Obbligazioni societarie Monitor bond Chimica Europa
- Creatore Discussione lorenzo63
- Data di Inizio
lorenzo63
Age quod Agis
Ed infatti... grazie per averlo postato ...
Però mumble mumble .."Infatti ..che si .. o infatti che no?!"
"Imark
Forumer storico
Però mumble mumble .."Infatti ..che si .. o infatti che no?!"
Infatti che hai ragione, è solo per abbonati ... e siccome non sono abbonato...
lorenzo63
Age quod Agis
Dai nn ti preoccupare : era tutto intero l' articolo.Infatti che hai ragione, è solo per abbonati ... e siccome non sono abbonato...
Manca solo la foto della Julia (la reporter..
che quella non te la dò!)Imark
Forumer storico
E arriva su Ineos anche il downgrade di Moody's, preoccupata per un default a breve termine...
[FONT=verdana,arial,helvetica]Moody's downgrades Ineos corporate family rating to Caa2 with negative outlook.[/FONT]
[FONT=verdana,arial,helvetica]London, 26 January 2009 -- Moody's Investors Service has today downgraded the Corporate Family Rating of Ineos Group Holdings plc ("Ineos" or the "company") to Caa2 (from B3). The ratings assigned to the instruments raised by its subsidiaries were also downgraded as detailed below. The outlook on the ratings remains negative. [/FONT]
[FONT=verdana,arial,helvetica]On 22 January Ineos published an update on liquidity and market trading in the last quarter of 2008 that suggested a substantial weakening in the operating environment and some reduction in the liquidity position of the group.Lower liquidity guidance and further deterioration in the market conditions and the outlook for 2009 has increased Moody's estimate of default probability and resulted in the downgrade of the ratings. [/FONT]
[FONT=verdana,arial,helvetica]The negative outlook reflects Moody's expectation of the challenging operating environment that will continue to affect the company's credit profile in the medium term. In Moody's view, the size of the liabilities and the restrictive covenants under the senior secured facilities (temporarily waived by the lenders) remain the major factors driving the credit profile at this stage. The negative outlook reflects the likely need to review the existing terms at the beginning of 2009, the uncertainty associated with the terms and conditions of such a review, as well as the need to strengthen the balance sheet of the group to ensure continuous compliance with the terms of the facilities during this period of cyclical downturn. [/FONT]
[FONT=verdana,arial,helvetica]The following ratings are affected by the rating action: [/FONT]
[FONT=verdana,arial,helvetica]Ineos Group Holdings plc: [/FONT]
[FONT=verdana,arial,helvetica]- Corporate Family Rating: Caa2 [/FONT]
[FONT=verdana,arial,helvetica]- 2016 senior g-teed notes - Ca / LGD 5 (89); [/FONT]
[FONT=verdana,arial,helvetica]Ineos Holding Limited [/FONT]
[FONT=verdana,arial,helvetica]- First-lien senior g-teed bank facilities -- Caa1/ LGD 3 (35); [/FONT]
[FONT=verdana,arial,helvetica]- Second lien senior loans -- Caa3 / LGD 5 (79); [/FONT]
[FONT=verdana,arial,helvetica]Ineos Vinyls Finance plc [/FONT]
[FONT=verdana,arial,helvetica]- Senior g-teed notes - Ca / LGD 6 (96). [/FONT]
[FONT=verdana,arial,helvetica]Moody's last rating action on Ineos Group holding was on 12 December 2008 when the rating agency assigned a negative outlook to the company's ratings. [/FONT]
[FONT=verdana,arial,helvetica]Ineos Group Holdings plc is a diversified and integrated chemicals group headquartered in Southampton, the United Kingdom. Ineos reported 2007 Revenues of EUR 27.5 billion and EBIT of EUR 1.2 billion[/FONT]
