Obbligazioni societarie Monitor bond Telecom Europa VII (agosto - dicembre 2009)
- Creatore Discussione Imark
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Imark
Forumer storico
Wind, S&P abbassa rating a B+ dopo emissione bond Wahf
mercoledì 9 dicembre 2009 19:59
MILANO, 9 dicembre (Reuters) - Standard & Poor's Ratings Services ha abbassato il rating di Wind Telecomunicazioni a B+ da BB-, con outlook stabile, dopo il lancio da parte della controllante Wind Acquisition Holdings Finance (Wahf) di un bond da 500 milioni di euro.
Lo dice un report dell'agenzia di rating, aggiungendo di aver assegnato il rating B+ a Wahf, con outlook stabile.
"Il downgrade di Wind Telecomunicazioni riflette una politica finanziaria che consideriamo più aggressiva di quella che avevamo scontato nelle nostre analisi", dice l'analista di S&P Leandro de Torres Zabala.
Secondo l'analista, la politica finanziaria è "guidata dalla società a monte della catena di controllo Weather Investments Spa e comporta un crescente utilizzo del bilancio di Wind per sostenere altre società del gruppo più deboli all'interno del gruppo Weather".
Ciao Lupomar
Occhio ragazzi: chi segue il monitor delle telecom, sa bene che tutte le altre società di Sawiris, a partire dalla holding di controllo alle due controllate egiziana e pachistana sono in forte difficoltà ad ottenere il cash occorrente a fare fronte ai debiti, e la sola che ancora ha accesso a condizioni non da capestro ai mercati obbligazionari è Wind... quindi, capisco le perplessità di S&P circa il fatto che si prendano i soldi per tramite di Wind per portarli altrove, come già si era fatto con la recente maxiemissione, con una parte della quale si era pagato un dividendo alla controllante affinché quest'ultima facesse fronte alle proprie scadenze debitorie...
Tutto questo, finché dura...
Le mutande di ghisa sono d'obbligo...
Imark
Forumer storico
Ho copiato anche qui il post precedente, che proviene da una discussione in ambito Nuove Emissioni, per enfatizzare come il campanello di allarme sulla situazione di Wind sia stato suonato con forza da S&P, che nel report di commento alla rating action, rammenta come sia già la seconda volta che i proventi dell'emissione di un bond di Wind siano destinati al ripagamento di debito allocato presso altre società del gruppo di Sawiris.
L'agenzia focalizza anche sul fatto che la struttura finanziaria del gruppo, oltre ad essere sempre più levereggiata, assuma un grado di crescente complessità e rischiosità per gli investitori dei bond...
S&P assegna comunque un outlook stabile al rating ridotto, sull'assunto che Wind Telecomunicazioni continuerà a generare profitti a livello operativo che le consentiranno, nel tempo, di fare deleverage... secondo me, della cosa non sono granché convinti neanche loro...
Wind Telecomunicazioni Cut To 'B+' On PIK Note Launch; Outlook Stable; Proposed Notes Rated 'B-', '6' Recovery Rating
·The financing vehicle of WAHF SpA, the parent of Italian telecoms company Wind Telecomunicazioni SpA, has launched the equivalent of €500 million in PIK notes.
·The issuance proceeds will be upstreamed to finance other Weather group entities.
·We are lowering our corporate credit rating on Wind Telecomunicazioni to 'B+' from 'BB-' and assigning our 'B-' issue rating and recovery rating of '6' to the proposed notes.
·The stable outlook takes into account our assumption that Wind Telecomunicazioni will continue to post strong operating performance and will reduce its financial leverage.
MADRID (Standard & Poor's) Dec. 9, 2009--Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Wind Telecomunicazioni SpA, Italy's second-largest integrated alternative telecoms operator, to 'B+' from 'BB-'. The outlook is stable. Accordingly, Standard & Poor's also lowered its ratings on the Wind Telecomunicazioni's existing debt by one notch:
·Wind Telecomunicazioni's senior secured bank loan and financing vehicle Wind Finance SL S.A.'s second-lien bonds to 'BB-' from 'BB'; and
·Financing vehicle Wind Acquisition Finance S.A.'s third-lien notes to 'B+' from 'BB-'.
At the same time, Standard & Poor's assigned its 'B+' long-term corporate credit rating to Wind Telecomunicazioni's parent company, Wind Acquisition Holdings Finance SpA (WAHF SpA). The outlook is stable. Lastly, Standard & Poor's assigned a long-term issue rating of 'B-' and a recovery rating of '6' to the €500 million-equivalent of payment-in-kind (PIK) notes to be issued by WAHF SpA's financing vehicle Wind Acquisition Holdings Finance S.A. (WAHF S.A.) and guaranteed by WAHF SpA. The '6' recovery rating indicates Standard & Poor's expectation of "negligible" (0%-10%) recovery for creditors in the event of a payment default.
