lupin70
Volere è potere.
Ciao! Ho provato a fare qualche ricerca ma notizie recenti non sono riuscito a trovarne...
quelle poche news (peraltro vecchiotte) fano riferimento a rating CCC+ (2007) e Caa1 (2004) per la ONO F.Company Overview: ONO Finance PLC serves as a finance company. It engages in the issuance of debt and the provision of debt finance to Cableuropa S.A.U. and its subsidiary companies. The company was incorporated in 1998 and is based in London. Ono Finance plc operates as a subsidiary of ONO Finance Holdings Limited.
Nel 2007 il Thomson Financial riportava quanto segue: "Standard & Poor's Ratings Services affirmed its 'B' long-term corporate credit rating on Spanish cable operator Cableuropa SAU following the group's publication of its fourth-quarter 2007 trading update.
At the same time, S&P affirmed the 'CCC+' long-term debt rating on the senior unsecured debt issued by financing vehicles ONO Finance PLC and ONO Finance II PLC and guaranteed by Cableuropa. "
Più vecchia questa news (2004) tratta da forbes.com ma comunque con spunti di interesse:
"Consider that the junk-grade debt of Ono Group is again trading above par, i.e., over 100 cents on the dollar. The Ono story takes some telling. The company is a Spanish provider of cable TV and broadband services. It borrowed in the U.S. junk-bond market during the high-cotton days of 1999. Presenting itself to American investors, the company was able to show, for 1998, a grand total of $500,000 in revenues.
The cost of designing and producing the lavishly appointed preliminary debt prospectus was probably greater than that $500,000, ventures Buck Burnaman of ING Financial Markets. The prospectus listed the usual risk factors, e.g., limited operating history, looming negative cash flow, the certain need for additional financing, high leverage and competition. Risk, however, was not the foremost thought on the minds of yield-grubbing investors. The 13% Ono bonds flew out the window.
Fast forward to 2002. Prices were plunging. The market--the same market--was inconsolable. Some of the Ono debt was quoted at 15 cents on the dollar. But wait: Company management, having shrewdly capitalized on the market's greed three years before, boldly exploited the then-current fear. Ono made a tender offer for these orphaned securities at 38 cents on the dollar.
A brilliant stroke! Moody's Investors Service applauded, yet cautioned that Ono remained overleveraged, that it continued to face stiff competition and that it must borrow even more to finance necessary capital improvements. The senior debt rating of Ono Finance sat at a very junky Caa1. That's the way matters still stand at the start of 2004. "
