Obbligazioni societarie Voestalpine, ThyssenKrupp, ArcelorMittal e l'industra dell'acciaio
- Creatore Discussione Imark
- Data di Inizio
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Forumer attivo
Acciaio/Pasini:Nel secondo trimestre calo produzione stimato -40%
di Apcom
Eventuale miglioramento previsto non prima di agosto-settembre
Milano, 12 mag. (Apcom) -
La produzione di acciaio nel secondo trimestre
"sarà in linea con quella dei primi tre mesi dell'anno"
che ha visto un calo della produzione del 40,9%.
Lo ha dichiarato Giuseppe Pasini, presidente di Federacciai durante la conferenza stampa di presentazione per la nascita di Confindustria metalli.
"Un miglioramento, se ci sarà, non sarà
prima di agosto-settembre" ha sottolineato Pasini. Nei primi tre mesi dell'anno la produzione di acciaio delle aziende italiane ha registrato una flessione del 40,9%
rispetto allo stesso periodo del 2008 raggiungendo a fine marzo quota 4,92 milioni di tonnellate di acciaio prodotto.
A livello europeo il calo medio della produzione è stato del 43,8%
mentre negli Stati Uniti è stato del 52%
in Giappone del 40%.
Per quanto riguarda i metalli non ferrosi la flessione nel primo trimestre è stata anch'essa in Italia di circa il 40%,
ha spiegato Mario Bertoli presidente di Assomet, l'Associazione nazionale industrie metalli non ferrosi. "
Anche per il nostro comparto dei metalli non ferrosi
il secondo trimestre sarà in linea con il primo, quindi con una riduzione della produzione di circa il 40%.
Per l'intero 2009 - ha concluso Bertoli - saremmo soddisfatti se la flessione fosse solo del 20%".
Imark
Forumer storico
Altri 2,25 mld USD di bonds senior unsecured di ArcelorMittal... scadenze 2015 e 2019. C'è una margin step up clause (di quelle che incrementano la cedola in funzione dell'andamento del rating o della perdita dell'IG, occorrerebbe vedere il prospetto) ed una change of control.
Fitch Assigns ArcelorMittal Notes Expected 'BBB+' Ratings; IDR Remains on RWN
14 May 2009 11:24 AM (EDT)
Fitch Ratings-London/Frankfurt-14 May 2009: Fitch Ratings has today assigned ArcelorMittal S.A.'s (AM) prospective USD note issues expected senior unsecured ratings of 'BBB+' and put the ratings on Rating Watch Negative (RWN). The aggregate amount of USD2.25bn will be split into two issues: USD750m due in 2015 and USD1.5bn due in 2019
The expected ratings are in line with AM's Long-term Issuer Default Rating (IDR) of 'BBB+'. AM's Long-term IDR, senior unsecured rating of 'BBB+', and Short-term IDR of 'F2' all remain on RWN.
AM plans to use the net proceeds from the notes to refinance and extend the tenor of existing group debt due over the next three years. Fitch will assign the notes a final rating upon closure, scheduled for 20 May 2009, and subject to final documentation materially conforming to the draft documentation reviewed.
The notes will be unsecured, unsubordinated obligations of AM and will rank equally with existing unsecured, unsubordinated obligations.
Fitch notes that draft documentation includes a margin step-up clause and protection to note holders in the event of an acquisition through a change of control clause, although there are some exceptions including in respect of a change of control involving members of the Mittal family.
The draft documentation does not contain specific financial covenants.
Fitch placed AM's ratings on RWN on 20 March 2009 following indications of a further weakening of steel market conditions in Q109, particularly in the automotive and construction markets. The agency plans to resolve the RWN by the end of May.
The review will focus on likely steel demand/pricing over the next 18 months, AM's ability to reduce costs in line with current output reductions and expectations for the company's exit credit profile 18-24 months after the trough of the current global recession. Luxembourg-based AM is the world's largest steel company with FY08 shipments of 102 million tonnes of steel, sales of USD124.9m and EBITDA, as reported, of USD24.4m
Fitch Assigns ArcelorMittal Notes Expected 'BBB+' Ratings; IDR Remains on RWN
14 May 2009 11:24 AM (EDT)
Fitch Ratings-London/Frankfurt-14 May 2009: Fitch Ratings has today assigned ArcelorMittal S.A.'s (AM) prospective USD note issues expected senior unsecured ratings of 'BBB+' and put the ratings on Rating Watch Negative (RWN). The aggregate amount of USD2.25bn will be split into two issues: USD750m due in 2015 and USD1.5bn due in 2019
The expected ratings are in line with AM's Long-term Issuer Default Rating (IDR) of 'BBB+'. AM's Long-term IDR, senior unsecured rating of 'BBB+', and Short-term IDR of 'F2' all remain on RWN.
AM plans to use the net proceeds from the notes to refinance and extend the tenor of existing group debt due over the next three years. Fitch will assign the notes a final rating upon closure, scheduled for 20 May 2009, and subject to final documentation materially conforming to the draft documentation reviewed.
