reno
Guest
grazie Mark, ho deciso di scegliere tra quelle con rating superiore ( A-) per eliminare al massimo i rischi, qualcosa si trova anche da quelle parti.
Obbligazioni societarie Monitor bond Telecom Europa VI (gennaio - luglio 2009)
- Creatore Discussione Imark
- Data di Inizio
Telecom italia finance 7,75% 24.01.2033 isin xs0161100515
su quest'obbligazione gli esperti del forum cosa ne pensano? vale la pena comprare piccole quantità?
Ieri ha chiuso a 92,5
Oggi ha chiuso intorno a 94.
E' quotata sul mercato ETLX.
Mi piacerebbe conoscere la vostra opinione.
Ciao.
su quest'obbligazione gli esperti del forum cosa ne pensano? vale la pena comprare piccole quantità?
Ieri ha chiuso a 92,5
Oggi ha chiuso intorno a 94.
E' quotata sul mercato ETLX.
Mi piacerebbe conoscere la vostra opinione.
Ciao.
lollofanki
fumorer
cosa succederebbe in caso di fusione con mediaset
migliora o peggiora il rating??
SL66
oggi è un altro giorno
hai la pazienza di aspettare trentanni o quasi?
io in te accumulerei
TELECOM 6,25% 12 EuroTLX01/02/20126.25TFBBB
OLIVETTI FI 7,25% 12 EuroTLX24/04/20127.25TFBBB
hanno un periodo temporale brevissimo con rendimenti ottimi
TheLondoner
Forumer storico
dipende dalle modalità che verrebbero seguite per le nozze... ci si può sempre sposare indebitandosi ...
e allora il rating della coppia scende...
Imark
Forumer storico
Dipende dal prezzo di acquisto e soprattutto dalle modalità di acquisto ... non se ne sa abbastanza.
Se si parla di scorporo della rete ad abbattimento del debito, di cessione di asset esteri a Telefonica e poi di una operazione che comporti l'acquisto da parte di Mediaset, va valutato intanto che lo scorporo della rete vale per le agenzie due livelli di rating (lo hanno scritto) e poi è da vedere quanto verrà valutato l'abbattimento del debito ...
Se le modalità di acquisizione da parte da Mediaset avrebbero incidenza in una direzione o nell'altra, piuttosto che impatto nullo, questo non è dato sapere, ad oggi....
Imark
Forumer storico
Lo metto qui a mo' di promemoria, riservandomi di commentarlo domani...
E lo modifico oggi solo per segnalare che - nonostante un leggero indebolimento in uno dei parametri valutativi che Moody's usa nel rateare le entità che godono di supporto governativo in quanto a prevalente proprietà pubblica - TeliaSonera resta fortemente radicata nel suo rating.
Anche l'indebolimento di cui sopra è dovuto principalmente ad una politica di dividendi straordinari corrisposti da TS ai propri azionisti, di innalzamento del capex e degli investimenti legati alla espansione su mercati emergenti dell'Europa dell'Este e dell'Asia Centrale nel biennio 2007-2008. Tutti elementi sui quali inciderà la scelta comunicata a fine estate 2008 da parte di TS di voler adottare politiche finanziarie più conservative in futuro.
Il leverage di TS si mantiene contenuto, attorno al 2x, ed elevati i livelli di liquidità disponibile a fronte del debito netto.
In sostanza, piuttosto che un indebolimento della business perfomance di per sé, occorreranno fatti quali la distribuzione di ulteriori dividendi straordinari in futuro o l'effettuazione di una importante acquisizione finanziata con l'indebitamento o una combinazione di tali fattori con un sensibile arretramento dei risultati di gestione per generare pressioni verso il basso sui rating della telecom nordica.
