russiabond
Il mito, la leggenda.
Intanto registro, per essere obiettivi:
oggi il fesso che ha avuto l'incoscienza di comprare a 73 stamattina (io no di certo) ora se le trova a 78...bel colpo
speriamo che il fesso abbia venduto ....
in tempo
Obbligazioni societarie Obbligazioni OTE, operatore Tlc greco
- Creatore Discussione Whitedog
- Data di Inizio
speriamo che il fesso abbia venduto ....
in tempo
Comandante Gerard
Forumer storico
speriamo che il fesso abbia venduto ....
in tempo
Non ne ha avuto molto di tempo per gingillarsi...
Speriamo che possa dire
Acc' à nisciuno è fesso...
maestro cantore
Nuovo forumer
Fitch Downgrades OTE to 'B-'; Remains on RWN Ratings Endorsement Policy
18 May 2012 6:01 AM (EDT) Fitch Ratings-Istanbul/ London-18 May 2012: Fitch Ratings has downgraded Hellenic Telecommunications Organization S.A.'s (OTE) Long-term foreign currency Issuer Default Rating (IDR) and OTE PLC's senior unsecured ratings to 'B-' from 'BB'. The ratings remain on Rating Watch Negative (RWN).The downgrade of OTE's rating follows Fitch's downgrade of the Greek sovereign rating to 'CCC' from 'B-' and the assignment of a revised country ceiling of 'B-' for Greece. The downgrade of Greece's sovereign ratings reflects the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union (EMU). The revised country ceiling captures the risk of exchange controls being imposed that would prevent or materially impede the private sector's ability to convert local currency into foreign currency and transfer the proceeds to non-resident creditors.
In the case of Greece and OTE, the country ceiling rating action reflects the heightened risk of a Greek exit from the eurozone which could be accompanied by currency redenomination - which in turn could affect OTE's existing euro-denominated debt. The country ceiling effectively imposes a cap on the ratings of all issuers and transactions domiciled in Greece.
In Fitch's view, under such a scenario, there is much uncertainty around the scope and effectiveness of capital controls and their application to private sector companies, and if the legal interpretation of OTE's existing euro-denominated debt's documentation will enforce on-going payments in euros. OTE's 'B-' rating reflects such uncertainties given a likely significant devaluation and some form of capital controls to transfer a new currency into euros.
If redenomination take place there would be either a dislocation within OTE's balance sheet between primarily domestic assets and profits in a devalued currency compared with euro-denominated debt resulting in an unsustainable capital structure, or domestic asset and liabilities both redenominated into a new currency because euro-denominated debt holders would suffer the economic loss of a debt restructuring or forced redenomination.
The previous rating of 'BB' balanced the potential support from 40% shareholder Deutsche Telekom AG (DT, 'BBB+'/Stable) and OTE's weaker stand-alone profile as adversely affected by its near-term refinance risks whereas its operational performance was relatively solid. Given the likelihood of events implied by the low Country Ceiling, Fitch believes that refinancing support requirements from DT have changed from progressive injections of support as un-refinanced scheduled debt matured over time, to a lump sum requirement should external events cause an event of default and OTE's debt becomes due and payable. OTE's debt totals EUR4.9bn and existing cash resources invested overseas, some in other government bonds, is EUR707m in short-dated highly rated government securities and EUR849m cash as at Q112.
Fitch has previously noted the near-term refinance risk and existing liquidity (see "Fitch Places OTE on Rating Watch Negative 2 dated 16 April 2012 at Fitch Ratings - Dedicated to providing value beyond the rating).. Depending on the timing of events, this overseas cash could be used to meet near-term debt repayments and the refinance of bank facilities may aid this debt maturity profile further. However, Fitch's ratings do not address such temporal subordination of near-term debt having a better prospect of payment compared with debt thereafter due to such timing issues.
Contact:
Primary Analyst
Mike Dunning
Managing Director
+44 20 3530 1178
Fitch Ratings Limited
30 North Colonnade
London E14 5GN
Secondary Analyst
Bulent Akgul
Director
+90 (0) 212 279 1065
Committee Chairperson
Stuart Reid
Senior Director
+44 20 3530 1085
Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: [email protected].
Additional information is available at Fitch Ratings - Dedicated to providing value beyond the rating.
The ratings above were unsolicited and have been provided by Fitch as a service to investors.
Applicable criteria, 'Corporate Rating Methodology', dated 12 August 2011 are available at Fitch Ratings - Dedicated to providing value beyond the rating.
