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waltermasoni
Caribbean Trader
Rating Action:
Moody's changes outlook to negative on Ontario's Aa2 ratings
17 Apr 2018
Toronto, April 17, 2018 -- Moody's Investors Service today changed the outlook on the Province of Ontario's ratings to negative from stable. Concurrently Moody's affirmed the Aa2 issuer and Aa2 senior unsecured long-term debt ratings assigned to Ontario. The province's P-1 short-term rating was also affirmed.
Outlook Actions:
..Issuer: Ontario, Province of
....Outlook, Changed To Negative From Stable
Affirmations:
..Issuer: Ontario, Province of
.... Commercial Paper, Affirmed P-1
.... Issuer Rating, Affirmed Aa2
....Senior Unsecured Medium-Term Note Program, Affirmed (P)Aa2
....Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1
....Senior Unsecured Notes, Affirmed Aa2
....Senior Unsecured Shelf, Affirmed (P)Aa2
RATINGS RATIONALE
OUTLOOK CHANGE TO NEGATIVE FROM STABLE
The outlook change to negative from stable on Ontario's ratings reflects Moody's expectations that spending pressure will challenge the province's ability to sustain balanced fiscal results across multiple years. Furthermore Moody's assumes that the financing requirements will be larger than previously assumed leading to an upward trend in the debt burden and a faster rise in interest expense than previously anticipated.
With an election set for 7 June, the government released a 2018 budget that introduces a number of new spending initiatives and materially increases the capital infrastructure spending relative to previous plans. While this budget may not be implemented post-election, in Moody's opinion it highlights growing spending pressure that will need to be addressed in the near future. As the economy is expected to slow, with real GDP growth forecasted to fall from 2.7% in 2017 to 1.7% by 2021, revenue generation will be slower than previously recorded, limiting the province's ability to rely on revenue growth to balance the spending pressure. Downward pressure on revenue generation would be amplified if the province were to face unexpected negative economic shocks. Furthermore, as sustained low interest rates have pushed consumer debt to record levels over the past decade, the province will likely face increased challenges to introduce new revenue measures despite a high level of policy flexibility.
The province's debt is expected to measure 233% of revenues in 2017/18, up from Moody's previous estimate of 227%. Financing to fund deficits and capital spending will continue to push the debt burden higher, with Moody's expectations that it could exceed 240% by 2021/22. Moody's assesses this level of debt to be elevated compared to similar rated peers. Increased debt financing will also occur during a time of rising interest rates, which will accelerate the increase of the province's interest expense. Measuring an anticipated 8.3% of revenues in 2017/18, which is already the highest measure of Aa2 rated Canadian provinces, interest expense could consume 9% of revenue in 2020/21 and continue to increase thereafter as interest rates are expected to rise. An increasing interest expense is expected to further challenge the budget planning of the province.
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3,2% Ontario, Provinz (2024) - US68323ACT97 - Börse Berlin
99,46
Moody's changes outlook to negative on Ontario's Aa2 ratings
17 Apr 2018
Toronto, April 17, 2018 -- Moody's Investors Service today changed the outlook on the Province of Ontario's ratings to negative from stable. Concurrently Moody's affirmed the Aa2 issuer and Aa2 senior unsecured long-term debt ratings assigned to Ontario. The province's P-1 short-term rating was also affirmed.
Outlook Actions:
..Issuer: Ontario, Province of
....Outlook, Changed To Negative From Stable
Affirmations:
..Issuer: Ontario, Province of
.... Commercial Paper, Affirmed P-1
.... Issuer Rating, Affirmed Aa2
....Senior Unsecured Medium-Term Note Program, Affirmed (P)Aa2
....Senior Unsecured Medium-Term Note Program, Affirmed (P)P-1
....Senior Unsecured Notes, Affirmed Aa2
....Senior Unsecured Shelf, Affirmed (P)Aa2
RATINGS RATIONALE
OUTLOOK CHANGE TO NEGATIVE FROM STABLE
The outlook change to negative from stable on Ontario's ratings reflects Moody's expectations that spending pressure will challenge the province's ability to sustain balanced fiscal results across multiple years. Furthermore Moody's assumes that the financing requirements will be larger than previously assumed leading to an upward trend in the debt burden and a faster rise in interest expense than previously anticipated.
