nik.sala
Money Never Sleeps
Quasi mi commuovoBawag mi riporta a tempi lontani,mi permetto di citare un post maggio 2014 ,farà forse piacere ai compagni dei tempi eroici
E prima della bawagona la mitica 897…
Tutto quello che avreste sempre voluto sapere sulle obbligazioni perpetue... - Cap. 4 bis
- Creatore Discussione fedro10
- Data di Inizio
E prima della bawagona la mitica 897…
fedro10
è la somma che fa il totale...
Fabrib
Forumer storico
Banca Monte dei Paschi di Siena SpA:
- Q2 net interest income EUR 551.1 million versus EUR 540 million in bank-provided consensus
- Q2 net profit EUR 479.3 million versus EUR 349 million in bank-provided consensus
- Q2 net fees EUR 404.6 million versus EUR 389 million in bank-provided consensus
- CET1 fully loaded at June-end at 19.6%
- Q2 operating income EUR 955.7 million versus EUR 982 million in bank-provided consensus
Fabrib
Forumer storico
Germany's Commerzbank, fending off a possible takeover by Italy's UniCredit, said on Wednesday that net profit fell 14% in the second quarter as it booked restructuring costs, but the results were better than expected and the bank raised some full-year targets.
Net profit of 462 million euros in the quarter compares with a profit of 538 million euros a year earlier. Analysts had on average expected profit of 369 million euros, according to a consensus forecast published by Commerzbank.
The bank said it was increasing its net profit outlook for 2025 to around 2.5 billion euros after restructuring expenses, up from an earlier forecast of 2.4 billion euros.
The bank announced earlier this year that it would axe 3,900 mostly local jobs to help it deliver more ambitious profit targets as part of its effort to fight off UniCredit's advances.
The bank had flagged that it would book most of the resulting restructuring expenses in the second quarter. They totalled 534 million euros.
• Revenue €3.02B (est. €2.99B)
• Operating Profit €1.17B (est. €1.11B)
• Net Income €462M (est. €351.9M)
• Net Interest Income €2.06B (est. €2.28B)
• CET1 Ratio 14.6% (est. 14.9%)
• Loan-Loss Provision €176M (est. €202.3M)
Net profit of 462 million euros in the quarter compares with a profit of 538 million euros a year earlier. Analysts had on average expected profit of 369 million euros, according to a consensus forecast published by Commerzbank.
The bank said it was increasing its net profit outlook for 2025 to around 2.5 billion euros after restructuring expenses, up from an earlier forecast of 2.4 billion euros.
The bank announced earlier this year that it would axe 3,900 mostly local jobs to help it deliver more ambitious profit targets as part of its effort to fight off UniCredit's advances.
The bank had flagged that it would book most of the resulting restructuring expenses in the second quarter. They totalled 534 million euros.
• Revenue €3.02B (est. €2.99B)
• Operating Profit €1.17B (est. €1.11B)
• Net Income €462M (est. €351.9M)
• Net Interest Income €2.06B (est. €2.28B)
• CET1 Ratio 14.6% (est. 14.9%)
• Loan-Loss Provision €176M (est. €202.3M)
fedro10
è la somma che fa il totale...
Sabadell vende la britannica TSB a Santander per 3 miliardi: mossa chiave contro l’Opa ostile di BBVA
Banco Sabadell vende la filiale TSB a Santander per oltre 3 miliardi di euro, rafforzando la propria indipendenza in risposta all’offerta ostile di BBVA. Strategia difensiva e maxi-dividendo in arrivoView on euronews
it.finance.yahoo.com
fedro10
è la somma che fa il totale...
Frankfurt am Main, August 06, 2025 -- Moody's Ratings (Moody's) has today affirmed the B3 long-term corporate family rating (CFR) of G City Europe Limited (G City Europe or the company). Concurrently, we have affirmed the Caa2 rating on G City Europe's subordinate notes and the B3 rating of Atrium Finance PLC's (Atrium) backed senior unsecured euro medium term notes. The outlook on both entities has been changed to positive from stable.
RATINGS RATIONALE
RATIONALE FOR THE RATING OUTLOOK
"The outlook change reflects an improvement of credit metrics based on the company's solid operating performance driven by robust rental income and the expectation of further improvements going forward" says Oliver Schmitt, Moody's Ratings Lead Analyst for G City Europe. "The action furthermore reflects improvements in liquidity, also considering easing shorter term concerns about the parent company's need for support by G City Europe and the expectation that refinancing activities will be proactively addressed", adds Mr. Schmitt.