[FONT=verdana,arial,helvetica]Moody's affirms TeliaSonera's ratings at A3/P-2; Stable Outlook[/FONT]
[FONT=verdana,arial,helvetica]Madrid, February 12, 2009 -- Moody's Investors Service has today affirmed the senior unsecured long-term ratings of TeliaSonera AB ("TS" or "the company") and TeliaSonera Finland Oyj ("TSFO") at A3 and TS's short-term ratings at Prime-2. This rating affirmation follows the release of TS's FY2008 results. The outlook on all ratings is stable. [/FONT]
[FONT=verdana,arial,helvetica]TS and TSFO qualify as Government-Related Issuers (GRI) under Moody's methodology for such entities, given ownership by the Swedish and Finnish government of 37.3% and 13.7%, respectively. This methodology formally disaggregates the rating of a GRI into four components: (i) the GRI's Baseline Credit Assessment (BCA), (ii) the credit risk of the supporting government, (iii) the default dependence between the GRI and the government, and (iv) the likelihood of government support for the GRI.[/FONT]
[FONT=verdana,arial,helvetica]In conjunction with affirming the ratings following its review of TeliaSonera's FY2008 results and taking into account expected trends over the medium term, Moody's has reflected its more weakly positioned status within the category by lowering the group's BCA to 8 (equivalent to a Baa1 rating) from 7 (equivalent to A3) -- the BCA being measured on a scale of 1 to 21, whereby 1 exhibits minimal credit risk. The other factors impacting the final A3/Prime-2 assignment remain unchanged. [/FONT]
[FONT=verdana,arial,helvetica]TS's lower BCA reflects Moody's view that, as anticipated, TS is more weakly positioned in the A3 category, following the deterioration in financial metrics during 2007 and 2008 largely stemming from the SEK40 billion (around EUR3.7 billion at current rates) returned to shareholders through extraordinary dividends over the last 2-3 year period, higher capex and increased investments driven by strategic expansion in Eurasia, as well as negative pressure on underlying profitability, notably in Broadband Services.[/FONT]
[FONT=verdana,arial,helvetica]The revised BCA assignment furthermore reflects Moody's current expectation that credit metric trends are more likely to remain more in alignment with the guidance expected for the revised BCA over the medium term, leaving the company more strongly positioned at the new BCA level. Moody's has nevertheless factored into its assessment the Group's enhanced focus on efficiency measures and expects the company to deliver in a challenging competitive environment. [/FONT]
[FONT=verdana,arial,helvetica]"In accordance with Moody's GRI methodology, the change in the BCA to 8 from 7 does not trigger a downgrade of TS's ratings which are affirmed at A3. In turn, TSFO's BCA is also affected and lowered to 8 from 7, given the high degree of integration that exists with the parent company with its final rating also affirmed at A3," says Paloma San Valentin, a Madrid-based Moody's Senior Vice President and lead analyst for these issuers. [/FONT]
[FONT=verdana,arial,helvetica]The stable outlook reflects Moody's expectation that TS will continue to prudently manage its financial ratios (as adjusted by Moody's) to levels of RCF/Net Debt of around 25%-30% or above, and Debt/EBITDA in the 2x region, assuming there is no change in the qualitative factors or in the GRI support and dependence factors. [/FONT]
[FONT=verdana,arial,helvetica]Moody's notes that negative rating pressure on the BCA and the final rating would develop if further erosion of the company's financial flexibility were to be reflected in weaker debt protection ratios than currently expected (including RCF/Net Debt sustainably declining to less than 25% and Debt/EBITDA sustainably raising above 2.5x), whether as a result of operational underperformance, a large debt-financed acquisition, or new extraordinary shareholder distributions. [/FONT]
[FONT=verdana,arial,helvetica]The last rating action on these issuers took place on 30 October 2007, when TS's ratings were downgraded to A3/Prime-2 from A2/Prime-1 and TSFO's rating was affirmed at A3, all with stable outlook. [/FONT]
[FONT=verdana,arial,helvetica]Headquartered in Stockholm, Sweden, TeliaSonera AB is a leading provider of telecommunication services in the Nordic and Baltic countries, in Spain and the emerging markets of Eurasia, including Russia and Turkey. [/FONT]
[FONT=verdana,arial,helvetica]Headquartered in Helsinki, Finland, TeliaSonera Finland Oyj is the 100% owned subsidiary of TeliaSonera AB and responsible for the Finnish operations of the TeliaSonera Group. In addition, TeliaSonera Finland Oyj holds the Group's stakes in Eurasian assets, including those in associated companies Turkcell and MegaFon.[/FONT]
E lo modifico oggi solo per segnalare che - nonostante un leggero indebolimento in uno dei parametri valutativi che Moody's usa nel rateare le entità che godono di supporto governativo in quanto a prevalente proprietà pubblica - TeliaSonera resta fortemente radicata nel suo rating.
