Fra41
Forumer storico
Rally per Abengoa in vista di novità sui nuovi azionisti | Teleborsa.it
Speriamo che sia la volta buona!
Speriamo che sia la volta buona!
Obbligazioni societarie Abengoa XS0498817542 XS1048657800 XS1219438592 XS1113021031 (2 lettori)
- Creatore Discussione Fabrib
- Data di Inizio
Cat XL
Shizuka Minamoto
Se Abengoa fosse veramente a rischio S&P non affermerebbe il rating. Addirittura outlook stabile, neanche negativo.
Spain-Based Abengoa Rating Affirmed At 'B+' On Planned Rights Issue And Asset Disposals; Outlook Stable
11-Sep-2015 18:19 BST
We expect Spanish engineering and construction company Abengoa S.A. to proceed with its planned €650 million rights issue and asset disposal program to fund higher capital expenditure (capex) on projects in South America.
Higher capex has resulted in forecast credit metrics, specifically operating cash flows (OCF) to debt, which are significantly weaker than we expected. We are therefore revising Abengoa's financial risk profile to "highly leveraged" from "aggressive." We continue to view liquidity as "adequate."
We are affirming our 'B+' ratings on Abengoa.
The stable outlook reflects our view that Abengoa will continue to successfully execute projects and dispose of assets as management moves the business toward being asset-light.
On Sept. 11, 2015, Standard & Poor's Ratings Services affirmed its 'B+' ratings on Spanish engineering and construction company Abengoa S.A. The outlook is stable.At the same time, we affirmed the 'B+' issue rating on the senior unsecured notes issued by Abengoa, Abengoa Finance S.A.U., and Abengoa Greenfield, S.A. The recovery rating on these notes remains unchanged at '4', indicating our expectation of average (30%-50%) recovery prospects for noteholders in the event of a payment default. Our recovery expectations are in the lower half of this range.The affirmation reflects our view that, despite revising its capex upward for fiscal 2015 (ending Dec. 31, 2015), Abengoa still exhibits "adequate" liquidity under our criteria. We note that management continues to press on with plans to raise funds and bolster liquidity via a €650 million rights issue and asset disposal program. Abengoa recently revised upward its capex projections for the remainder of fiscal 2015. This relates primarily to flagship projects in South America, where it has become more challenging for Abengoa to secure further tranches of nonrecourse debt finance to continue building. We understand that Abengoa has therefore decided to complete these projects with its own cash and then refinance the assets once they are operational; this is why it is undertaking credit-positive cash raising measures (including the rights issue and asset disposals).On the other hand, the higher capex has weakened Abengoa's ratios--specifically OCF to debt--much more than we had previously assumed. This is why we are revising the financial risk profile to "highly leveraged" from "aggressive." We continue to assess Abengoa's business risk as "fair," despite the fact that we exclude the concession business. Our view of Abengoa's competitive position also benefits from reputed technical abilities and proprietary technology, especially in the solar power generation business.We assess Abengoa's management and governance as "fair." Management continues to execute and deliver on numerous initiatives as it works toward a more asset-light business model. However, we note that its communication with the investor community has been poor in the past. We continue to view Abengoa's corporate structure as complex.Our base case assumes: Muted 1% economic growth in the eurozone, where the group generates 25% of its total revenues, but stronger growth in the U.S. of 2.4% and in Asia-Pacific of 5.7%.
A strong E&C backlog of €8.6 billion (2x of 2014 division revenues) and increasing revenues from the concession business, albeit partially offset by muted performance of the Bioenergy segment.
Corporate EBITDA to €0.9 billion-€0.95 billion in 2015.
Based on these assumptions, we arrive at the following core credit measures, which are on the border of the "aggressive" and "highly leveraged" financial risk profile categories
ebt to EBITDA of just less than 5x.
Funds from operations (FFO) to debt of 11%-12%.
The stable outlook reflects our view that Abengoa will continue to successfully execute projects and dispose of assets as management moves toward an "asset light" business model.We consider ratings upside to be limited at this stage given the element of execution risk associated with the planned €650 million rights issue and asset sales. Also, increased capex and significantly negative OCF to debt means that the group's financial risk profile will likely remain "highly leveraged" for the next 12-18 months. We are also mindful that project funding conditions in some of Abengoa's key markets, such as Brazil, have become tougher and that this trend may continue over the medium term.Absent the completion either of the rights issue or the planned asset sales, Abengoa's liquidity will come under pressure just after our 12-month rating horizon. In this case, we could lower our ratings on the group. We could also consider a downgrade if the group were to financially support any concession assets.We could also lower the rating if future working capital demands and/or capex rose higher than our base case, resulting in Abengoa's liquidity position weakening to "less than adequate".