The rating affirmation follows an improved Moody's-adjusted debt/asset of 51.7% as of 30 June 2025 that we expect to decline further. Although we expect EBITDA/interest to trend lower from current 1.9x from refinancings and hybrid reset, the standalone financial metrics support a higher rating. Operating performance was strong in H1 2025 with 14% like-for-like NRI growth and high occupancy, which we expect to moderate but to remain solid. At the same time, credit linkage to G City Europe's Israelian parent company remains material, exposing G City Europe to geopolitical and governance risk. G City Europe provided €190 million under a revolving credit facility and a vendor loan to its parent, and guarantees a €128 million loan of G City Ltd. with one of its assets as collateral.
The positive outlook reflects the positive trend of leverage reduction that can meet the requirements for a B2, while we will monitor further developments with respect to the asset performance, refinancing activities of G City Europe, and the linkage to and the credit quality of the parent within the outlook period.
LIQUIDITY
We view G City Europe's liquidity position to be highly dependent on liquidity requirements of the broader group / the parent. Liquidity management is done on a group-wide level. G City Europe changed from being a receiver of support from the parent (in financial terms) to being a provider of support. On a standalone basis, liquidity is sufficient for the next 12 months outside of potential bond buybacks that the company has announced. The company will need to generate further liquidity to address its 2027 bond maturity. We would expect the company to aim for more secured debt or to generate liquidity from disposals. We estimate that G City Europe has above €500 million of unencumbered property assets that it can use for secured loans. G City Europe has also received an undertaking from its parent for a release of the Dominikanska pledge subject to certain conditions, which would add an above €200 million asset for funding or disposals. G City Europe has material receivables from its parents that may also serve as a source of funds.
STRUCTURAL CONSIDERATIONS
Secured loans provide for the majority class of debt, ranking ahead of senior unsecured debt and hybrid debt. The financial flexibility is declining with the expected encumbrance of further assets to generate liquidity. At this point we continue to reflect the fact that the hybrid bonds provide subordination support to the senior unsecured notes, which results in the backed senior unsecured note rating being aligned with the CFR. Further asset encumbrance can nevertheless result in a downgrade of the backed senior unsecured note due to subordination.
The Caa2 rating on the subordinated hybrid notes issued by G City Europe reflects the deeply subordinated nature of the hybrid notes. The subordinated hybrid notes no longer qualify for equity treatment under our Hybrid Equity Credit methodology after the downgrade of G City Europe to a non-investment-grade company. The first reset date for the subordinate hybrid notes is in 2026. Moreover, G City Europe has access to a subordinated facility from G City Ltd., maturing in 2026.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade could occur if the refinancing risk and credit concerns with respect to G City Europe's parent remain stable, while maintaining Moody's-adjusted debt/total assets well below 60%. Given further unsecured maturities we expect a mix of disposals and secured debt to provide funding well in advance and would expect a stable fixed charge cover above 1.5x. An upgrade would also require comfort about the parent's financial position and the exposure to geopolitical risk.
Factors that could lead to a downgrade:
- Failure to secure further liquidity to address the 2027 bond maturity
- Further material cash payments or an increased exposure to the parent entity or a deterioration of credit quality of G City Ltd.
- Operational weakness in the company's retail assets
- Moody's-adjusted debt/total asset deteriorates above 60%
- Moody's-adjusted fixed charge cover drops below 1.3x
The backed senior unsecured note rating may get notched down from the corporate family rating if the amount of unencumbered assets continue to shrink.
The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025 and available at Ratings.Moodys.com. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.
The rating is lower than the scorecard indicated outcome due to concerns about governance risk and credit linkage with the parent company.
PROFILE
G City Europe owns a €1.5 billion portfolio of 9 retail assets and 3 residential assets as of June 2025. The company generated net rental income of €38.6 million during the first 6 months of 2024. The company is focused on the Government of Poland (A2 stable). G City Europe is a private subsidiary of G City Ltd., an Israel-listed property company.
REGULATORY DISCLOSURES
For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on Ratings.Moodys.com.
For any affected securities or rated entities receiving direct credit support/credit substitution from another entity or entities subject to a credit rating action (the supporting entity), and whose ratings may change as a result of a credit rating action as to the supporting entity, the associated regulatory disclosures will relate to the supporting entity. Exceptions to this approach may be applicable in certain jurisdictions.
For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating.
For provisional ratings, the Credit Rating 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.
Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process.
RATINGS RATIONALE
RATIONALE FOR THE RATING OUTLOOK
"The outlook change reflects an improvement of credit metrics based on the company's solid operating performance driven by robust rental income and the expectation of further improvements going forward" says Oliver Schmitt, Moody's Ratings Lead Analyst for G City Europe. "The action furthermore reflects improvements in liquidity, also considering easing shorter term concerns about the parent company's need for support by G City Europe and the expectation that refinancing activities will be proactively addressed", adds Mr. Schmitt.