Anche l'indebolimento di cui sopra è dovuto principalmente ad una politica di dividendi straordinari corrisposti da TS ai propri azionisti, di innalzamento del capex e degli investimenti legati alla espansione su mercati emergenti dell'Europa dell'Este e dell'Asia Centrale nel biennio 2007-2008. Tutti elementi sui quali inciderà la scelta comunicata a fine estate 2008 da parte di TS di voler adottare politiche finanziarie più conservative in futuro.
Il leverage di TS si mantiene contenuto, attorno al 2x, ed elevati i livelli di liquidità disponibile a fronte del debito netto.
In sostanza, piuttosto che un indebolimento della business perfomance di per sé, occorreranno fatti quali la distribuzione di ulteriori dividendi straordinari in futuro o l'effettuazione di una importante acquisizione finanziata con l'indebitamento o una combinazione di tali fattori con un sensibile arretramento dei risultati di gestione per generare pressioni verso il basso sui rating della telecom nordica.
[FONT=verdana,arial,helvetica]Moody's affirms TeliaSonera's ratings at A3/P-2; Stable Outlook[/FONT]
[FONT=verdana,arial,helvetica]Madrid, February 12, 2009 -- Moody's Investors Service has today affirmed the senior unsecured long-term ratings of TeliaSonera AB ("TS" or "the company") and TeliaSonera Finland Oyj ("TSFO") at A3 and TS's short-term ratings at Prime-2. This rating affirmation follows the release of TS's FY2008 results. The outlook on all ratings is stable. [/FONT]
[FONT=verdana,arial,helvetica]TS and TSFO qualify as Government-Related Issuers (GRI) under Moody's methodology for such entities, given ownership by the Swedish and Finnish government of 37.3% and 13.7%, respectively. This methodology formally disaggregates the rating of a GRI into four components: (i) the GRI's Baseline Credit Assessment (BCA), (ii) the credit risk of the supporting government, (iii) the default dependence between the GRI and the government, and (iv) the likelihood of government support for the GRI.[/FONT]
[FONT=verdana,arial,helvetica]In conjunction with affirming the ratings following its review of TeliaSonera's FY2008 results and taking into account expected trends over the medium term, Moody's has reflected its more weakly positioned status within the category by lowering the group's BCA to 8 (equivalent to a Baa1 rating) from 7 (equivalent to A3) -- the BCA being measured on a scale of 1 to 21, whereby 1 exhibits minimal credit risk. The other factors impacting the final A3/Prime-2 assignment remain unchanged. [/FONT]
[FONT=verdana,arial,helvetica]TS's lower BCA reflects Moody's view that, as anticipated, TS is more weakly positioned in the A3 category, following the deterioration in financial metrics during 2007 and 2008 largely stemming from the SEK40 billion (around EUR3.7 billion at current rates) returned to shareholders through extraordinary dividends over the last 2-3 year period, higher capex and increased investments driven by strategic expansion in Eurasia, as well as negative pressure on underlying profitability, notably in Broadband Services.[/FONT]