With an election set for 7 June, the government released a 2018 budget that introduces a number of new spending initiatives and materially increases the capital infrastructure spending relative to previous plans. While this budget may not be implemented post-election, in Moody's opinion it highlights growing spending pressure that will need to be addressed in the near future. As the economy is expected to slow, with real GDP growth forecasted to fall from 2.7% in 2017 to 1.7% by 2021, revenue generation will be slower than previously recorded, limiting the province's ability to rely on revenue growth to balance the spending pressure. Downward pressure on revenue generation would be amplified if the province were to face unexpected negative economic shocks. Furthermore, as sustained low interest rates have pushed consumer debt to record levels over the past decade, the province will likely face increased challenges to introduce new revenue measures despite a high level of policy flexibility.
The province's debt is expected to measure 233% of revenues in 2017/18, up from Moody's previous estimate of 227%. Financing to fund deficits and capital spending will continue to push the debt burden higher, with Moody's expectations that it could exceed 240% by 2021/22. Moody's assesses this level of debt to be elevated compared to similar rated peers. Increased debt financing will also occur during a time of rising interest rates, which will accelerate the increase of the province's interest expense. Measuring an anticipated 8.3% of revenues in 2017/18, which is already the highest measure of Aa2 rated Canadian provinces, interest expense could consume 9% of revenue in 2020/21 and continue to increase thereafter as interest rates are expected to rise. An increasing interest expense is expected to further challenge the budget planning of the province.
Entrato anche su questa
3,2% Ontario, Provinz (2024) - US68323ACT97 - Börse Berlin
99,46
waltermasoni
Caribbean Trader
Action:
Moody's affirms Australia's Aaa credit rating; maintains stable outlook
14 Jun 2018
Singapore, June 14, 2018 -- Moody's Investors Service ("Moody's") has today affirmed Australia's Aaa long-term issuer and senior unsecured ratings. The outlook remains stable.
The factors supporting the rating affirmation include:
1. Robust and stable GDP growth and strong growth potential relative to peers, denoting very high resilience to economic shocks;
2. A moderate, albeit modestly rising, general government debt burden;
3. Strong institutions that preserve macroeconomic and financial stability, although fragmentation in political representation is a hurdle to more effective fiscal consolidation.
The stable outlook on Australia's rating reflects Moody's expectation that, even in the event of shocks, possibly in the housing market and/or to the economy's access to external financing, the resilience of the economy supported by countercyclical macroeconomic policy would allow Australia's credit metrics to remain consistent with a Aaa rating.
Australia's long-term local and foreign-currency bond and deposit ceilings remain at Aaa. The short-term foreign-currency bond and deposit ceilings remain at Prime-1 (P-1).
RATINGS RATIONALE
RATIONALE FOR THE RATING AFFIRMATION
ROBUST AND STABLE GROWTH, RELATIVELY HIGH GROWTH POTENTIAL
Australia's relatively high and stable growth are testimony to the economy's capacity to absorb shocks. On two measures, GDP growth and volatility, Australia outperforms many Aaa-rated sovereigns, reflecting a long period of uninterrupted growth since the early 1990s.
Key structural features of the Australian economy include relatively flexible labour and product markets, a well-capitalized and regulated financial system, and a flexible exchange rate. These factors, combined with effective macroeconomic policy, contribute to the economy's swift and significant response to shocks, helping to reduce growth volatility.
High income and wealth levels provide a stable and adjustable tax revenue base for the government and capacity for households to absorb income shocks. At $50,334 in 2017, Australia's per-capita income on a purchasing power parity basis is close to the median of Aaa-rated economies.
In line with other large, high-income economies, Australia's economy is well diversified, with the relatively volatile mining and extraction sector—its largest concentration risk—accounting for 6% of real gross value added in 2017. The share of mining is likely to fall as other sectors of the economy grow more quickly following the stabilization of capacity in the iron ore and oil and gas sectors. The diversification of the economy, in part driven by the floating of the exchange rate in the early 1980s, is a key factor behind the economy's high resilience to external shocks.