Spain-Based Abengoa Rating Affirmed At 'B+' On Planned Rights Issue And Asset Disposals; Outlook Stable
11-Sep-2015 18:19 BST
We expect Spanish engineering and construction company Abengoa S.A. to proceed with its planned €650 million rights issue and asset disposal program to fund higher capital expenditure (capex) on projects in South America.
Higher capex has resulted in forecast credit metrics, specifically operating cash flows (OCF) to debt, which are significantly weaker than we expected. We are therefore revising Abengoa's financial risk profile to "highly leveraged" from "aggressive." We continue to view liquidity as "adequate."
We are affirming our 'B+' ratings on Abengoa.
The stable outlook reflects our view that Abengoa will continue to successfully execute projects and dispose of assets as management moves the business toward being asset-light.
On Sept. 11, 2015, Standard & Poor's Ratings Services affirmed its 'B+' ratings on Spanish engineering and construction company Abengoa S.A. The outlook is stable.At the same time, we affirmed the 'B+' issue rating on the senior unsecured notes issued by Abengoa, Abengoa Finance S.A.U., and Abengoa Greenfield, S.A. The recovery rating on these notes remains unchanged at '4', indicating our expectation of average (30%-50%) recovery prospects for noteholders in the event of a payment default. Our recovery expectations are in the lower half of this range.The affirmation reflects our view that, despite revising its capex upward for fiscal 2015 (ending Dec. 31, 2015), Abengoa still exhibits "adequate" liquidity under our criteria. We note that management continues to press on with plans to raise funds and bolster liquidity via a €650 million rights issue and asset disposal program. Abengoa recently revised upward its capex projections for the remainder of fiscal 2015. This relates primarily to flagship projects in South America, where it has become more challenging for Abengoa to secure further tranches of nonrecourse debt finance to continue building. We understand that Abengoa has therefore decided to complete these projects with its own cash and then refinance the assets once they are operational; this is why it is undertaking credit-positive cash raising measures (including the rights issue and asset disposals).On the other hand, the higher capex has weakened Abengoa's ratios--specifically OCF to debt--much more than we had previously assumed. This is why we are revising the financial risk profile to "highly leveraged" from "aggressive." We continue to assess Abengoa's business risk as "fair," despite the fact that we exclude the concession business. Our view of Abengoa's competitive position also benefits from reputed technical abilities and proprietary technology, especially in the solar power generation business.We assess Abengoa's management and governance as "fair." Management continues to execute and deliver on numerous initiatives as it works toward a more asset-light business model. However, we note that its communication with the investor community has been poor in the past. We continue to view Abengoa's corporate structure as complex.Our base case assumes: Muted 1% economic growth in the eurozone, where the group generates 25% of its total revenues, but stronger growth in the U.S. of 2.4% and in Asia-Pacific of 5.7%.
A strong E&C backlog of €8.6 billion (2x of 2014 division revenues) and increasing revenues from the concession business, albeit partially offset by muted performance of the Bioenergy segment.
Corporate EBITDA to €0.9 billion-€0.95 billion in 2015.
Based on these assumptions, we arrive at the following core credit measures, which are on the border of the "aggressive" and "highly leveraged" financial risk profile categories
ebt to EBITDA of just less than 5x.Funds from operations (FFO) to debt of 11%-12%.
The stable outlook reflects our view that Abengoa will continue to successfully execute projects and dispose of assets as management moves toward an "asset light" business model.We consider ratings upside to be limited at this stage given the element of execution risk associated with the planned €650 million rights issue and asset sales. Also, increased capex and significantly negative OCF to debt means that the group's financial risk profile will likely remain "highly leveraged" for the next 12-18 months. We are also mindful that project funding conditions in some of Abengoa's key markets, such as Brazil, have become tougher and that this trend may continue over the medium term.Absent the completion either of the rights issue or the planned asset sales, Abengoa's liquidity will come under pressure just after our 12-month rating horizon. In this case, we could lower our ratings on the group. We could also consider a downgrade if the group were to financially support any concession assets.We could also lower the rating if future working capital demands and/or capex rose higher than our base case, resulting in Abengoa's liquidity position weakening to "less than adequate".
Ultima modifica:
whitesoul9
Forumer storico
Se Abengoa fosse veramente a rischio S&P non affermerebbe il rating. Addirittura outlook stabile, neanche negativo.