[FONT=verdana,arial,helvetica]The revised BCA assignment furthermore reflects Moody's current expectation that credit metric trends are more likely to remain more in alignment with the guidance expected for the revised BCA over the medium term, leaving the company more strongly positioned at the new BCA level. Moody's has nevertheless factored into its assessment the Group's enhanced focus on efficiency measures and expects the company to deliver in a challenging competitive environment. [/FONT]
[FONT=verdana,arial,helvetica]"In accordance with Moody's GRI methodology, the change in the BCA to 8 from 7 does not trigger a downgrade of TS's ratings which are affirmed at A3. In turn, TSFO's BCA is also affected and lowered to 8 from 7, given the high degree of integration that exists with the parent company with its final rating also affirmed at A3," says Paloma San Valentin, a Madrid-based Moody's Senior Vice President and lead analyst for these issuers. [/FONT]
[FONT=verdana,arial,helvetica]The stable outlook reflects Moody's expectation that TS will continue to prudently manage its financial ratios (as adjusted by Moody's) to levels of RCF/Net Debt of around 25%-30% or above, and Debt/EBITDA in the 2x region, assuming there is no change in the qualitative factors or in the GRI support and dependence factors. [/FONT]
[FONT=verdana,arial,helvetica]Moody's notes that negative rating pressure on the BCA and the final rating would develop if further erosion of the company's financial flexibility were to be reflected in weaker debt protection ratios than currently expected (including RCF/Net Debt sustainably declining to less than 25% and Debt/EBITDA sustainably raising above 2.5x), whether as a result of operational underperformance, a large debt-financed acquisition, or new extraordinary shareholder distributions. [/FONT]
[FONT=verdana,arial,helvetica]The last rating action on these issuers took place on 30 October 2007, when TS's ratings were downgraded to A3/Prime-2 from A2/Prime-1 and TSFO's rating was affirmed at A3, all with stable outlook. [/FONT]
[FONT=verdana,arial,helvetica]Headquartered in Stockholm, Sweden, TeliaSonera AB is a leading provider of telecommunication services in the Nordic and Baltic countries, in Spain and the emerging markets of Eurasia, including Russia and Turkey. [/FONT]
[FONT=verdana,arial,helvetica]Headquartered in Helsinki, Finland, TeliaSonera Finland Oyj is the 100% owned subsidiary of TeliaSonera AB and responsible for the Finnish operations of the TeliaSonera Group. In addition, TeliaSonera Finland Oyj holds the Group's stakes in Eurasian assets, including those in associated companies Turkcell and MegaFon.[/FONT]
Ultima modifica:
Imark
Forumer storico
Per Moody's, la domanda di servizi telefonici in America Latina crescerà ancora nel 2009 e la crescita dei nuovi utenti insieme con la possibilità di ridurre il capex aiuterà le società del comparto a mantenere livelli di cash flow stabili nel 2009.
Buone nuove per quelle telecom europee presenti significativamente nell'area (Telefonica, Portugal Telecom, Telecom Italia).