The notes will be unsecured, unsubordinated obligations of AM and will rank equally with existing unsecured, unsubordinated obligations.
Fitch notes that draft documentation includes a margin step-up clause and protection to note holders in the event of an acquisition through a change of control clause, although there are some exceptions including in respect of a change of control involving members of the Mittal family.
The draft documentation does not contain specific financial covenants.
Fitch placed AM's ratings on RWN on 20 March 2009 following indications of a further weakening of steel market conditions in Q109, particularly in the automotive and construction markets. The agency plans to resolve the RWN by the end of May.
The review will focus on likely steel demand/pricing over the next 18 months, AM's ability to reduce costs in line with current output reductions and expectations for the company's exit credit profile 18-24 months after the trough of the current global recession. Luxembourg-based AM is the world's largest steel company with FY08 shipments of 102 million tonnes of steel, sales of USD124.9m and EBITDA, as reported, of USD24.4m
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Thyssen Krupp
Puntuale giunge il declassamento peggiorato da un outlook negativo :
20.05.09 16:50 - Thyssen: Fitch taglia rating da BBB+ a BBB-
FRANCOFORTE (MF-DJ)--Fitch ha tagliato il rating sul debito di lungo periodo di ThyssenKrupp da BBB+ a BBB- assegnando outlook negativo.
Secondo l'agenzia di rating il gruppo tedesco dovrebbe registrare un aggravamento del debito che verra' solo parzialmente compensato dalla buona liquidita' che caratterizza al momento la societa'.
Fitch ha quindi aggiunto che l'attuale fase di recessione in atto gravera' sulla maggior parte delle attivita' di Thyssen, in particolare per quanto riguarda utili e flusso di liquidita'.
Puntuale giunge il declassamento peggiorato da un outlook negativo :
20.05.09 16:50 - Thyssen: Fitch taglia rating da BBB+ a BBB-
FRANCOFORTE (MF-DJ)--Fitch ha tagliato il rating sul debito di lungo periodo di ThyssenKrupp da BBB+ a BBB- assegnando outlook negativo.
Secondo l'agenzia di rating il gruppo tedesco dovrebbe registrare un aggravamento del debito che verra' solo parzialmente compensato dalla buona liquidita' che caratterizza al momento la societa'.
Fitch ha quindi aggiunto che l'attuale fase di recessione in atto gravera' sulla maggior parte delle attivita' di Thyssen, in particolare per quanto riguarda utili e flusso di liquidita'.
bulogna
Forumer storico
bulogna
Forumer storico
Imark
Forumer storico
Per ora non so neanche dirti se sono eurobonds oppure meno...
se magari qualcuno ne sa di più... 
Cmq questi sono in USD...
yellow
Forumer attivo
L'outlook non è peggiorativo ma il rating sì :
20.05.09 18:21 - ArcelorMittal: Fitch taglia rating da BBB+ a BBB
LONDRA (MF-DJ)--Fitch Ratings ha tagliato il rating sul debito di lungo periodo di ArcelorMittal da BBB+ a BBB, confermando quello sul debito di breve periodo a F2
e mantenendo l'outlook stabile.
Il downgrade, spiega Fitch, fa capo all'impatto negativo della recessione sulle attivita' del colosso dell'acciaio ed in particolare sulla sua performance operativa.
Imark
Forumer storico
E' appena arrivato... sarà bene stare accorti... tutti parlano di ripresa, e qui tutti gli emittenti sono intenti in una corsa forsennata a mettere fieno in cascina... 
Fitch Downgrades ArcelorMittal to 'BBB'; off RWN; Outlook Stable
20 May 2009 12:09 PM (EDT)
Fitch Ratings-London-20 May 2009: Fitch Ratings has today downgraded ArcelorMittal S.A's (AM) Long-term Issuer Default (IDR) and senior unsecured ratings to 'BBB' from 'BBB+'. At the same time the agency has affirmed the company's Short-term IDR at 'F2'. All ratings have been removed from Rating Watch Negative. The Outlook on the company's Long-term IDR is Stable.
The downgrade reflects the significant negative impact which Fitch expects the current global recession to have on AM's operating performance and credit metrics.
While Fitch rates through commodity cycles the severity of the current downturn has exceeded previous downturns, with the agency expecting a 15-20% year-on-year fall in 2009 global steel demand and a weak recovery thereafter.
Today's action in particular reflects the price and volume impact of a delay in the completion of destocking in the US and Europe and the subsequent improvement in steel demand and producer output volumes. Fitch now does not expect the destocking process in the US to conclude until late Q209 or early Q309, while in Europe the process is not likely to be finalised until late Q409.
Fitch believes that AM's management has reacted swiftly and appropriately to the current downturn, having announced large production cutbacks (current capacity utilisation across its plants is around 50-55%), significant temporary and permanent cost reductions, and capex and dividend reductions.