[FONT=verdana,arial,helvetica]Moody's downgrades Ineos corporate family rating to Caa2 with negative outlook.[/FONT]
[FONT=verdana,arial,helvetica]London, 26 January 2009 -- Moody's Investors Service has today downgraded the Corporate Family Rating of Ineos Group Holdings plc ("Ineos" or the "company") to Caa2 (from B3). The ratings assigned to the instruments raised by its subsidiaries were also downgraded as detailed below. The outlook on the ratings remains negative. [/FONT]
[FONT=verdana,arial,helvetica]On 22 January Ineos published an update on liquidity and market trading in the last quarter of 2008 that suggested a substantial weakening in the operating environment and some reduction in the liquidity position of the group.Lower liquidity guidance and further deterioration in the market conditions and the outlook for 2009 has increased Moody's estimate of default probability and resulted in the downgrade of the ratings. [/FONT]
[FONT=verdana,arial,helvetica]The negative outlook reflects Moody's expectation of the challenging operating environment that will continue to affect the company's credit profile in the medium term. In Moody's view, the size of the liabilities and the restrictive covenants under the senior secured facilities (temporarily waived by the lenders) remain the major factors driving the credit profile at this stage. The negative outlook reflects the likely need to review the existing terms at the beginning of 2009, the uncertainty associated with the terms and conditions of such a review, as well as the need to strengthen the balance sheet of the group to ensure continuous compliance with the terms of the facilities during this period of cyclical downturn. [/FONT]
[FONT=verdana,arial,helvetica]The following ratings are affected by the rating action: [/FONT]
[FONT=verdana,arial,helvetica]Ineos Group Holdings plc: [/FONT]
[FONT=verdana,arial,helvetica]- Corporate Family Rating: Caa2 [/FONT]
[FONT=verdana,arial,helvetica]- 2016 senior g-teed notes - Ca / LGD 5 (89); [/FONT]
[FONT=verdana,arial,helvetica]Ineos Holding Limited [/FONT]
[FONT=verdana,arial,helvetica]- First-lien senior g-teed bank facilities -- Caa1/ LGD 3 (35); [/FONT]
[FONT=verdana,arial,helvetica]- Second lien senior loans -- Caa3 / LGD 5 (79); [/FONT]
[FONT=verdana,arial,helvetica]Ineos Vinyls Finance plc [/FONT]
[FONT=verdana,arial,helvetica]- Senior g-teed notes - Ca / LGD 6 (96). [/FONT]
[FONT=verdana,arial,helvetica]Moody's last rating action on Ineos Group holding was on 12 December 2008 when the rating agency assigned a negative outlook to the company's ratings. [/FONT]
[FONT=verdana,arial,helvetica]Ineos Group Holdings plc is a diversified and integrated chemicals group headquartered in Southampton, the United Kingdom. Ineos reported 2007 Revenues of EUR 27.5 billion and EBIT of EUR 1.2 billion[/FONT]
Imark
Forumer storico
Ben altre motivazioni trova il downgrade da parte di Moody's sul rating di Basf, che passa ad A1 con outlook stabile. Pesa in questo caso il costo dell'acquisizione di Ciba, con un leverage che passa ad 1,5x ed una ritenuta difficoltà anche per BASF a deleveraggiare durante la recessione in essere.
E tuttavia la stessa Moody's evidenzia come la metrica finanziaria di BASF, soprattutto la forte posizione di liquidità, e la modestia delle scadenze del debito da rifinanziare nel biennio 2009-2010, renda molto improbabile che la società possa avere difficoltà di sorta a conservare il rating attuale in tale arco di tempo.