Applicable Criteria and Related Research:
Corporate Rating Methodology
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: Fitch Ratings - Dedicated to providing value beyond the rating. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
18 May 2012 6:01 AM (EDT) Fitch Ratings-Istanbul/ London-18 May 2012: Fitch Ratings has downgraded Hellenic Telecommunications Organization S.A.'s (OTE) Long-term foreign currency Issuer Default Rating (IDR) and OTE PLC's senior unsecured ratings to 'B-' from 'BB'. The ratings remain on Rating Watch Negative (RWN).The downgrade of OTE's rating follows Fitch's downgrade of the Greek sovereign rating to 'CCC' from 'B-' and the assignment of a revised country ceiling of 'B-' for Greece. The downgrade of Greece's sovereign ratings reflects the heightened risk that Greece may not be able to sustain its membership of Economic and Monetary Union (EMU). The revised country ceiling captures the risk of exchange controls being imposed that would prevent or materially impede the private sector's ability to convert local currency into foreign currency and transfer the proceeds to non-resident creditors.
In the case of Greece and OTE, the country ceiling rating action reflects the heightened risk of a Greek exit from the eurozone which could be accompanied by currency redenomination - which in turn could affect OTE's existing euro-denominated debt. The country ceiling effectively imposes a cap on the ratings of all issuers and transactions domiciled in Greece.
In Fitch's view, under such a scenario, there is much uncertainty around the scope and effectiveness of capital controls and their application to private sector companies, and if the legal interpretation of OTE's existing euro-denominated debt's documentation will enforce on-going payments in euros. OTE's 'B-' rating reflects such uncertainties given a likely significant devaluation and some form of capital controls to transfer a new currency into euros.
If redenomination take place there would be either a dislocation within OTE's balance sheet between primarily domestic assets and profits in a devalued currency compared with euro-denominated debt resulting in an unsustainable capital structure, or domestic asset and liabilities both redenominated into a new currency because euro-denominated debt holders would suffer the economic loss of a debt restructuring or forced redenomination.
The previous rating of 'BB' balanced the potential support from 40% shareholder Deutsche Telekom AG (DT, 'BBB+'/Stable) and OTE's weaker stand-alone profile as adversely affected by its near-term refinance risks whereas its operational performance was relatively solid. Given the likelihood of events implied by the low Country Ceiling, Fitch believes that refinancing support requirements from DT have changed from progressive injections of support as un-refinanced scheduled debt matured over time, to a lump sum requirement should external events cause an event of default and OTE's debt becomes due and payable. OTE's debt totals EUR4.9bn and existing cash resources invested overseas, some in other government bonds, is EUR707m in short-dated highly rated government securities and EUR849m cash as at Q112.
Fitch has previously noted the near-term refinance risk and existing liquidity (see "Fitch Places OTE on Rating Watch Negative 2 dated 16 April 2012 at Fitch Ratings - Dedicated to providing value beyond the rating).. Depending on the timing of events, this overseas cash could be used to meet near-term debt repayments and the refinance of bank facilities may aid this debt maturity profile further. However, Fitch's ratings do not address such temporal subordination of near-term debt having a better prospect of payment compared with debt thereafter due to such timing issues.
Contact:
Primary Analyst
Mike Dunning
Managing Director
+44 20 3530 1178
Fitch Ratings Limited
30 North Colonnade
London E14 5GN
Secondary Analyst
Bulent Akgul
Director
+90 (0) 212 279 1065
Committee Chairperson
Stuart Reid
Senior Director
+44 20 3530 1085
Media Relations: Peter Fitzpatrick, London, Tel: +44 20 3530 1103, Email: [email protected].
Additional information is available at Fitch Ratings - Dedicated to providing value beyond the rating.
The ratings above were unsolicited and have been provided by Fitch as a service to investors.
Applicable criteria, 'Corporate Rating Methodology', dated 12 August 2011 are available at Fitch Ratings - Dedicated to providing value beyond the rating.
Applicable Criteria and Related Research:
Corporate Rating Methodology
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: Fitch Ratings - Dedicated to providing value beyond the rating. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE.
iguanito
Forumer storico
Allora dovrebbero tagliare il rating anche di Fage Credo sia un atto dovuto; in qualunque paese il rischio di uscita dalla zona euro comporterebbe un automatico abbassamento del rating di tutte le aziende di quel paese che hanno emissioni obbligazionarie quotate.
Ultima modifica:
qquebec
Super Moderator
Non solo, è difficile trovare aziende che abbiano rating superiori a quelli del paese che le contiene
iguanito
Forumer storico
Anche le 2013 sono soggette a legge inglese
capt.harlock
MENA IL CAMMELLO FAN CLUB
isin delle ote?
qquebec
Super Moderator
capt.harlock
MENA IL CAMMELLO FAN CLUB
il problema sembra essere piu'grande della sola grecia
con la moneta unica siamo diventati paesi "utilizzatori"di moneta come lo e'sempre stato il lussemburgo (deficit/pil al 30%)
come lo sono gli stati che compongono gli usa , il debito che emettono non e'garantito da nessuna banca centrale, quindi sono esposti al rischio default
senza banca centrale che stampa siamo nudi sulla neve
secondo punto siamo governati da degli imbecilli e li paghiamo pure
e'il solito discorso, il giappone ha un debito al 200% ma chi compra un bond a 100, a scadenza ha la certezza di riavere 100
chi comprava un btp in lire ha sempre avuto 100 alla scadenza, mai nessun problema
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