These measures will not, however, fully offset the impact of volume and price reductions with Fitch's 2009 rating base case incorporating an approximate 30% reduction in steel shipments and a 50% reduction in revenues.
Fitch expects AM to report EBITDAR in 2009 of around USD6.3bn (excluding non-recurring items including hedge gains) compared with USD18.3bn in FY08.
Nevertheless, Fitch expects AM's overall credit profile to be supported by significant free cash flow (FCF) generation in 2009, aided by a large working capital inflow of around USD4bn-6bn (the final amount depending on the extent of any Q409 stock rebuild).
AM's liquidity is also expected to remain strong.
Since end-Q109 AM has raised a cumulative USD7.8bn from several bond issues and a share placement. These funds, together with expected FCF, will be used to reduce gross debt, which is expected to fall to around USD23bn as at end-Q409 from USD34bn as at FYE08. Fitch expects net leverage to peak at around 2.9-3.2x compared to a covenanted level of less than 3.5x. Including the benefit of working capital inflows, Fitch estimates cash flow from operations (CFO) net leverage at a more modest 2.0x in 2009.
The Stable Outlook incorporates the expectation that steel market volumes and prices do not deteriorate further from already weak Q209 levels. Negative rating pressure could result from a further delay in the completion of destocking in the US and Europe, or if quarterly results indicate that the company is likely to breach its Q409 net leverage covenant.
AM's ratings continue to reflect its core strengths including its scale as the world's largest steel producer; leading market positions in most key steel consuming regions; significant product and geographic diversification; below-average operating cost positions; and strong participation at all stages of the steel value chain (from ownership of raw materials to control of its own distribution networks).
Fitch Downgrades ArcelorMittal to 'BBB'; off RWN; Outlook Stable
20 May 2009 12:09 PM (EDT)
Fitch Ratings-London-20 May 2009: Fitch Ratings has today downgraded ArcelorMittal S.A's (AM) Long-term Issuer Default (IDR) and senior unsecured ratings to 'BBB' from 'BBB+'. At the same time the agency has affirmed the company's Short-term IDR at 'F2'. All ratings have been removed from Rating Watch Negative. The Outlook on the company's Long-term IDR is Stable.
The downgrade reflects the significant negative impact which Fitch expects the current global recession to have on AM's operating performance and credit metrics.
While Fitch rates through commodity cycles the severity of the current downturn has exceeded previous downturns, with the agency expecting a 15-20% year-on-year fall in 2009 global steel demand and a weak recovery thereafter.
Today's action in particular reflects the price and volume impact of a delay in the completion of destocking in the US and Europe and the subsequent improvement in steel demand and producer output volumes. Fitch now does not expect the destocking process in the US to conclude until late Q209 or early Q309, while in Europe the process is not likely to be finalised until late Q409.
Fitch believes that AM's management has reacted swiftly and appropriately to the current downturn, having announced large production cutbacks (current capacity utilisation across its plants is around 50-55%), significant temporary and permanent cost reductions, and capex and dividend reductions.
These measures will not, however, fully offset the impact of volume and price reductions with Fitch's 2009 rating base case incorporating an approximate 30% reduction in steel shipments and a 50% reduction in revenues.
Fitch expects AM to report EBITDAR in 2009 of around USD6.3bn (excluding non-recurring items including hedge gains) compared with USD18.3bn in FY08.
Nevertheless, Fitch expects AM's overall credit profile to be supported by significant free cash flow (FCF) generation in 2009, aided by a large working capital inflow of around USD4bn-6bn (the final amount depending on the extent of any Q409 stock rebuild).
AM's liquidity is also expected to remain strong.
Since end-Q109 AM has raised a cumulative USD7.8bn from several bond issues and a share placement. These funds, together with expected FCF, will be used to reduce gross debt, which is expected to fall to around USD23bn as at end-Q409 from USD34bn as at FYE08. Fitch expects net leverage to peak at around 2.9-3.2x compared to a covenanted level of less than 3.5x. Including the benefit of working capital inflows, Fitch estimates cash flow from operations (CFO) net leverage at a more modest 2.0x in 2009.
The Stable Outlook incorporates the expectation that steel market volumes and prices do not deteriorate further from already weak Q209 levels. Negative rating pressure could result from a further delay in the completion of destocking in the US and Europe, or if quarterly results indicate that the company is likely to breach its Q409 net leverage covenant.
AM's ratings continue to reflect its core strengths including its scale as the world's largest steel producer; leading market positions in most key steel consuming regions; significant product and geographic diversification; below-average operating cost positions; and strong participation at all stages of the steel value chain (from ownership of raw materials to control of its own distribution networks).
Imark
Forumer storico
Eccoli: 9% ArcelorMittal 2015 $ Isin US03938LAL80 e 9.850% ArcelorMittal $ 2019 Isin US03938LAM63...
Non so cosa ci sia nelle offering circular...
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