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

iguanito ha scritto:
Che errore non averne presi quando era il momento!
Clicca per allargare...


Proceeds from monetizing General Electric Company's assets would help the company repay more debt than currently planned, provide liquidity to GE Capital for its funding needs beyond 2020, and help manage a range of contingent liabilities that GE has to contend with at its industrial operations and GE Capital.

Commento di Moody
 
Energy Co. Electricite de France Outlook Revised To Stable On Supportive Financial Policy Moves; Affirmed At 'A-/A-2'
  • 25-Feb-2019 12:26 EST
View Analyst Contact Information


  • During the presentation of its 2018 full-year results, French power
    company Electricite de France (EDF) announced a scrip dividend program
    for the next three years; a €2 billion-€3 billion disposal program, on
    top of the already-achieved €10 billion; and, more importantly, stronger
    signs of progress on regulation of its French nuclear fleet and the group
    reorganization, as requested by the French state.
  • In addition, we note the more favorable market power price environment,
    which supports EDF's earnings growth and limits cash burn in the coming
    two years.
  • EDF's reinforced commitment to its stated financial policy and to
    maintaining the rating are also credit positive.
  • We are revising our outlook on EDF to stable from negative, and affirming
    our 'A-/A-2' ratings.
  • We also revised to stable from negative our outlooks on EDF's U.K.
    subsidiaries EDF Energy PLC and EDF Energy Customers PLC.
  • The stable outlook reflects our expectation of a contained debt
    trajectory thanks to slightly increasing EBITDA and protective cash flow
    measures over 2019-2021, absent any significant cost overruns on new
    nuclear projects and material upward revaluation of the group's nuclear
    provisions.
 
waltermasoni ha scritto:
Proceeds from monetizing General Electric Company's assets would help the company repay more debt than currently planned, provide liquidity to GE Capital for its funding needs beyond 2020, and help manage a range of contingent liabilities that GE has to contend with at its industrial operations and GE Capital.

Commento di Moody
Clicca per allargare...
io ieri a notizia uscita sono riuscito a prendermi la 2024 a 91,9... ma non è salita come mi aspettavo..
 
Rating Action:
Moody's downgrades Vodafone to Baa2; negative outlook

26 Feb 2019
Madrid, February 26, 2019 -- Moody's Investors Service ("Moody's") has today downgraded Vodafone Group Plc's ("Vodafone" or "the company") senior unsecured ratings to Baa2 from Baa1, the senior unsecured MTN and shelf ratings to (P)Baa2 from (P)Baa1, and the subordinated hybrid notes rating to Ba1 from Baa3. Concurrently, Moody's has affirmed the company's Prime-2 (P-2) short term rating. The outlook is negative.



The rating action concludes the review for downgrade initiated on 11 May 2018, following the company's announcement of the proposed acquisition of Unitymedia GmbH ("Unitymedia"), the German cable operator owned by Liberty Global plc ("Liberty"), and the Central and Eastern European ("CEE") assets of Liberty's subsidiary, UPC Holding BV, for an enterprise value (EV) of EUR18.4 billion.



"Vodafone has been weakly positioned in the Baa1 rating category for several years. The downgrade to Baa2 reflects our expectation that Vodafone's already high leverage will weaken further, even before the proposed acquisition of Liberty's assets, driven by higher-than-expected spectrum investments and slower EBITDA growth. We see Vodafone's adjusted debt/EBITDA pre-transaction weakening to around 3.2x in the next two years, well above the 2.75x rating threshold for the Baa1 rating," says Laura Perez, Moody's Vice President -- Senior Credit Officer and lead analyst for Vodafone.



"When we consider the impact of the proposed acquisition of certain Liberty's assets, the company's adjusted gross leverage (as defined by Moody's) will further weaken to 3.6x by fiscal 2020, excluding potential de-leveraging initiatives. This leverage is high for the rating category, and positions Vodafone weakly at the Baa2 rating level, with a negative outlook and with no headroom for underperformance. We believe that the company will take measures to accelerate deleveraging and bring metrics in line with the parameters for the Baa2 rating to preserve its financial flexibility, while meeting its reported 2.5x-3x target net leverage," adds Mrs Perez.



A full list of affected ratings is provided at the end of the press release.
 

Colgate-Palmolive Co.'s Proposed Senior Unsecured Euro Notes Rated 'AA-'
  • 26-Feb-2019 08:21 EST
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CHICAGO (S&P Global Ratings) Feb. 26, 2019--S&P Global Ratings today assigned
its 'AA-' issue-level rating to New York City-based Colgate-Palmolive Co.'s
proposed senior unsecured euro notes. The notes will be drawn from the
company's series H medium-term note program and we expect it to use the net
proceeds from these notes for general corporate purposes, including debt
repayment. All of our existing ratings on Colgate-Palmolive, including our
'AA-' issuer credit rating, remain unchanged. The company had approximately
$6.4 billion of debt outstanding as of Dec. 31, 2018.

Our ratings on Colgate reflect its high brand equity and solid market
positions, particularly in oral care. We believe the inherently stable demand
characteristics of the company's oral, personal, and home care products,
combined with its product development expertise, should enable it to maintain
modest long-term revenue growth. We also view the company's extensive
international presence as a credit positive, notwithstanding foreign currency
headwinds, commodity inflation, heightened competitive activity from local
players, and weak economic conditions in many emerging markets that have
recently pressured its performance. Our ratings also incorporate Colgate's
solid and predictable free cash flow and our expectation that it will maintain
strong credit metrics, including leverage in the mid-to-high 1x area.

For the complete issuer credit rating rationale, please see our most recent
summary analysis on Colgate-Palmolive Co., published Oct. 25, 2018, on
RatingsDirect.


RELATED CRITERIA
 

The Coca-Cola Co.'s Senior Unsecured Notes With Various Maturities Rated 'A+'
  • 25-Feb-2019 15:45 EST
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NEW YORK (S&P Global Ratings) Feb. 25, 2019--S&P Global Ratings today assigned
its 'A+' issue-level rating to Atlanta-based The Coca-Cola Co.'s (Coke's)
proposed senior unsecured notes with various maturities ranging from 2021 to
2031. The company is drawing these notes under its shelf registration. We
believe it will use the net proceeds to repay upcoming debt maturities and for
general corporate purposes including acquisitions.

Coca-Cola's business strength is underpinned by its very strong position as
the world's largest nonalcoholic beverage company, anchored by well-known
brands, good innovation and portfolio mix management, and above-average EBITDA
margins. We believe this clearly outweighs the company's fairly narrow focus
on nonalcoholic ready-to-drink beverages.

Coke's financial flexibility over the next year is tight because of mergers
and acquisitions and a large dividend. The company recently closed on the $5.1
billion acquisition of Costa, which will likely keep leverage above its
2x-2.5x target debt-to-EBITDA range until 2020. At the same time, its dividend
payout of well over 80% of net income is one of the highest in the beverage
industry, and Coke typically increases its dividend by the low-to mid-single
digits every year, a trend equity investors have come to expect. Still, annual
discretionary flow generation should improve by 2020 and enable the company to
approach the top end of its target leverage range by then.

For the issuer credit rating rationale, see the summary published on Nov. 16,
2018.
 
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