[FONT=verdana,arial,helvetica]Moody's downgrades BASF ratings to A1, outlook is stable[/FONT]
[FONT=verdana,arial,helvetica]London, 26 January 2009 -- Moody's Investors Service has today downgraded the ratings of BASF SE (BASF) and its guaranteed subsidiaries by one notch to A1 and assigned stable outlook to the ratings. The Prime-1 rating for short term debt remains unchanged. [/FONT]
[FONT=verdana,arial,helvetica]This rating action concludes the ratings review process initiated by Moody's on 15 September 2008 following the announcement by BASF of the debt-funded acquisition of Ciba Holding Inc. (Ciba, rated Baa2/under review for uncertain). The ratings of Ciba will remain under the review until BASF confirms the structural treatment of the acquired liabilities of the company. [/FONT]
[FONT=verdana,arial,helvetica]Moody's positively assesses the acquisition of Ciba in line with BASF's long-standing strategy emphasizing operational integration and continuous improvement of the specialty characteristics of its broadly diversified chemical portfolio. However, the acquisition entails a substantial increase in debt of the group at the time when the operating environment does not support deleveraging efforts, leading to the expected sustained weakening of the financial metrics below the levels previously indicated for Aa3 category. Taking into account the acquisition (that is expected to be concluded in the first quarter of 2009), Moody's estimates that the group's leverage at the end of 2008 is likely to increase towards x1.5 times on fully adjusted net debt basis. [/FONT]
[FONT=verdana,arial,helvetica]Notwithstanding the expected deterioration in financial metrics during the downturn in the cycle, the positioning of BASF ratings at the high end of the single-A category reflects the company's strong business profile, as well as Moody's positive assessment of the on-going measures executed by BASF in the face of rapid deterioration of trading environment in the last quarter of 2008. Moody's notes that the company enjoys a high degree of operating and financial flexibility, as it continues to generate substantial cash flow. Furthermore, at the end of 2008 the company suspended its share buy back programme to support its current focus on cash flow management. [/FONT]
[FONT=verdana,arial,helvetica]The stable outlook on the ratings is also underpinned by the assumption that the group will continue to manage its financial policy with the view to maintain financial flexibility required for implementation of its growth strategy in a less supportive economic environment. Moody's expects that the group's focus on cost optimization and working capital management will further support cash flow generation through the downturn and allow the group to maintain the key credit metrics within Moody's target range for the current rating (including Retained Cash Flow to Net Debt in the mid to high thirties and strong FCF coverage). [/FONT]
[FONT=verdana,arial,helvetica]The group maintains strong liquidity position, supported by sustained operating cash flow generation, as well as its substantial cash balances and EUR 6.7 billion available under the committed facilities at the end of 2008, including a CHF 3.5 billion acquisition facility. Moody's notes that BASF enjoys an even repayment profile with about EUR 1 billion in bonds maturing in 2009 and 2010. [/FONT]
[FONT=verdana,arial,helvetica]For the assignment of this rating, Moody's has used its methodology for the Global Chemical Industry, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory. [/FONT]
[FONT=verdana,arial,helvetica]The last rating action on BASF was on 15 September 2008 when the rating agency palced the ratings under review for downgrade following the announcement of the acquisition of Ciba. [/FONT]
[FONT=verdana,arial,helvetica]Based in Ludwigshafen, Germany, BASF is the world's largest chemicals group by revenues, reporting global sales of around EUR 48 billion and EBIT of EUR 6.2 billion for nine months 2008. [/FONT]
E tuttavia la stessa Moody's evidenzia come la metrica finanziaria di BASF, soprattutto la forte posizione di liquidità, e la modestia delle scadenze del debito da rifinanziare nel biennio 2009-2010, renda molto improbabile che la società possa avere difficoltà di sorta a conservare il rating attuale in tale arco di tempo.