Spain-Based Abengoa Rating Affirmed At 'B+' On Planned Rights Issue And Asset Disposals; Outlook Stable
11-Sep-2015 18:19 BST
We expect Spanish engineering and construction company Abengoa S.A. to proceed with its planned €650 million rights issue and asset disposal program to fund higher capital expenditure (capex) on projects in South America.
Higher capex has resulted in forecast credit metrics, specifically operating cash flows (OCF) to debt, which are significantly weaker than we expected. We are therefore revising Abengoa's financial risk profile to "highly leveraged" from "aggressive." We continue to view liquidity as "adequate."
We are affirming our 'B+' ratings on Abengoa.
The stable outlook reflects our view that Abengoa will continue to successfully execute projects and dispose of assets as management moves the business toward being asset-light.
On Sept. 11, 2015, Standard & Poor's Ratings Services affirmed its 'B+' ratings on Spanish engineering and construction company Abengoa S.A. The outlook is stable.At the same time, we affirmed the 'B+' issue rating on the senior unsecured notes issued by Abengoa, Abengoa Finance S.A.U., and Abengoa Greenfield, S.A. The recovery rating on these notes remains unchanged at '4', indicating our expectation of average (30%-50%) recovery prospects for noteholders in the event of a payment default. Our recovery expectations are in the lower half of this range.The affirmation reflects our view that, despite revising its capex upward for fiscal 2015 (ending Dec. 31, 2015), Abengoa still exhibits "adequate" liquidity under our criteria. We note that management continues to press on with plans to raise funds and bolster liquidity via a €650 million rights issue and asset disposal program. Abengoa recently revised upward its capex projections for the remainder of fiscal 2015. This relates primarily to flagship projects in South America, where it has become more challenging for Abengoa to secure further tranches of nonrecourse debt finance to continue building. We understand that Abengoa has therefore decided to complete these projects with its own cash and then refinance the assets once they are operational; this is why it is undertaking credit-positive cash raising measures (including the rights issue and asset disposals).On the other hand, the higher capex has weakened Abengoa's ratios--specifically OCF to debt--much more than we had previously assumed. This is why we are revising the financial risk profile to "highly leveraged" from "aggressive." We continue to assess Abengoa's business risk as "fair," despite the fact that we exclude the concession business. Our view of Abengoa's competitive position also benefits from reputed technical abilities and proprietary technology, especially in the solar power generation business.We assess Abengoa's management and governance as "fair." Management continues to execute and deliver on numerous initiatives as it works toward a more asset-light business model. However, we note that its communication with the investor community has been poor in the past. We continue to view Abengoa's corporate structure as complex.Our base case assumes: Muted 1% economic growth in the eurozone, where the group generates 25% of its total revenues, but stronger growth in the U.S. of 2.4% and in Asia-Pacific of 5.7%.
A strong E&C backlog of €8.6 billion (2x of 2014 division revenues) and increasing revenues from the concession business, albeit partially offset by muted performance of the Bioenergy segment.
Corporate EBITDA to €0.9 billion-€0.95 billion in 2015.
Based on these assumptions, we arrive at the following core credit measures, which are on the border of the "aggressive" and "highly leveraged" financial risk profile categories
Funds from operations (FFO) to debt of 11%-12%.
The stable outlook reflects our view that Abengoa will continue to successfully execute projects and dispose of assets as management moves toward an "asset light" business model.We consider ratings upside to be limited at this stage given the element of execution risk associated with the planned €650 million rights issue and asset sales. Also, increased capex and significantly negative OCF to debt means that the group's financial risk profile will likely remain "highly leveraged" for the next 12-18 months. We are also mindful that project funding conditions in some of Abengoa's key markets, such as Brazil, have become tougher and that this trend may continue over the medium term.Absent the completion either of the rights issue or the planned asset sales, Abengoa's liquidity will come under pressure just after our 12-month rating horizon. In this case, we could lower our ratings on the group. We could also consider a downgrade if the group were to financially support any concession assets.We could also lower the rating if future working capital demands and/or capex rose higher than our base case, resulting in Abengoa's liquidity position weakening to "less than adequate".
Molto probabilmente il piccolo recupero di venerdì pomeriggio è dovuto a questa notizia
Cat XL
Shizuka Minamoto
La PR e' uscita alle 18:19.
Fra41
Forumer storico
E intanto non si sa nulla dell'adc
Cat XL
Shizuka Minamoto
Si ci aspettava qualcosa per questo lunedi passato. Niente o meglio nada.
whitesoul9
Forumer storico
Mi riesce difficile pensare che tutto si risolverà senza un danno per i bondholders