[FONT=verdana,arial,helvetica]Moody's: Latin American Telecom Outlook Stable[/FONT]
[FONT=verdana,arial,helvetica]New York, February 11, 2009 -- Moody's stable outlook for the telecom industry in Latin America is based on the view that subscriber growth, combined with capital-spending cuts, will help the industry sustain stable cash-flow levels in 2009. [/FONT]
[FONT=verdana,arial,helvetica]Overall, demand for telecom services remains fairly strong in Latin America, says Moody's. On average, nominal revenue growth for the industry as a whole is likely to slow to about 5% this year, from about 7% in 2008. [/FONT]
[FONT=verdana,arial,helvetica]"However, we believe that telecom companies will scale back capital spending to offset slowing revenue growth and the hit from a stronger dollar, thus protecting cash flows," says Moody's AVP-Analyst Nymia Almeida. [/FONT]
[FONT=verdana,arial,helvetica]According to Moody's, the demand for wireline, wireless and high-margin Internet services continues to grow in the developing markets of Brazil, Mexico, Argentina, Colombia and Chile, which still have relatively low penetration rates compared with developed regions. [/FONT]
[FONT=verdana,arial,helvetica]This growth, however, will vary significantly by business segment and by country, says Almeida. Companies that focus more on the mature wireline segment -- which faces intense competition primarily from wireless companies -- will be most vulnerable to slowing revenue growth. [/FONT]
[FONT=verdana,arial,helvetica]"Despite the effect of the economic downturn on subscriber growth, we expect that companies in the region will be able to support stable credit profiles by increasing their subscriber bases and trimming capital spending," says Almeida. [/FONT]
[FONT=verdana,arial,helvetica]In addition, governments in Latin America are committed to increasing the penetration of telecom services, which are helping to fuel economic and social development. [/FONT]
[FONT=verdana,arial,helvetica]Overall, the expectation of timely responses to lingering capital-market weakness is key to Moody's outlook, although refinancing risk is low as most of the rated telecom companies in Latin America have manageable debt-maturity profiles and have maintained robust liquidity, with enough cash on hand to repay debt and fund operating needs for the next 12 months. [/FONT]
[FONT=verdana,arial,helvetica]The full report, titled, "Latin American Telecom: Six-Month Update" is available at www.moodys.com. [/FONT]
Buone nuove per quelle telecom europee presenti significativamente nell'area (Telefonica, Portugal Telecom, Telecom Italia).
[FONT=verdana,arial,helvetica]Moody's: Latin American Telecom Outlook Stable[/FONT]
[FONT=verdana,arial,helvetica]New York, February 11, 2009 -- Moody's stable outlook for the telecom industry in Latin America is based on the view that subscriber growth, combined with capital-spending cuts, will help the industry sustain stable cash-flow levels in 2009. [/FONT]
[FONT=verdana,arial,helvetica]Overall, demand for telecom services remains fairly strong in Latin America, says Moody's. On average, nominal revenue growth for the industry as a whole is likely to slow to about 5% this year, from about 7% in 2008. [/FONT]
[FONT=verdana,arial,helvetica]"However, we believe that telecom companies will scale back capital spending to offset slowing revenue growth and the hit from a stronger dollar, thus protecting cash flows," says Moody's AVP-Analyst Nymia Almeida. [/FONT]
[FONT=verdana,arial,helvetica]According to Moody's, the demand for wireline, wireless and high-margin Internet services continues to grow in the developing markets of Brazil, Mexico, Argentina, Colombia and Chile, which still have relatively low penetration rates compared with developed regions. [/FONT]
[FONT=verdana,arial,helvetica]This growth, however, will vary significantly by business segment and by country, says Almeida. Companies that focus more on the mature wireline segment -- which faces intense competition primarily from wireless companies -- will be most vulnerable to slowing revenue growth. [/FONT]
[FONT=verdana,arial,helvetica]"Despite the effect of the economic downturn on subscriber growth, we expect that companies in the region will be able to support stable credit profiles by increasing their subscriber bases and trimming capital spending," says Almeida. [/FONT]
[FONT=verdana,arial,helvetica]In addition, governments in Latin America are committed to increasing the penetration of telecom services, which are helping to fuel economic and social development. [/FONT]
[FONT=verdana,arial,helvetica]Overall, the expectation of timely responses to lingering capital-market weakness is key to Moody's outlook, although refinancing risk is low as most of the rated telecom companies in Latin America have manageable debt-maturity profiles and have maintained robust liquidity, with enough cash on hand to repay debt and fund operating needs for the next 12 months. [/FONT]
[FONT=verdana,arial,helvetica]The full report, titled, "Latin American Telecom: Six-Month Update" is available at www.moodys.com. [/FONT]
fabriziof
Forumer storico
è cresciuta molto in pochissimo tempo forse dovresti attendere un ritracciamento
Imark
Forumer storico
Ciao, benvenuto...
Se scorri un po' di pagine del 3D all'indietro, vedrai che l'argomento delle prospettive di Telecom Italia collegato a quello del possibile andamento dei suoi bond è trattato diffusamente...
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