Australia's economic features favouring shock absorption, together with projected continued growth in its population, support a relatively high growth potential. Moody's estimates potential growth at around 2.75%, compared to 1.5% and below in parts of Europe or just above 2% in the US.
Moody's affirms Australia's Aaa credit rating; maintains stable outlook
14 Jun 2018
Singapore, June 14, 2018 -- Moody's Investors Service ("Moody's") has today affirmed Australia's Aaa long-term issuer and senior unsecured ratings. The outlook remains stable.
The factors supporting the rating affirmation include:
1. Robust and stable GDP growth and strong growth potential relative to peers, denoting very high resilience to economic shocks;
2. A moderate, albeit modestly rising, general government debt burden;
3. Strong institutions that preserve macroeconomic and financial stability, although fragmentation in political representation is a hurdle to more effective fiscal consolidation.
The stable outlook on Australia's rating reflects Moody's expectation that, even in the event of shocks, possibly in the housing market and/or to the economy's access to external financing, the resilience of the economy supported by countercyclical macroeconomic policy would allow Australia's credit metrics to remain consistent with a Aaa rating.
Australia's long-term local and foreign-currency bond and deposit ceilings remain at Aaa. The short-term foreign-currency bond and deposit ceilings remain at Prime-1 (P-1).
RATINGS RATIONALE
RATIONALE FOR THE RATING AFFIRMATION
ROBUST AND STABLE GROWTH, RELATIVELY HIGH GROWTH POTENTIAL
Australia's relatively high and stable growth are testimony to the economy's capacity to absorb shocks. On two measures, GDP growth and volatility, Australia outperforms many Aaa-rated sovereigns, reflecting a long period of uninterrupted growth since the early 1990s.
Key structural features of the Australian economy include relatively flexible labour and product markets, a well-capitalized and regulated financial system, and a flexible exchange rate. These factors, combined with effective macroeconomic policy, contribute to the economy's swift and significant response to shocks, helping to reduce growth volatility.
High income and wealth levels provide a stable and adjustable tax revenue base for the government and capacity for households to absorb income shocks. At $50,334 in 2017, Australia's per-capita income on a purchasing power parity basis is close to the median of Aaa-rated economies.
In line with other large, high-income economies, Australia's economy is well diversified, with the relatively volatile mining and extraction sector—its largest concentration risk—accounting for 6% of real gross value added in 2017. The share of mining is likely to fall as other sectors of the economy grow more quickly following the stabilization of capacity in the iron ore and oil and gas sectors. The diversification of the economy, in part driven by the floating of the exchange rate in the early 1980s, is a key factor behind the economy's high resilience to external shocks.
Australia's economic features favouring shock absorption, together with projected continued growth in its population, support a relatively high growth potential. Moody's estimates potential growth at around 2.75%, compared to 1.5% and below in parts of Europe or just above 2% in the US.
waltermasoni
Caribbean Trader
Fitch Affirms Province of Ontario, Canada's IDR at 'AA-'; Outlook Revised to Negative
15 JUN 2018 12:29 PM ET
Fitch Ratings-New York-15 June 2018: Fitch Ratings has affirmed the following ratings for the Province of Ontario, Canada (the province):
--Long-term, foreign-currency Issuer Default Rating (IDR) at 'AA-';
--Long-term, local-currency IDR at 'AA-';
--Senior unsecured bonds at 'AA-';
--Short-term IDR at 'F1+'.
The Rating Outlook has been revised to Negative from Stable.
SECURITY
Bonds are senior unsecured obligations of the province to which the province's full faith and credit is pledged. Commercial paper notes are short-term promissory notes ranking equally with Ontario's other unsubordinated and unsecured indebtedness.
KEY RATING DRIVERS
FINANCIAL RESILIENCE EXPECTED TO WEAKEN: Deterioration in the province's financial performance is expected over the near term as the province is expected to return to deficits for at least fiscal 2019. The reversion is a significant departure from the province's recently concluded multi-year fiscal consolidation plan. The fiscal 2018 budget balanced financial operations for the first time in ten years and was expected to be a turning point to annual budgetary surpluses. This change in fiscal plans is the reason for the Outlook's revision to Negative.