The rating actions follow the announcement today that WAHF S.A. has launched a €500 million-equivalent PIK note issue. WAHF S.A. will upstream the note proceeds to various Weather group entities. The proceeds will be made available to Weather Investments SpA in order to repay short-term maturities of its debt and to repay the bridge loan related to the acquisition of the assets of WIND Hellas Telecommunications S.A.(SD/--/--).
"Our downgrade of Wind Telecomunicazioni reflects what we view as a more aggressive financial policy than the one we had factored into our previous analysis, led by the company's ultimate parent Weather Investments SpA and involving increasing use of Wind Telecomunicazioni's balance sheet to sustain other, weaker companies across the Weather group," said Standard & Poor's credit analyst Leandro de Torres Zabala.
Our assignment of a 'B+' corporate credit rating to WAHF SpA, the same as that on subsidiary Wind Telecomunicazioni, reflects the consolidated view we take of the Wind group in our credit analysis.
As recently as June 2009, Wind Telecomunicazioni issued €2.7 billion of senior unsecured notes, the proceeds of which were used to refinance WAHF SpA's almost €2 billion of existing PIK notes, upstream €500 million to the Weather group for various applications, and pay for €200 million of the refinancing's transaction costs.
Today's new PIK notes launch therefore represents the second debt issuance at the Wind group level aimed at upstreaming funds, and reflects, in our opinion, the spillover onto Wind Telecomunicazioni of various funding issues across the wider Weather group. We are consequently narrowing the rating differential across the group.
Also, the high interest that we expect to accrue on the new notes (which WAHF S.A. may pay in kind for three and a half years, resulting in a large liability), combined with certain limitations on cash upstreaming from Wind Telecomunicazioni to WAHF SpA and a cross-default clause in the documentation of the senior credit facilities and second-lien bonds with respect to the new PIK notes, makes Wind Telecomunicazioni's already highly leveraged capital structure more complex and risky in our opinion.
The current rating assumes continued strong operating performance at Wind Telecomunicazioni, particularly in its core Italian mobile telephony business. "This should result in significant FOCF generation--though considerably more modest than in previous years--which we assume the company will primarily dedicate to reducing its high debt," said Mr. de Torres. "We also assume that debt will not increase further at Wind Telecomunicazioni or its parent, and that Wind Telecomunicazioni will maintain a comfortable debt maturity profile [FONT="]at all times."[/FONT]
L'agenzia focalizza anche sul fatto che la struttura finanziaria del gruppo, oltre ad essere sempre più levereggiata, assuma un grado di crescente complessità e rischiosità per gli investitori dei bond...
S&P assegna comunque un outlook stabile al rating ridotto, sull'assunto che Wind Telecomunicazioni continuerà a generare profitti a livello operativo che le consentiranno, nel tempo, di fare deleverage... secondo me, della cosa non sono granché convinti neanche loro...
Wind Telecomunicazioni Cut To 'B+' On PIK Note Launch; Outlook Stable; Proposed Notes Rated 'B-', '6' Recovery Rating
·The financing vehicle of WAHF SpA, the parent of Italian telecoms company Wind Telecomunicazioni SpA, has launched the equivalent of €500 million in PIK notes.
·The issuance proceeds will be upstreamed to finance other Weather group entities.
·We are lowering our corporate credit rating on Wind Telecomunicazioni to 'B+' from 'BB-' and assigning our 'B-' issue rating and recovery rating of '6' to the proposed notes.
·The stable outlook takes into account our assumption that Wind Telecomunicazioni will continue to post strong operating performance and will reduce its financial leverage.
MADRID (Standard & Poor's) Dec. 9, 2009--Standard & Poor's Ratings Services lowered its long-term corporate credit rating on Wind Telecomunicazioni SpA, Italy's second-largest integrated alternative telecoms operator, to 'B+' from 'BB-'. The outlook is stable. Accordingly, Standard & Poor's also lowered its ratings on the Wind Telecomunicazioni's existing debt by one notch:
·Wind Telecomunicazioni's senior secured bank loan and financing vehicle Wind Finance SL S.A.'s second-lien bonds to 'BB-' from 'BB'; and
·Financing vehicle Wind Acquisition Finance S.A.'s third-lien notes to 'B+' from 'BB-'.
At the same time, Standard & Poor's assigned its 'B+' long-term corporate credit rating to Wind Telecomunicazioni's parent company, Wind Acquisition Holdings Finance SpA (WAHF SpA). The outlook is stable. Lastly, Standard & Poor's assigned a long-term issue rating of 'B-' and a recovery rating of '6' to the €500 million-equivalent of payment-in-kind (PIK) notes to be issued by WAHF SpA's financing vehicle Wind Acquisition Holdings Finance S.A. (WAHF S.A.) and guaranteed by WAHF SpA. The '6' recovery rating indicates Standard & Poor's expectation of "negligible" (0%-10%) recovery for creditors in the event of a payment default.