The rating affirmation follows an improved Moody's-adjusted debt/asset of 51.7% as of 30 June 2025 that we expect to decline further. Although we expect EBITDA/interest to trend lower from current 1.9x from refinancings and hybrid reset, the standalone financial metrics support a higher rating. Operating performance was strong in H1 2025 with 14% like-for-like NRI growth and high occupancy, which we expect to moderate but to remain solid. At the same time, credit linkage to G City Europe's Israelian parent company remains material, exposing G City Europe to geopolitical and governance risk. G City Europe provided €190 million under a revolving credit facility and a vendor loan to its parent, and guarantees a €128 million loan of G City Ltd. with one of its assets as collateral.
The positive outlook reflects the positive trend of leverage reduction that can meet the requirements for a B2, while we will monitor further developments with respect to the asset performance, refinancing activities of G City Europe, and the linkage to and the credit quality of the parent within the outlook period.
LIQUIDITY
We view G City Europe's liquidity position to be highly dependent on liquidity requirements of the broader group / the parent. Liquidity management is done on a group-wide level. G City Europe changed from being a receiver of support from the parent (in financial terms) to being a provider of support. On a standalone basis, liquidity is sufficient for the next 12 months outside of potential bond buybacks that the company has announced. The company will need to generate further liquidity to address its 2027 bond maturity. We would expect the company to aim for more secured debt or to generate liquidity from disposals. We estimate that G City Europe has above €500 million of unencumbered property assets that it can use for secured loans. G City Europe has also received an undertaking from its parent for a release of the Dominikanska pledge subject to certain conditions, which would add an above €200 million asset for funding or disposals. G City Europe has material receivables from its parents that may also serve as a source of funds.
STRUCTURAL CONSIDERATIONS
Secured loans provide for the majority class of debt, ranking ahead of senior unsecured debt and hybrid debt. The financial flexibility is declining with the expected encumbrance of further assets to generate liquidity. At this point we continue to reflect the fact that the hybrid bonds provide subordination support to the senior unsecured notes, which results in the backed senior unsecured note rating being aligned with the CFR. Further asset encumbrance can nevertheless result in a downgrade of the backed senior unsecured note due to subordination.
The Caa2 rating on the subordinated hybrid notes issued by G City Europe reflects the deeply subordinated nature of the hybrid notes. The subordinated hybrid notes no longer qualify for equity treatment under our Hybrid Equity Credit methodology after the downgrade of G City Europe to a non-investment-grade company. The first reset date for the subordinate hybrid notes is in 2026. Moreover, G City Europe has access to a subordinated facility from G City Ltd., maturing in 2026.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
An upgrade could occur if the refinancing risk and credit concerns with respect to G City Europe's parent remain stable, while maintaining Moody's-adjusted debt/total assets well below 60%. Given further unsecured maturities we expect a mix of disposals and secured debt to provide funding well in advance and would expect a stable fixed charge cover above 1.5x. An upgrade would also require comfort about the parent's financial position and the exposure to geopolitical risk.
Factors that could lead to a downgrade:
- Failure to secure further liquidity to address the 2027 bond maturity
- Further material cash payments or an increased exposure to the parent entity or a deterioration of credit quality of G City Ltd.
- Operational weakness in the company's retail assets
- Moody's-adjusted debt/total asset deteriorates above 60%
- Moody's-adjusted fixed charge cover drops below 1.3x
The backed senior unsecured note rating may get notched down from the corporate family rating if the amount of unencumbered assets continue to shrink.
The principal methodology used in these ratings was REITs and Other Commercial Real Estate Firms published in May 2025 and available at Ratings.Moodys.com. Alternatively, please see the Rating Methodologies page on https://ratings.moodys.com for a copy of this methodology.
The rating is lower than the scorecard indicated outcome due to concerns about governance risk and credit linkage with the parent company.
PROFILE
G City Europe owns a €1.5 billion portfolio of 9 retail assets and 3 residential assets as of June 2025. The company generated net rental income of €38.6 million during the first 6 months of 2024. The company is focused on the Government of Poland (A2 stable). G City Europe is a private subsidiary of G City Ltd., an Israel-listed property company.
REGULATORY DISCLOSURES
For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found on Ratings.Moodys.com.
For any affected securities or rated entities receiving direct credit support/credit substitution from another entity or entities subject to a credit rating action (the supporting entity), and whose ratings may change as a result of a credit rating action as to the supporting entity, the associated regulatory disclosures will relate to the supporting entity. Exceptions to this approach may be applicable in certain jurisdictions.
For ratings issued on a program, series, category/class of debt or security, certain regulatory disclosures applicable to each rating of a subsequently issued bond or note of the same series, category/class of debt, or security, or pursuant to a program for which the ratings are derived exclusively from existing ratings, in accordance with Moody's rating practices, can be found in the most recent Credit Rating Announcement related to the same class of Credit Rating.
For provisional ratings, the Credit Rating 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.
Moody's does not always publish a separate Credit Rating Announcement for each Credit Rating assigned in the Anticipated Ratings Process or Subsequent Ratings Process.
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