Obbligazioni in default Obbligazioni SEAT PAGINE GIALLE 10,50% 2017

[qquebec]

Azioni in rialzo (divieto vendita allo scoperto da parte di Cosnob), bond in rialzo

 

[nik.sala]

Azioni in rialzo (divieto vendita allo scoperto da parte di Cosnob), bond in rialzo

io vendo @ 100

 

[Cat XL]

Moody's downgrades Seat Pagine Gialle to Caa3; rating on review for downgrade

Comunque centra anche la causa secono me...Moodys' lavora su public information.

Moody's downgrades Seat Pagine Gialle to Caa3; rating on review for downgrade



Global Credit Research - 30 Jan 2013


London, 30 January 2013 -- Moody's Investors Service has downgraded Seat Pagine Gialle SpA's ("SEAT" or "the Company") CFR to Caa3 from Caa1, and PDR to Caa3-PD from Caa1-PD. Concurrently, Moody's has downgraded SEAT's EUR750 million senior secured bonds due 2017 ("the Senior Secured Bonds") and EUR65 million senior secured stub bonds due 2017 ("the Senior Secured Stub Bonds") to Caa3 from Caa1. All ratings are placed under review for further downgrade.

RATINGS RATIONALE

The rating action follows the company's announcement that it has suspended payment of the interest coupon for EUR42.2 million on the Senior Secured Bonds due on 31 January 2013. The Board of Directors has launched an assessment of the ongoing validity of the assumptions underlying the recent debt restructuring completed on 6th September 2012. The conclusion of this assessment will help management to determine whether the company's current capital structure is sustainable in the medium term.
The Board of Directors expects to meet again by 6th February 2013, which is the next interest payment date on the bank debt.

The principal methodology used in this rating was the Global Publishing Industry published in December 2011. Other methodologies used include Loss Given Default for Speculative-Grade Non-Financial Companies in the U.S., Canada and EMEA published in June 2009. Please see the Credit Policy page on Moody's - credit ratings, research, tools and analysis for the global capital markets for a copy of these methodologies.

Headquartered in Turin, Italy, SEAT is the leading publisher and provider of directory services in Italy and, through its wholly-owned subsidiary, TDL, is the number three directories publisher in the UK. SEAT also has a presence in Germany through Telegate, the second-largest player in the German directory-assistance market.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on Moody's - credit ratings, research, tools and analysis for the global capital markets.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Please see Moody's - credit ratings, research, tools and analysis for the global capital markets for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.
Please see the ratings tab on the issuer/entity page on Moody's - credit ratings, research, tools and analysis for the global capital markets for additional regulatory disclosures for each credit rating.
Sebastien Cieniewski
Asst Vice President - Analyst
Corporate Finance Group
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Chetan Modi
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

 

[fenox]

atto dovuto e scontato......ANCHE s&p SI ADEGUA CC

 

[Cat XL]

atto dovuto e scontato......ANCHE s&p SI ADEGUA CC

Classified Directories Publisher SEAT Downgraded To 'CC' On Interest Payment Suspension; Outlook Negative

Publication date: 30-Jan-2013 14:03:06 GMT


View Analyst Contact Information

The board of directors at Italy-based classified directories publisher SEAT PagineGialle SpA (SEAT) has announced unexpectedly that it will suspend upcoming payments of interest to its bondholders.
Under our criteria, we consider the extension of a due payment of interest or principal as tantamount to a default if the payment falls later than five business days after the scheduled due date.
We are therefore lowering our long-term corporate credit rating on SEAT to 'CC' from 'B-'. We are also lowering our issue rating on SEAT's senior secured debt to 'CC' from 'B'.
The negative outlook reflects our view of the likelihood of a downgrade to 'SD' (selective default) if SEAT does not make the upcoming payments on its 2017 bonds on the due date of Jan. 31, 2013, and if we believe that it will not make the payments within the following five business days.

