Portafogli e Strategie (investimento) Investment Grade, entro le frontiere conosciute. (4 lettori)
- Creatore Discussione canchye
- Data di Inizio
londonwhale
Forumer storico
Come lo vedete Kedrion XS1645687416 ?
Il bond è sceso un po', di volatilità ne ha sempre avuta poca, ma nel 2017 hanno aumentato l'indebitamento, e la marginalità lascia abbastanza a desiderare.....
Il bond è sceso un po', di volatilità ne ha sempre avuta poca, ma nel 2017 hanno aumentato l'indebitamento, e la marginalità lascia abbastanza a desiderare.....
waltermasoni
Caribbean Trader
Republic of Chile 'A+/A-1' Foreign Currency Ratings Affirmed; Outlook Remains Stable
- 28-Jun-2018 18:07 EDT
RATINGS
Foreign Currency: A+/Stable/A-1
Local Currency: AA-/Stable/A-1+
For further details see Ratings List.
OVERVIEW
- Favorable GDP growth should boost government revenues and improve Chile's
fiscal balance this year, helping to stabilize the net general government
debt burden. - We expect the Pinera Administration will continue with Chile's
rules-based fiscal policy and take measures to boost its long-term
economic growth prospects. - We are affirming our long-term foreign currency rating on Chile of 'A+'
and our long-term local currency rating of 'AA-'. We are also affirming
our short-term foreign currency rating of 'A-1' and our 'A-1+' short-term
local currency rating. - The stable outlook reflects our view that gradual fiscal consolidation
and recovery in GDP growth will help stabilize Chile's public finances
and its external profile.
On June 28, 2018, S&P Global Ratings affirmed its 'A+' long-term foreign
currency sovereign credit rating and 'AA-' long-term local currency sovereign
credit rating on Chile. The outlook on the long-term ratings remains stable.
At the same time, we affirmed our short-term foreign currency rating of 'A-1'
and our 'A-1+' short-term local currency rating. In addition, we affirmed our
'AA' transfer and convertibility (T&C) assessment for Chile.
OUTLOOK
The stable outlook reflects our expectation of continuity in economic policy
over the coming three years. We expect Chile will maintain the distinctive
pillars of its market economy (fiscal and monetary rules, openness to trade
and investment, judicial security, and predictability) while it strengthens
social policies. At the same time, we expect continued GDP growth, moderate
current account deficits (CADs), and low inflation will stabilize Chile's
public finances and its external profile.
We could lower the rating in the next couple of years if a combination of
unexpectedly loose fiscal policy and economic growth lower than our
expectations results in larger-than-expected fiscal deficits. That could
contribute to annual increases in general government debt beyond our
projections. A substantial and prolonged weakening of public finances could
result in a downgrade. Similarly, an unexpected deterioration in Chile's net
external position or a substantial increase in its gross external financing
needs could weaken its external profile, also leading to a lower rating.
Conversely, a sustained recovery in GDP growth along with prudent fiscal and
monetary policies would gradually strengthen Chile's economic base. That,
together with continued diversification of the economy that strengthens its
resilience, could gradually reduce Chile's external vulnerabilities. An
improved external profile could lead us to raise the rating in the next two to
three years.
qui ognuno esprime liberamente il proprio pensiero
Nemo trader
Forumer storico
Lotto minimo 100 mila euro.........
waltermasoni
Caribbean Trader
waltermasoni
Caribbean Trader
Panama Outlook Revised To Positive On Consistently High Growth And Stable Fiscal Policy; 'BBB/A-2' Ratings Affirmed
RATINGS
Foreign Currency: BBB/Positive/A-2
Local Currency: BBB/Positive/A-2
For further details see Ratings List.
OVERVIEW
On July 2, 2018, S&P Global Ratings revised its outlook on Panama to positive
from stable. At the same time, we affirmed our 'BBB/A-2' long- and short-term
sovereign credit ratings. The transfer and convertibility (T&C) assessment is
unchanged at 'AAA'.
OUTLOOK
The positive outlook reflects the at least one-in-three possibility of an
upgrade over the next two years if continued impressive growth further
strengthens the pillars of Panama's economy, while public finances and the
country's external liquidity position both remain stable. We expect continuity
in pro-growth economic policies after national elections due in May 2019.
Growing prosperity, further economic diversification, and effective
implementation of new regulations and oversight of the financial system would
increase Panama's economic resilience.
We could revise the outlook to stable over the same period if there is an
unexpected drop in Panama's economic growth trajectory or a deterioration in
fiscal or external indicators that erodes the country's economic profile.
Larger-than-expected increases in government debt or an erosion of Panama's
external liquidity could negate the impact of growing prosperity in our
assessment of the sovereign's creditworthiness.
RATIONALE
Our ratings on Panama reflect its record of high GDP growth, which we expect
to remain, that has led to GDP per capita doubling over the last 10 years.
They also reflect the sovereign's effective policymaking, its cautious fiscal
and debt management, and government actions to improve transparency and
supervision of the financial system. The ratings also consider the country's
vulnerability to sharp swings in global economic conditions, as it has a small
and open economy, and the lack of an independent monetary policy and lender of
last resort because it is fully dollarized.
