Obbligazioni perpetue e subordinate Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 2 (3 lettori)

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Topgun1976

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bosmeld ha scritto:
io faccio parte della categoria investitori,


rischio molto per guadagnare molto sapendo bene che però rischio di rompermi l'osso del collo una di queste volte.


imho sono un tipo poco raccomandabile da seguire :eek:
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Direi Speculatori in Size:D Fanno parte della suddetta categoria pure Maxolone e Capt.:D:up:
 
apaci2

apaci2

Ad bestias
Titolo: *Groupama: S&P taglia rating a BB- da BB, pone su watch negative
Ora: 09/10/2012 17:09

Titolo: *Sns Reaal: Fitch conferma rating BBB+ in watch negative
Ora: 09/10/2012 17:26
 
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Rottweiler

Rottweiler

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apaci2 ha scritto:
Titolo: *Groupama: S&P taglia rating a BB- da BB, pone su watch negative
Ora: 09/10/2012 17:09
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Questo il report completo:


Research Update: French Insurer Groupama Ratings Lowered On Announced Coupon Nonpayment On 2007 Hybrids; All Ratings On Watch Negative

Publication date: 09-Oct-2012 11:02:58 EST

French insurer Groupama announced on Oct. 5, 2012, that it will not pay
the next coupon on Oct. 22, 2012, on its junior subordinated notes issued
in 2007.
We are therefore lowering our issue rating on these notes to 'CC' from
'B', in accordance with our criteria, and placing the ratings on
CreditWatch negative. We will further lower this issue rating to 'C'
following nonpayment of the coupon.
We also believe Groupama's decision heightens the group's business risk
and financial risk, particularly its willingness and ability to pay
coupons on its other hybrids.
We are therefore lowering our financial strength and counterparty credit
ratings on Groupama and its guaranteed entities to 'BB-' from 'BB' and
our issue ratings on Groupama's other junior subordinated notes to 'CCC'
from 'B', and place these ratings on CreditWatch negative.
The CreditWatch reflects uncertainties regarding the potential
longer-term business and financial implications of Groupama's decision to
not pay the upcoming coupon on the 2007 issue.
Rating Action
On Oct. 9, 2012, Standard & Poor's Ratings Services lowered its issue rating
on French insurer Groupama S.A.'s 2007 junior subordinated notes to 'CC' from
'B'. We also lowered our issue ratings on Groupama's 2005 and 2009 junior
subordinated notes to 'CCC' from 'B'.

At the same time, Standard & Poor's lowered its long-term counterparty credit
and financial strength ratings on Groupama and its guaranteed subsidiaries to
'BB-' from 'BB', and on strategically important subsidiary Groupama GAN Vie to
'B+' from 'BB-'. We also lowered our long-term counterparty credit rating to
'BB-' from 'BB' and affirmed our 'B' short-term counterparty credit rating on
banking subsidiary Groupama Banque. We placed all these ratings on CreditWatch
with negative implications.

Rationale
The downgrade of Groupama's €1 billion junior subordinated notes due 2007
follows Groupama's announcement on Friday, Oct. 5, 2012, that it would not pay
its coupon at the next interest payment date, Oct. 22, 2012. These notes
contain optional payment features that allow the group to cancel coupon
payments when Groupama's solvency margin is above 100%. The rating action
reflects the application of our criteria in the article "Criteria For
Assigning 'CCC+', 'CCC', 'CCC-', and 'CC' Ratings," published Oct. 1, 2012, on
Standard & Poor's Global Credit Portal. We will further lower the rating on
these notes to 'C' following nonpayment on the coupon, in accordance with our
criteria.

The downgrade of Groupama's two other junior subordinated notes issues
reflects our view that Groupama's decision to cancel the coupon increases
uncertainty regarding its willingness and ability to continue paying interest
on these issues. In the same way as the 2007 note issue, these two note issues
are classified as having "intermediate" equity content according to our
criteria and were issued in 2005 and 2009, for a total of €1,250 million. They
contain optional deferral features when the solvency margin is above 100%,
although we understand the next coupon payment on the 2009 notes is mandatory
due to look back provisions relating to the interest payment that took place
in July 2012 on the 2005 issue. However, it is possible for the regulator to
prevent payment on all issues. The next coupon payment dates on Groupama's
2009 and 2005 notes are respectively Oct. 29, 2012, and July 6, 2013.

The downgrade of Groupama reflects our belief that Groupama's decision to
cancel the coupon payment on the 2007 issue is likely to adversely affect
Groupama's financial flexibility, albeit partly offset by the relatively small
positive impact on the group's solvency margin and liquidity saving. We also
believe Groupama's decision could adversely affect the group's business
franchise in terms of non-life client retention and life policy persistency.

CreditWatch
The CreditWatch placement reflects the uncertainty about the potential impact
of Groupama's decision on the group's creditworthiness. In particular, we will
assess the potential longer term benefits and costs associated with Groupama's
decision, including the potential impact on the group's business and financial
profile. In addition, we will assess the progress Groupama is making to
improve its solvency position. We aim to resolve or update the CreditWatch
action over the next 90 days.

We could potentially lower the long-term ratings on Groupama to the 'B'
category if our assessment indicated a weaker business risk and/or financial
risk profile than we currently expect. Our rating on its 2007 junior
subordinated issue will be lowered to 'C' following the nonpayment of the
coupon on the Oct. 22, 2012, interest payment date. Our ratings on its other
two junior subordinated issues would be lowered to 'CC' if management notifies
investors that coupons on these instruments will also be deferred.
 
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