[FONT=verdana,arial,helvetica]Moody's downgrades BASF ratings to A1, outlook is stable[/FONT]
[FONT=verdana,arial,helvetica]London, 26 January 2009 -- Moody's Investors Service has today downgraded the ratings of BASF SE (BASF) and its guaranteed subsidiaries by one notch to A1 and assigned stable outlook to the ratings. The Prime-1 rating for short term debt remains unchanged. [/FONT]
[FONT=verdana,arial,helvetica]This rating action concludes the ratings review process initiated by Moody's on 15 September 2008 following the announcement by BASF of the debt-funded acquisition of Ciba Holding Inc. (Ciba, rated Baa2/under review for uncertain). The ratings of Ciba will remain under the review until BASF confirms the structural treatment of the acquired liabilities of the company. [/FONT]
[FONT=verdana,arial,helvetica]Moody's positively assesses the acquisition of Ciba in line with BASF's long-standing strategy emphasizing operational integration and continuous improvement of the specialty characteristics of its broadly diversified chemical portfolio. However, the acquisition entails a substantial increase in debt of the group at the time when the operating environment does not support deleveraging efforts, leading to the expected sustained weakening of the financial metrics below the levels previously indicated for Aa3 category. Taking into account the acquisition (that is expected to be concluded in the first quarter of 2009), Moody's estimates that the group's leverage at the end of 2008 is likely to increase towards x1.5 times on fully adjusted net debt basis. [/FONT]
[FONT=verdana,arial,helvetica]Notwithstanding the expected deterioration in financial metrics during the downturn in the cycle, the positioning of BASF ratings at the high end of the single-A category reflects the company's strong business profile, as well as Moody's positive assessment of the on-going measures executed by BASF in the face of rapid deterioration of trading environment in the last quarter of 2008. Moody's notes that the company enjoys a high degree of operating and financial flexibility, as it continues to generate substantial cash flow. Furthermore, at the end of 2008 the company suspended its share buy back programme to support its current focus on cash flow management. [/FONT]
[FONT=verdana,arial,helvetica]The stable outlook on the ratings is also underpinned by the assumption that the group will continue to manage its financial policy with the view to maintain financial flexibility required for implementation of its growth strategy in a less supportive economic environment. Moody's expects that the group's focus on cost optimization and working capital management will further support cash flow generation through the downturn and allow the group to maintain the key credit metrics within Moody's target range for the current rating (including Retained Cash Flow to Net Debt in the mid to high thirties and strong FCF coverage). [/FONT]
[FONT=verdana,arial,helvetica]The group maintains strong liquidity position, supported by sustained operating cash flow generation, as well as its substantial cash balances and EUR 6.7 billion available under the committed facilities at the end of 2008, including a CHF 3.5 billion acquisition facility. Moody's notes that BASF enjoys an even repayment profile with about EUR 1 billion in bonds maturing in 2009 and 2010. [/FONT]
[FONT=verdana,arial,helvetica]For the assignment of this rating, Moody's has used its methodology for the Global Chemical Industry, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory. [/FONT]
[FONT=verdana,arial,helvetica]The last rating action on BASF was on 15 September 2008 when the rating agency palced the ratings under review for downgrade following the announcement of the acquisition of Ciba. [/FONT]
[FONT=verdana,arial,helvetica]Based in Ludwigshafen, Germany, BASF is the world's largest chemicals group by revenues, reporting global sales of around EUR 48 billion and EBIT of EUR 6.2 billion for nine months 2008. [/FONT]
Massimo S.
Nuovo forumer
... accompagnato ovviamente dal downgrade di S&P a CC. Fra le tante fonti la cosa è riportata anche dagli amici di Jyske, che titolano:E arriva su Ineos anche il downgrade di Moody's, preoccupata per un default a breve termine...
[FONT=verdana,arial,helvetica]Moody's downgrades Ineos corporate family rating to Caa2 with negative outlook.[/FONT]
Ineos downgraded by S&P to CC
http://www.jyskebank.dk/_jb/commoninc/bin.asp?id=243954&src=20090126ineosnedgraderettilcc.pdf
Segnalo un passo di questo articolo:
"It is our main scenario that Ineos will pay the
coupon on the bond issues Ineos €7.875%
2016 and Ineos $8.5% 2016 in February, but
we see a rising likelihood that Ineos will not be
able to meet this obligation."2016 and Ineos $8.5% 2016 in February, but
we see a rising likelihood that Ineos will not be
Cioè, in lingua madre, pensiamo che pagheranno la cedola, però forse no, non la pagheranno. Insomma, per non sbagliare, tutto ed il contrario di tutto
. E si conferma ancora una volta azzeccatissimo il nomignolo di "giuocherelloni del Nord" affibbiato dal buon mark agli amici di Jyske. O forse non era "giuocherelloni" ? 
ms
Imark
Forumer storico
... accompagnato ovviamente dal downgrade di S&P a CC. Fra le tante fonti la cosa è riportata anche dagli amici di Jyske, che titolano:
Ineos downgraded by S&P to CC
http://www.jyskebank.dk/_jb/commoninc/bin.asp?id=243954&src=20090126ineosnedgraderettilcc.pdf
Segnalo un passo di questo articolo:
"It is our main scenario that Ineos will pay the
coupon on the bond issues Ineos €7.875%able to meet this obligation."