- 02-Jul-2018 17:01 EDT
RATINGS
Foreign Currency: BBB/Positive/A-2
Local Currency: BBB/Positive/A-2
For further details see Ratings List.
OVERVIEW
- Consistently high economic growth along with a cautious fiscal policy
have helped strengthen Panama's financial profile. - The country's financial system regulation continues to improve, although
implementation challenges remain. - We are revising our outlook on Panama to positive from stable and
affirming our 'BBB/A-2' long- and short-term sovereign credit ratings. - The positive outlook reflects the possibility that we could raise the
rating over the next two years if continued impressive growth further
strengthens the pillars of Panama's economy, while public finances and
the country's external liquidity position both remain stable.
On July 2, 2018, S&P Global Ratings revised its outlook on Panama to positive
from stable. At the same time, we affirmed our 'BBB/A-2' long- and short-term
sovereign credit ratings. The transfer and convertibility (T&C) assessment is
unchanged at 'AAA'.
OUTLOOK
The positive outlook reflects the at least one-in-three possibility of an
upgrade over the next two years if continued impressive growth further
strengthens the pillars of Panama's economy, while public finances and the
country's external liquidity position both remain stable. We expect continuity
in pro-growth economic policies after national elections due in May 2019.
Growing prosperity, further economic diversification, and effective
implementation of new regulations and oversight of the financial system would
increase Panama's economic resilience.
We could revise the outlook to stable over the same period if there is an
unexpected drop in Panama's economic growth trajectory or a deterioration in
fiscal or external indicators that erodes the country's economic profile.
Larger-than-expected increases in government debt or an erosion of Panama's
external liquidity could negate the impact of growing prosperity in our
assessment of the sovereign's creditworthiness.
RATIONALE
Our ratings on Panama reflect its record of high GDP growth, which we expect
to remain, that has led to GDP per capita doubling over the last 10 years.
They also reflect the sovereign's effective policymaking, its cautious fiscal
and debt management, and government actions to improve transparency and
supervision of the financial system. The ratings also consider the country's
vulnerability to sharp swings in global economic conditions, as it has a small
and open economy, and the lack of an independent monetary policy and lender of
last resort because it is fully dollarized.
waltermasoni
Caribbean Trader
Fitch Affirms Generali's IFS at 'A-'; Outlook Stable
03 JUL 2018 11:48 AM ET
Fitch Ratings-London-03 July 2018: Fitch Ratings has affirmed Assicurazioni Generali SpA's (Generali) and core subsidiaries' Insurer Financial Strength (IFS) Ratings at 'A-' (Strong). The agency has also affirmed Generali's Long-Term Issuer Default Rating (IDR) at 'A-'. The Outlooks are Stable. A full list of rating actions is at the end of this commentary.
KEY RATING DRIVERS
The ratings reflects the group's strong and resilient capitalisation, improved financial leverage and very strong business profile, in particular strong market positions in Italy, Germany and France. The group's ratings remain influenced by Italy's sovereign rating of 'BBB'/Stable through the group's exposure to Italian-based debt securities. To back domestic liabilities in Italy the group held EUR64 billion of Italian sovereign bonds at end-2017 (2.5x consolidated shareholders' funds).
Generali's exposure to Italian sovereign debt creates a large concentration risk and a potential source of volatility for capital adequacy. However, based on the results of scenario tests, Fitch believes that Generali's capital position is resilient against potential stress on the Italian sovereign debt. Moreover, Fitch expects Generali's exposure to Italian securities to remain stable.
We apply a sovereign constraint on Generali's ratings of 'A-', two notches above Italy's sovereign rating. This is in recognition of Generali's geographical diversification and strong resilient capital position. Generali's unconstrained IFS assessment is 'A'. The group generates around 66% of its operating profit and 67% of its gross written premiums from outside Italy. Generali is the third-largest European insurance group by premiums, with a leading position in core western Europe countries and a significant presence in central and eastern Europe and in Asia.
Fitch's view of Generali's capitalisation is driven by the group's score under Fitch's Prism Factor Based Model (Prism FBM). Generali's Prism FBM score was 'Very Strong' based on end-2017 financials, in line with 2016's. Its consolidated Solvency II regulatory ratio, calculated according to the group's partial internal model, improved to 207% at end-2017 (2016: 178%). The ratio remains exposed to volatility in sovereign bond markets, especially Italian sovereign bonds spreads.
Generali's Fitch-calculated financial leverage ratio (FLR) improved to 31% at end-2017 (2016: 33%), following the repayment of debt maturing in 2017. Fitch views Generali's financial leverage as high for the ratings. However, we expect the FLR will further improve in 2018 and 2019 as the group's planned debt maturities will likely exceed refinancing over the same period.