LARGE DEBT BURDEN: Financing for future annual deficits, in addition to continued infrastructure investments, would add to the province's already high debt burden as measured by net direct debt to gross domestic product (GDP). Debt service is expected to remain a manageable burden on operations, currently accounting for 8% of annual revenues.
SIGNIFICANT ACCUMULATED DEFICIT: The province estimates an accumulated deficit equal to 128% of operating revenues in fiscal 2018 (23% of GDP) fueled by the past misalignment between annual revenues and expenditures.
SIZABLE, DIVERSE ECONOMY: The province's diverse economy includes Canada's largest business and financial hub and accounts for 39% of the country's population. Growth in trade, education, and financial, professional and health care services has expanded the economic base, with manufacturing now a much smaller share. The provincial economy remains heavily linked to that of the U.S.
STRONG CONTROL OVER BUDGET: The province demonstrated strong financial management over the course of its fiscal consolidation program. The willingness to exercise fiscal restraint and build a higher margin of fiscal flexibility in advance of an eventual economic slowdown is uncertain under incoming leadership and the province will remain challenged by an elevated debt burden.
15 JUN 2018 12:29 PM ET
Fitch Ratings-New York-15 June 2018: Fitch Ratings has affirmed the following ratings for the Province of Ontario, Canada (the province):
--Long-term, foreign-currency Issuer Default Rating (IDR) at 'AA-';
--Long-term, local-currency IDR at 'AA-';
--Senior unsecured bonds at 'AA-';
--Short-term IDR at 'F1+'.
The Rating Outlook has been revised to Negative from Stable.
SECURITY
Bonds are senior unsecured obligations of the province to which the province's full faith and credit is pledged. Commercial paper notes are short-term promissory notes ranking equally with Ontario's other unsubordinated and unsecured indebtedness.
KEY RATING DRIVERS
FINANCIAL RESILIENCE EXPECTED TO WEAKEN: Deterioration in the province's financial performance is expected over the near term as the province is expected to return to deficits for at least fiscal 2019. The reversion is a significant departure from the province's recently concluded multi-year fiscal consolidation plan. The fiscal 2018 budget balanced financial operations for the first time in ten years and was expected to be a turning point to annual budgetary surpluses. This change in fiscal plans is the reason for the Outlook's revision to Negative.
LARGE DEBT BURDEN: Financing for future annual deficits, in addition to continued infrastructure investments, would add to the province's already high debt burden as measured by net direct debt to gross domestic product (GDP). Debt service is expected to remain a manageable burden on operations, currently accounting for 8% of annual revenues.
SIGNIFICANT ACCUMULATED DEFICIT: The province estimates an accumulated deficit equal to 128% of operating revenues in fiscal 2018 (23% of GDP) fueled by the past misalignment between annual revenues and expenditures.
SIZABLE, DIVERSE ECONOMY: The province's diverse economy includes Canada's largest business and financial hub and accounts for 39% of the country's population. Growth in trade, education, and financial, professional and health care services has expanded the economic base, with manufacturing now a much smaller share. The provincial economy remains heavily linked to that of the U.S.
STRONG CONTROL OVER BUDGET: The province demonstrated strong financial management over the course of its fiscal consolidation program. The willingness to exercise fiscal restraint and build a higher margin of fiscal flexibility in advance of an eventual economic slowdown is uncertain under incoming leadership and the province will remain challenged by an elevated debt burden.
