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Fitch Rates Hudson Pacific's Unsecured Notes 'BBB-'; Outlook Stable
20 FEB 2019 04:34 PM ET




Fitch Ratings-New York-20 February 2019: Fitch Ratings has assigned a 'BBB-' rating to Hudson Pacific Properties L.P.'s senior unsecured notes. The company is the operating subsidiary of Hudson Pacific Properties, Inc. (HPP, or the company). Proceeds from the offering are expected to repay borrowings under the company's revolving credit facility, to repay all or a portion of its $75 million five-year term loan due November 2020 and for general corporate purposes. The Rating Outlook is Stable.
 

The Kraft Heinz Co. 'BBB' Ratings Affirmed; Outlook Revised To Negative On Weakening Credit Metrics
  • 22-Feb-2019 12:25 EST
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  • The Kraft Heinz Co. (KHC) capped off a weak year by reporting an EBITDA
    decline of more than 10% in the fourth-quarter 2018 that lowered our
    expectations for 2019, recording a $15.4 billion goodwill and intangible
    asset charge-off, and cutting its dividend by 36%, which should free up
    $1.1 billion in annual cash flow.
  • The company also disclosed that it received a subpoena from the SEC
    associated with an investigation into its procurement area, more
    specifically its accounting policies, procedures, and internal controls
    related to its procurement function.
  • We are affirming our 'BBB/A-2' issuer credit rating and 'BBB' senior debt
    rating on the group because we expect the company to prioritize credit
    ratio enhancement over shareholder returns, using substantially all
    discretionary cash flow (DCF) and net after-tax cash proceeds from recent
    and potential future asset sales for debt repayment.
  • We are revising our outlook to negative from stable to reflect the
    potential for a lower rating over the next 12-24 months if the business
    continues to falter, potentially due to a renewed shift in demand away
    from Kraft Heinz's products, an inability to control costs, or if the
    company's credit ratios do not improve in line with our revised forecast,
    which includes reaching 4x adjusted leverage in two years with further
    improvement thereafter. We could also lower the rating if the ongoing SEC
    investigation uncovers material accounting misstatements, internal
    control problems, or other irregularities that adversely affect our view
    of the company's financial position or its standing in capital markets.
 
• Il titolo di General Electric (NYSE:GE) schizza alle stelle con +17,80% alle 8:12 ET (13:12 GMT) sulla scia della decisione di vendere la sua divisione BioPharma a Danaher (NYSE:DHR) per 21,4 miliardi di dollari.
 
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