo non ricordo esattamente il motivo, forse vendite in netto declino e ricerca di partener? bisogna indagare
Clicca per allargare...
a prescindere dagli interrogativi su harley davidson , esiste altra un po più lunga CUSIP 412822AD0 -2025 - 3,50% quota 95 e 97
 
waltermasoni

waltermasoni

Caribbean Trader
Fitch Assigns Indonesia's USD and EUR Bonds Final 'BBB' Rating
21 MAY 2018 12:44 AM ET


Fitch Ratings-Hong Kong-21 May 2018: Fitch Ratings has assigned Indonesia's USD1 billion 4.1% bonds due 2028 and EUR1 billion 1.75% bonds due 2025 a final rating of 'BBB'. This replaces the expected rating of 'BBB(EXP)' that Fitch assigned on 17 April 2018.

KEY RATING DRIVERS
The rating is in line with Indonesia's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BBB' with a Stable Outlook.

RATING SENSITIVITIES
The rating would be sensitive to any changes in Indonesia's Long-Term Foreign-Currency IDR.

Fitch upgraded Indonesia's Long-Term Foreign-Currency IDR to 'BBB' with a Stable Outlook in December 2017. The Long-Term Local-Currency IDR is also 'BBB' with a Stable Outlook.
 
waltermasoni

waltermasoni

Caribbean Trader
Announcement:
Moody's: UAE's credit profile reflects support from Abu Dhabi and large hydrocarbon reserves

21 May 2018
Singapore, May 21, 2018 -- The United Arab Emirates' (Aa2 stable) credit profile reflects its financial support from Abu Dhabi, large hydrocarbon reserves and very high wealth levels, Moody's Investors Service said in an annual report published this past week. Its credit challenges relate to the country's fiscal reliance on oil and gas and limited institutional transparency.



The annual update, "Government of the United Arab Emirates -- Aa2 stable, Annual credit analysis", is 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.



"The UAE's superior infrastructure, very high per capita income and vast hydrocarbon reserves support its creditworthiness," said Thaddeus Best, a Moody's Analyst and co-author of the report. "These strengths are balanced against challenges which include limited institutional transparency and the absence of public data around offshore assets and some of the emirates' public finances."



Despite the UAE's relatively high exposure to hydrocarbons, the oil price drop did not dramatically alter the economy's medium-term real growth trajectory. Moody's expects GDP growth of 2.1% in 2018 and 3.9% in 2019. Moody's forecasts non-oil growth to recover gradually in 2018-2021, supported by government spending after three years of cuts.



The UAE's very high fiscal strength reflects the country's record of large fiscal surpluses and build-up of very large financial assets in Abu Dhabi's sovereign wealth fund (ADIA).



Although the general government fiscal position deteriorated significantly between 2015 and 2017, the large stock of financial assets means that the government can easily finance its deficits without resorting to debt issuance.



As a result of Abu Dhabi's fiscal consolidation and the recovery in oil prices, Moody's expects the UAE's consolidated government deficit to decrease to 0.8% of GDP in 2018, from an expected 2.3% in 2017.



The UAE's consolidated fiscal position shows a diverging path between Abu Dhabi, where broad spending cuts were enacted, and Dubai, which has continued to increase spending ahead of the World Expo 2020.



Further improvements in policy transparency and data availability at the emirate and Federal level would support a rating upgrade, although at the current rating level the threshold is high. A material appeasement in regional geopolitical tensions would also be credit positive.



Conversely, Moody's would downgrade the UAE's rating if a prolonged period of lower oil prices and the crystallization of contingent liabilities placed the consolidated fiscal accounts under sustained pressure, or if an escalation of regional tensions were to affect the UAE's economy.



Subscribers can access the report at: Log In - Moody's
 
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