LONDON (Standard & Poor's) Jan. 30, 2013--Standard & Poor's Ratings Services said today that it lowered to 'CC' from 'B-' its long-term corporate credit rating on Italy-based classified directories SEAT PagineGialle SpA (SEAT). The outlook is negative. At the same time, we lowered to 'CC' from 'B' our issue rating on SEAT's €750 million senior secured notes; €65 million new senior secured notes; and €686 million new senior secured facilities (including a new €90 million revolving credit facility [RCF]). In addition, we revised our recovery ratings on these instruments downward to '3' from '2', reflecting our lower recovery expectations. We now expect meaningful (50%-70%) recovery for creditors in the event of default, versus substantial recovery (70%-90%) previously.The downgrade follows SEAT's announcement, on Jan. 28, 2013, that it has suspended its interest payments to its bondholders. We understand that the group has a semiannual interest payment of €42.3 million due on Jan. 31, 2013, on its senior secured bonds. We also understand that the next interest payments on SEAT's senior secured bank facilities are not due until Feb. 6, 2013. Under our criteria, we consider the extension of a due payment of interest or principal as tantamount to a default if the payment falls later than five business days after the scheduled due date. (See "Timeliness of Payments: Grace Periods, Guarantees, And Use Of 'D' And 'SD' Ratings," published Dec. 23, 2010, on RatingsDirect on the Global Credit Portal). This is irrespective of any grace period stipulated in the debt documentation. In our view, the timing of SEAT's decision to suspend its upcoming interest payments is unexpected, particularly because its operating trend for full-year 2012 does not appear to us to be materially different from our base-case assumption. We see SEAT's decision as an indication of a possible acceleration of further restructuring discussions only few months after the implementation of its first financial restructuring. The board's decision to accelerate a reassessment of the sustainability of the capital structure, could, in our opinion, imply a more severe deterioration in revenues and earnings than we anticipated. In November 2012, we forecast EBITDA of about €280 million-€290 million in 2013. There is a possibility of a downgrade to 'SD' if SEAT misses its interest payment due on Jan. 31, 2013, on the senior secured bonds, and if we believe that it will not make this payment within five business days following the scheduled due date.In our opinion, SEAT's capital structure may become unsustainable over the medium to long term, especially in light of ongoing deterioration in the trading environment, with limited likelihood of any turn-around in the short term. On the basis of SEAT's suspension of interest payments and its debt maturity wall in 2016-2017, we do not exclude the possibility of management implementing credit-dilutive restructuring measures that we would view as tantamount to a default under our criteria.We are unlikely to revise the outlook to stable in the short term, because of the continuous pressure on SEAT's revenues and profits, and above all, the group's unwillingness to make upcoming interest payments.Complete ratings information is available to subscribers of RatingsDirect on the Global Credit Portal at www.globalcreditportal.com. All ratings affected by this rating action can be found on Standard & Poor's public Web site at www.standardandpoors.com. Use the Ratings search box located in the left column. Alternatively, call one of the following Standard & Poor's numbers: Client Support Europe (44) 20-7176-7176; London Press Office (44) 20-7176-3605; Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm (46) 8-440-5914; or Moscow 7 (495) 783-4009.
Primary Credit Analyst:Carlo Castelli, CFA, London (44) 20-7176-3670;
[email protected]Secondary Contact:Melvyn Cooke, Paris (33) 1-4420-6783;
[email protected]Additional Contact:Industrial Ratings Europe;
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[fenox]

Non hanno altra scelta che pagare....., l'alternativa è impossibile, non c'è un senior disposto ad accettare nuove ristrutturazioni o concordati in continuità,

 

[tommy271]

Non hanno altra scelta che pagare....., l'alternativa è impossibile, non c'è un senior disposto ad accettare nuove ristrutturazioni o concordati in continuità,

Oggi, come si stanno muovendo?

 

[qquebec]

Non hanno altra scelta che pagare....., l'alternativa è impossibile, non c'è un senior disposto ad accettare nuove ristrutturazioni o concordati in continuità,

A meno che vadano in default. Ma gli conviene?

 

[fenox]

A meno che vadano in default. Ma gli conviene?

questo è ancora più impraticabile a meno che non desisderino visitare le patrie galere e comunque il presupposto del fallimento in Italia, dove Seat ha sede legale, è l'impossibilità di far fronte alle proprie obbligazioni ma allo stato, per stessa ammissione della società, c'è liqudità sufficiente a far fronte ai debiti correnti

 

[qquebec]

questo è ancora più impraticabile a meno che non desisderino visitare le patrie galere e comunque il presupposto del fallimento in Italia, dove Seat ha sede legale, è l'impossibilità di far fronte alle proprie obbligazioni ma allo stato, per stessa ammissione della società, c'è liqudità sufficiente a far fronte ai debiti correnti

Infatti, la disponibilità di cassa e la consistenza degli attivi non gli permetterà di ricorrere alla "Legge Marzano". Questi fanno i furbi