waltermasoni
Caribbean Trader
Rating Action:
Moody's downgrades AT&T's senior unsecured rating to Baa2 after court ruling approving merger with Time Warner
15 Jun 2018
New York, June 15, 2018 -- Moody's Investors Service (Moody's) downgraded the senior unsecured ratings of AT&T Inc. (AT&T) to Baa2 from Baa1 due to AT&T's elevated leverage following its merger with Time Warner Inc. (Time Warner, Baa2 stable) for approximately $81 billion. AT&T funded the merger with a mix of 50% equity and 50% cash and the assumption of Time Warner debt. Moody's estimates that the transaction will elevate AT&T's gross pro forma leverage (including Moody's standard adjustments) to around 3.7x at year end 2018 with modest deleveraging prospects in the medium term. Furthermore, the transaction will result in total funded debt of over $180 billion, making it the most indebted non-government controlled, non-financial rated corporate issuer. The sheer amount of debt commits AT&T to sizable annual maturity obligations for the long term thereby making the company beholden to the health of the capital markets. The Baa2 rating assumes the company will demonstrate a solid liquidity profile and ability to meet sizable annual debt maturities at all times. The outlook is stable.
The degree of any leverage improvement will depend upon AT&T's ability to return to wireless service revenue growth while maintaining margins, and its progress stabilizing negative revenue and margin trends in its entertainment and business solutions segments. The company could accelerate deleveraging through the sale of non-core assets but it has yet to execute on several potential options under such a plan. Moreover, the recent federal tax law change improves AT&T's operating cash flow profile and potential ability to pay down debt, however we expect the bulk of this cash flow benefit will be used to fund capital investments. As part of this rating action, Moody's affirmed AT&T's Prime-2 commercial paper rating. This concludes the review initiated on October 24, 2016. Time Warner's Baa2 long-term debt rating and Prime-2 short-term rating were affirmed on October 24, 2016 following the merger agreement.
Moody's downgrades AT&T's senior unsecured rating to Baa2 after court ruling approving merger with Time Warner
15 Jun 2018
New York, June 15, 2018 -- Moody's Investors Service (Moody's) downgraded the senior unsecured ratings of AT&T Inc. (AT&T) to Baa2 from Baa1 due to AT&T's elevated leverage following its merger with Time Warner Inc. (Time Warner, Baa2 stable) for approximately $81 billion. AT&T funded the merger with a mix of 50% equity and 50% cash and the assumption of Time Warner debt. Moody's estimates that the transaction will elevate AT&T's gross pro forma leverage (including Moody's standard adjustments) to around 3.7x at year end 2018 with modest deleveraging prospects in the medium term. Furthermore, the transaction will result in total funded debt of over $180 billion, making it the most indebted non-government controlled, non-financial rated corporate issuer. The sheer amount of debt commits AT&T to sizable annual maturity obligations for the long term thereby making the company beholden to the health of the capital markets. The Baa2 rating assumes the company will demonstrate a solid liquidity profile and ability to meet sizable annual debt maturities at all times. The outlook is stable.
The degree of any leverage improvement will depend upon AT&T's ability to return to wireless service revenue growth while maintaining margins, and its progress stabilizing negative revenue and margin trends in its entertainment and business solutions segments. The company could accelerate deleveraging through the sale of non-core assets but it has yet to execute on several potential options under such a plan. Moreover, the recent federal tax law change improves AT&T's operating cash flow profile and potential ability to pay down debt, however we expect the bulk of this cash flow benefit will be used to fund capital investments. As part of this rating action, Moody's affirmed AT&T's Prime-2 commercial paper rating. This concludes the review initiated on October 24, 2016. Time Warner's Baa2 long-term debt rating and Prime-2 short-term rating were affirmed on October 24, 2016 following the merger agreement.
iguanito
Forumer storico
Sono solo segnalazioni; in pratica non si prende quasi nulla tranne chi, come walter masoni, non avrà più questo problema.
waltermasoni
Caribbean Trader
Sinceramente anche io non comprerei se il mio futuro fosse in Italia.
Il problema è che qui se vai area euro rende 0, se vai su ig idem, se vai hy ci becchi le mazzate ...
zoroaster
Forumer attivo
waltermasoni
Caribbean Trader
quindi, stando in Europa che cosa faresti ?
Non è facile veramente. Io stavo moltoliquido e poi partecipavo ,essendo catalogato in Italia come investitore professionale , ai collocamenti con importi anche importanti.
Poi rivendevo otc o meglio ancora i primi giorni che il bond andava su tlx.
Ora il vento è cambiato anche lì