Ventodivino
מגן ולא יראה
Come ho già postato in passato, Moody's non dà molto valore (praticamente zero) al pegno di Citgo.
Non prendevela con me, io non so una maz.za.
Moody's assigns Caa3 rating to PDVSA's 2020 notes
The 2020 notes have a first-priority security interest on 50.1% of the capital stock of CITGO Holding, Inc. Moody's typically does not grant a high consideration to security packages based on capital stock given i) the difficulty in estimating value and ii) the low priority claim of stocks in case of bankruptcy. In addition, given PDVSA's high liquidity risk and probability of default, Moody's believes that executing the change of control at CITGO Holding may prove difficult and slow, reducing the effectiveness of the security package. Thus, although the security interest on the capital stock of CITGO Holding enhances protection of investors at the 2020 notes as compared to unsecured debt, the enhancement is not material. CITGO Holding is based In Delaware, U.S., and is a holding company with no direct operations and no significant assets other than its ownership of 100% of the capital stock of Citgo Petroleum Corporation (B3 stable), which is engaged in the refining, marketing and transportation of petroleum products, including gasoline, diesel fuel, jet fuel, petrochemicals and lubricants, mainly within the continental United States. CITGO Holding also has 100% of Citgo Holding Terminals, Southwest Pipeline Holding and Midwest Pipeline Holding, all operating companies.
Non prendevela con me, io non so una maz.za.
Moody's assigns Caa3 rating to PDVSA's 2020 notes
The 2020 notes have a first-priority security interest on 50.1% of the capital stock of CITGO Holding, Inc. Moody's typically does not grant a high consideration to security packages based on capital stock given i) the difficulty in estimating value and ii) the low priority claim of stocks in case of bankruptcy. In addition, given PDVSA's high liquidity risk and probability of default, Moody's believes that executing the change of control at CITGO Holding may prove difficult and slow, reducing the effectiveness of the security package. Thus, although the security interest on the capital stock of CITGO Holding enhances protection of investors at the 2020 notes as compared to unsecured debt, the enhancement is not material. CITGO Holding is based In Delaware, U.S., and is a holding company with no direct operations and no significant assets other than its ownership of 100% of the capital stock of Citgo Petroleum Corporation (B3 stable), which is engaged in the refining, marketing and transportation of petroleum products, including gasoline, diesel fuel, jet fuel, petrochemicals and lubricants, mainly within the continental United States. CITGO Holding also has 100% of Citgo Holding Terminals, Southwest Pipeline Holding and Midwest Pipeline Holding, all operating companies.
.
) ... ma sarebbe stato decente un documento attestante il flusso dal debitore alla depositaria con dichiarazione di entrambe le parti... (anche JPM) mica volevo il testamento di Stalin!