The rating actions follow the announcement today that WAHF S.A. has launched a €500 million-equivalent PIK note issue. WAHF S.A. will upstream the note proceeds to various Weather group entities. The proceeds will be made available to Weather Investments SpA in order to repay short-term maturities of its debt and to repay the bridge loan related to the acquisition of the assets of WIND Hellas Telecommunications S.A.(SD/--/--).
"Our downgrade of Wind Telecomunicazioni reflects what we view as a more aggressive financial policy than the one we had factored into our previous analysis, led by the company's ultimate parent Weather Investments SpA and involving increasing use of Wind Telecomunicazioni's balance sheet to sustain other, weaker companies across the Weather group," said Standard & Poor's credit analyst Leandro de Torres Zabala.
Our assignment of a 'B+' corporate credit rating to WAHF SpA, the same as that on subsidiary Wind Telecomunicazioni, reflects the consolidated view we take of the Wind group in our credit analysis.
As recently as June 2009, Wind Telecomunicazioni issued €2.7 billion of senior unsecured notes, the proceeds of which were used to refinance WAHF SpA's almost €2 billion of existing PIK notes, upstream €500 million to the Weather group for various applications, and pay for €200 million of the refinancing's transaction costs.
Today's new PIK notes launch therefore represents the second debt issuance at the Wind group level aimed at upstreaming funds, and reflects, in our opinion, the spillover onto Wind Telecomunicazioni of various funding issues across the wider Weather group. We are consequently narrowing the rating differential across the group.
Also, the high interest that we expect to accrue on the new notes (which WAHF S.A. may pay in kind for three and a half years, resulting in a large liability), combined with certain limitations on cash upstreaming from Wind Telecomunicazioni to WAHF SpA and a cross-default clause in the documentation of the senior credit facilities and second-lien bonds with respect to the new PIK notes, makes Wind Telecomunicazioni's already highly leveraged capital structure more complex and risky in our opinion.
The current rating assumes continued strong operating performance at Wind Telecomunicazioni, particularly in its core Italian mobile telephony business. "This should result in significant FOCF generation--though considerably more modest than in previous years--which we assume the company will primarily dedicate to reducing its high debt," said Mr. de Torres. "We also assume that debt will not increase further at Wind Telecomunicazioni or its parent, and that Wind Telecomunicazioni will maintain a comfortable debt maturity profile [FONT="]at all times."[/FONT]
Imark
Forumer storico
Sperando che S&P ci degni prossimamente di pubblicare il commento al creditwatch negativo...
In ogni caso, le ragioni sono nelle stime diffuse da Telekom Austria per il 2010, che sono tutt'altro che lusinghiere. Rammenterete che la società genera il 60% del proprio fatturato sui mercati est europei. Ebbene, nonostante il varo di un nuovo programma di taglio dei costi, già intrapreso, per una serie di fattori che trovate sommariamente indicati nel commento pubblicato sotto, l'EBITDA subirà un calo dell'11% circa rispetto a quello del 2009, e anche le vendite sono attese in calo. Peraltro il forecast è a formulato a rapporti di cambio costanti fra le valute, mentre per il 2009 si era tenuto conto delle previsioni di andamento del cambio. Vale a dire che se ci dovessero essere fenomeni di attacco speculativo contro le valute esteuropee peggate all'euro di paesi in cui TA è presente, qui potrebbero esserci ulteriori evoluzioni in negativo dei risultati.
Telekom Austria: S&P pone rating in Watch Negative
FRANCOFORTE (MF-DJ)--Standard & Poor's ha posto il suo giudizio BBB+ sul credito a lungo termine di Telekom Austria in Watch Negative.
L'agenzia di rating ha inoltre confermato il giudizio A-2 sul credito a breve termine della societa'.
Il posizionamento in CreditWatch negativo segue le previsioni di Telekom Austria sul 2010 che si sono rivelate al di sotto delle attese dopo i gia' deludenti risultati registrati nell'anno fiscale 2008/2009.
-------------------
Telekom Austria expects drop in sales, earnings for 2010
By Flemming E. Hansen, Dow Jones Newswires
Wednesday 09 December 2009
Austrian telco predicts next year's sales will come in €400 million lower than 2009.
Austrian telecommunications company Telekom Austria AG Wednesday said it expects sales and earnings to decline in the coming year, as tough market environments, not least in its Eastern European markets, continue to hurt results.
The news caused an instant drop in the company's share price. At 1526 GMT, Telekom Austria's shares traded down 11%, or EUR1.25, at EUR10.2, in a 3.9% lower Vienna ATX 20 Index.