2016 and Ineos $8.5% 2016 in February, but
we see a rising likelihood that Ineos will not be
Cioè, in lingua madre, pensiamo che pagheranno la cedola, però forse no, non la pagheranno. Insomma, per non sbagliare, tutto ed il contrario di tutto
ms
In effetti avevo usato un'espressione un po' più forte...
Però a un certo punto la cosa era così smaccata (ebbero addirittura il coraggio di aggiungere al BUY sul bond 2016 un altro BUY su una piccola emissione di Ineos Vinylis a scadenza 2011 quando già da un anno tutte le fonti affermavano che il petrolchimico stava entrando in un severissimo downturn ...
) da fare simpatia....Un po' come il tizio che all'Autogrill cerca di convincerti dell'assoluta autenticità del Rolex che sta cercando di piazzarti a 100 euro dicendo che è un regalo di suo zio di cui è costretto a disfarsi perché rimasto senza soldi: in fondo in fondo, ti fa simpatia...
Imark
Forumer storico
Nuova emissione di BASF... 1,5 mld euro 200 pb sopra il midswap.
BASF sets bond at 1.5 bln euros, trims spread -IFR
Thu Jan 29, 2009 11:10am GMT
javascript:singlePageView();
LONDON, Jan 29 (Reuters) - BASF Finance Europe NV, an arm of German chemical giant BASF, set the size of a planned six-year bond at 1.5 billion euros ($2 billion) and tightened guidance for a second time, IFR reported on Thursday.
Guidance for the bond, due to mature in June 2015, was tightened to mid-swaps plus 200 basis points after previously being tightened to mid-swaps plus 205 to 215 basis points from 220 to 230 basis points, said IFR Markets, a Thomson Reuters online news and market analysis service.
Books closed on the deal at over 9 billion euros, IFR reported.
BNP Paribas and HSBC have been named as bookrunners and will manage the deal along with Barclays, Deutsche Bank and SG CIB, IFR said.
BASF is rated AA- by Standard & Poor's and Fitch Ratings and A1 by Moody's Investors Service.
(Reporting by Jonathan Cable)
BASF sets bond at 1.5 bln euros, trims spread -IFR
Thu Jan 29, 2009 11:10am GMT
javascript:singlePageView();
LONDON, Jan 29 (Reuters) - BASF Finance Europe NV, an arm of German chemical giant BASF, set the size of a planned six-year bond at 1.5 billion euros ($2 billion) and tightened guidance for a second time, IFR reported on Thursday.
Guidance for the bond, due to mature in June 2015, was tightened to mid-swaps plus 200 basis points after previously being tightened to mid-swaps plus 205 to 215 basis points from 220 to 230 basis points, said IFR Markets, a Thomson Reuters online news and market analysis service.
Books closed on the deal at over 9 billion euros, IFR reported.
BNP Paribas and HSBC have been named as bookrunners and will manage the deal along with Barclays, Deutsche Bank and SG CIB, IFR said.
BASF is rated AA- by Standard & Poor's and Fitch Ratings and A1 by Moody's Investors Service.
(Reporting by Jonathan Cable)
Imark
Forumer storico
E il 4,5% BASF Finance 2016 storna in maniera decisa, riuscendosi a prendere con un po' di pazienza anche ben sotto la pari...
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=14859555
http://anleihen.onvista.de/snapshot.html?ID_INSTRUMENT=14859555
Similar threads