Generali's fixed-charge coverage (FCC) ratio, including unrealised and realised gains and losses, was strong at 6.9x in 2017, up from 5.4x in 2016. A decline in the stock of subordinated debt over 2017 drove interest expenses lower. We expect the FCC ratio to improve further as the group deleverages and refinances debt at lower coupons. Generali also has very strong financial flexibility, as demonstrated, for example, by pre-funding activities carried out during the past four years.
Generali's operating performance remained strong in 2017. The non-life combined ratio reported by the group stood at 92.8% in 2017 (2016: 92.3%), which Fitch views as very strong. Its operating profit also increased to EUR4,895 million in 2017 (2016: EUR4,783 million). Generali's 2013-2017 average return on equity as calculated by Fitch was 9%, a level that we view as commensurate with Generali's ratings. We expect Generali to improve its earnings through cost efficiencies, better underwriting margins and optimisation of its geographical and business mix, despite persistent low interest rates.
Low Interest rates are a key risk for Generali's life business, as the majority of in-force life reserves carry financial guarantees. However, Generali's balance sheet is well-shielded from interest-rate movements, as the duration gap between its assets and liabilities is close to zero. Generali put into run-off its largest German life entity, Generali Leben, in 1Q18, as part of the restructuring of its German operations. We view this move as positive for asset and liability management, as Generali will have more flexibility to manage the policyholders' guarantees attached to Generali Leben's life liabilities.
03 JUL 2018 11:48 AM ET
Fitch Ratings-London-03 July 2018: Fitch Ratings has affirmed Assicurazioni Generali SpA's (Generali) and core subsidiaries' Insurer Financial Strength (IFS) Ratings at 'A-' (Strong). The agency has also affirmed Generali's Long-Term Issuer Default Rating (IDR) at 'A-'. The Outlooks are Stable. A full list of rating actions is at the end of this commentary.
KEY RATING DRIVERS
The ratings reflects the group's strong and resilient capitalisation, improved financial leverage and very strong business profile, in particular strong market positions in Italy, Germany and France. The group's ratings remain influenced by Italy's sovereign rating of 'BBB'/Stable through the group's exposure to Italian-based debt securities. To back domestic liabilities in Italy the group held EUR64 billion of Italian sovereign bonds at end-2017 (2.5x consolidated shareholders' funds).
Generali's exposure to Italian sovereign debt creates a large concentration risk and a potential source of volatility for capital adequacy. However, based on the results of scenario tests, Fitch believes that Generali's capital position is resilient against potential stress on the Italian sovereign debt. Moreover, Fitch expects Generali's exposure to Italian securities to remain stable.
We apply a sovereign constraint on Generali's ratings of 'A-', two notches above Italy's sovereign rating. This is in recognition of Generali's geographical diversification and strong resilient capital position. Generali's unconstrained IFS assessment is 'A'. The group generates around 66% of its operating profit and 67% of its gross written premiums from outside Italy. Generali is the third-largest European insurance group by premiums, with a leading position in core western Europe countries and a significant presence in central and eastern Europe and in Asia.
Fitch's view of Generali's capitalisation is driven by the group's score under Fitch's Prism Factor Based Model (Prism FBM). Generali's Prism FBM score was 'Very Strong' based on end-2017 financials, in line with 2016's. Its consolidated Solvency II regulatory ratio, calculated according to the group's partial internal model, improved to 207% at end-2017 (2016: 178%). The ratio remains exposed to volatility in sovereign bond markets, especially Italian sovereign bonds spreads.
Generali's Fitch-calculated financial leverage ratio (FLR) improved to 31% at end-2017 (2016: 33%), following the repayment of debt maturing in 2017. Fitch views Generali's financial leverage as high for the ratings. However, we expect the FLR will further improve in 2018 and 2019 as the group's planned debt maturities will likely exceed refinancing over the same period.
Generali's fixed-charge coverage (FCC) ratio, including unrealised and realised gains and losses, was strong at 6.9x in 2017, up from 5.4x in 2016. A decline in the stock of subordinated debt over 2017 drove interest expenses lower. We expect the FCC ratio to improve further as the group deleverages and refinances debt at lower coupons. Generali also has very strong financial flexibility, as demonstrated, for example, by pre-funding activities carried out during the past four years.
Generali's operating performance remained strong in 2017. The non-life combined ratio reported by the group stood at 92.8% in 2017 (2016: 92.3%), which Fitch views as very strong. Its operating profit also increased to EUR4,895 million in 2017 (2016: EUR4,783 million). Generali's 2013-2017 average return on equity as calculated by Fitch was 9%, a level that we view as commensurate with Generali's ratings. We expect Generali to improve its earnings through cost efficiencies, better underwriting margins and optimisation of its geographical and business mix, despite persistent low interest rates.
Low Interest rates are a key risk for Generali's life business, as the majority of in-force life reserves carry financial guarantees. However, Generali's balance sheet is well-shielded from interest-rate movements, as the duration gap between its assets and liabilities is close to zero. Generali put into run-off its largest German life entity, Generali Leben, in 1Q18, as part of the restructuring of its German operations. We view this move as positive for asset and liability management, as Generali will have more flexibility to manage the policyholders' guarantees attached to Generali Leben's life liabilities.