Austria's largest telecommunications said it expects 2010 sales to come in at EUR4.7 billion, or EUR100 million lower than its stated EUR4.8 billion sales target for 2009.
The results guidance--the first for 2010--was provided in a statement following a meeting of the company's supervisory board.
The 2010 guidance for earnings before interest and taxes, depreciation and amortization, or Ebitda, has been set at EUR1.6 billion, or EUR200 million lower than the EUR1.8 billion 2009 full-year target, Telekom Austria said.
The sales and earnings guidance is, however, based on the assumption of constant currencies, whereas the 2009 guidance is based on actual currencies.
Depreciations of Eastern European currencies have taken a large bite out of Telekom Austria's sales and earnings this year ; the company said Wednesday it expects the difficult economic environment, marked not least by shaky Eastern European economies, to continue in 2010.
Telekom Austria's 2010 capital expenditures target has been set at EUR800 million, as has the goal for operating free cash flow.
For 2009, the operating free cash-flow target is EUR1.1 billion, while Telekom Austria expects capital expenditure to total EUR800 million at year-end.
The company reiterated its intention of paying out a dividend of 65% of earnings in the medium term, with a set floor of EUR0.75 a share.
It also said the bleak economic conditions expected for the coming year most likely won't leave room for an anticipated share buyback program.
Telekom Austria previously said it intended to launch a buyback program in 2010, but on the condition of an improved economy.
In ogni caso, le ragioni sono nelle stime diffuse da Telekom Austria per il 2010, che sono tutt'altro che lusinghiere. Rammenterete che la società genera il 60% del proprio fatturato sui mercati est europei. Ebbene, nonostante il varo di un nuovo programma di taglio dei costi, già intrapreso, per una serie di fattori che trovate sommariamente indicati nel commento pubblicato sotto, l'EBITDA subirà un calo dell'11% circa rispetto a quello del 2009, e anche le vendite sono attese in calo. Peraltro il forecast è a formulato a rapporti di cambio costanti fra le valute, mentre per il 2009 si era tenuto conto delle previsioni di andamento del cambio. Vale a dire che se ci dovessero essere fenomeni di attacco speculativo contro le valute esteuropee peggate all'euro di paesi in cui TA è presente, qui potrebbero esserci ulteriori evoluzioni in negativo dei risultati.
Telekom Austria: S&P pone rating in Watch Negative
FRANCOFORTE (MF-DJ)--Standard & Poor's ha posto il suo giudizio BBB+ sul credito a lungo termine di Telekom Austria in Watch Negative.
L'agenzia di rating ha inoltre confermato il giudizio A-2 sul credito a breve termine della societa'.
Il posizionamento in CreditWatch negativo segue le previsioni di Telekom Austria sul 2010 che si sono rivelate al di sotto delle attese dopo i gia' deludenti risultati registrati nell'anno fiscale 2008/2009.
-------------------
Telekom Austria expects drop in sales, earnings for 2010
By Flemming E. Hansen, Dow Jones Newswires
Wednesday 09 December 2009
Austrian telco predicts next year's sales will come in €400 million lower than 2009.
Austrian telecommunications company Telekom Austria AG Wednesday said it expects sales and earnings to decline in the coming year, as tough market environments, not least in its Eastern European markets, continue to hurt results.
The news caused an instant drop in the company's share price. At 1526 GMT, Telekom Austria's shares traded down 11%, or EUR1.25, at EUR10.2, in a 3.9% lower Vienna ATX 20 Index.
Austria's largest telecommunications said it expects 2010 sales to come in at EUR4.7 billion, or EUR100 million lower than its stated EUR4.8 billion sales target for 2009.
The results guidance--the first for 2010--was provided in a statement following a meeting of the company's supervisory board.
The 2010 guidance for earnings before interest and taxes, depreciation and amortization, or Ebitda, has been set at EUR1.6 billion, or EUR200 million lower than the EUR1.8 billion 2009 full-year target, Telekom Austria said.
The sales and earnings guidance is, however, based on the assumption of constant currencies, whereas the 2009 guidance is based on actual currencies.
Depreciations of Eastern European currencies have taken a large bite out of Telekom Austria's sales and earnings this year ; the company said Wednesday it expects the difficult economic environment, marked not least by shaky Eastern European economies, to continue in 2010.
Telekom Austria's 2010 capital expenditures target has been set at EUR800 million, as has the goal for operating free cash flow.
For 2009, the operating free cash-flow target is EUR1.1 billion, while Telekom Austria expects capital expenditure to total EUR800 million at year-end.
The company reiterated its intention of paying out a dividend of 65% of earnings in the medium term, with a set floor of EUR0.75 a share.
It also said the bleak economic conditions expected for the coming year most likely won't leave room for an anticipated share buyback program.
Telekom Austria previously said it intended to launch a buyback program in 2010, but on the condition of an improved economy.
- Stato
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