Non conosco minimante questa società. Che grado di rischio daresti da 1 a 10. E' marginata da Binck ?
Come sempre il grazie mille è d'obbligo.
Questo titolo non è stato mai prezzato o sottoscritto per il mercato ma è stato offerto agli azionisti, un titolo simile confrontabile a questo è US36164V5030
GLIBP Stock | GCI LIBERTY Stock Price Today | Markets Insider
Per quanto riguarda il rischio società meglio attenersi a chi è più qualificato:
New York, April 03, 2020 -- Moody's Investors Service, ("Moody's") today affirmed Liberty Interactive LLC's ("Liberty") Corporate Family Rating at Ba3. Moody's also affirmed all other ratings including QVC, Inc.'s debt ratings at Ba2. The SGL rating remains at SGL-2. The outlook for Liberty was changed to stable from positive.
"Although Liberty's combined operations of QVC and HSN continue to operate through this period of disruption from COVID-19, we anticipate that weakness in consumer spending and changing purchasing patterns will still reduce demand at both entities" said Moody's Vice President, Christina Boni. "We expect Liberty to maintain a conservative financial strategy as its works to return to more consistent operating performance."
Outlook Actions:
..Issuer: Liberty Interactive LLC
....Outlook, Changed To Stable From Positive
..Issuer: QVC, Inc.
....Outlook, Changed To Stable From No Outlook
Affirmations:
..Issuer: Liberty Interactive LLC
.... Probability of Default Rating, Affirmed Ba3-PD
.... Corporate Family Rating, Affirmed Ba3
....Senior Unsecured Regular Bond/Debenture, Affirmed B2 (LGD5)
..Issuer: QVC, Inc.
....Senior Secured Regular Bond/Debenture, Affirmed Ba2 (LGD3)
RATINGS RATIONALE
The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. The combined credit effects of these developments are unprecedented. The non-food retail sector has been one of the sectors most significantly affected by the shock given its sensitivity to consumer demand and sentiment.More specifically, the weaknesses in Liberty's credit profile, including its exposure to consumer spending and China have left it vulnerable to shifts in market sentiment in these unprecedented operating conditions and Liberty remains vulnerable to the outbreak continuing to spread. We regard the coronavirus outbreak as a social risk under our ESG framework, given the substantial implications for public health and safety. Today's action reflects the impact on Liberty of the breadth and severity of the shock, and the broad deterioration in credit quality it has triggered.
Liberty's Ba3 corporate family rating reflects its solid operating margins and cash flow generation from its portfolio of operating assets, as it continues to have moderate leverage with Moody's adjusted debt/EBITDA estimated at 4.3x. The parent company of Liberty Interactive, LLC, Qurate Retail, Inc. "Qurate", continues to integrate its acquisition of HSN, Inc. The combined operations of QVC and HSN ("QxH") focuses on differentiating its offering through its ability to entertain, inform, and provide exclusive product. QxH must contend with secular trends that include a growing number of consumers who are cancelling their cable subscriptions, increased price transparency and shorter product life cycles.
The company has significant scale and solid free cash flow generation of which a major portion has been historically returned to shareholders. The company's Speculative Grade Liquidity rating of SGL-2 takes into account the company's good liquidity profile with its significant cash flow generation and long term debt maturity profile.
The stable outlook reflects our expectation that Qurate with its online presence will continue to be able to service customer demand albeit at lower levels during the period of disruption caused by COVID-19. We also expect financial strategies will remain conservative with a moratorium on share repurchases until sales and operating performance stabilizes.
Factors that would lead to an upgrade or downgrade of the ratings:
Positive consistency in sales and operating performance while maintaining balanced financial strategy, and continued meaningful debt reductions could lead to an upgrade. Quantitatively, the company could be upgraded if debt/EBITDA was sustained below 4.25x.
The ratings could be downgraded if liquidity weakens, the asset composition or its financial strategy meaningfully changes, or operating performance deteriorates, or debt-to-EBITDA is sustained above 5.25x.
Liberty Interactive LLC, a wholly owned subsidiary of its parent Qurate Retail Inc., formerly named Liberty Interactive Corporation, is headquartered in Englewood, Colorado. Qurate operates QxH, and holds equity interests in other smaller assets. QVC, Inc. was founded in 1986 and has operations in the U.S., United Kingdom, Germany, Japan, Italy, and China.
ir.qurateretail.com
www.sachemcapitalcorp.com
