iguanito
Forumer storico
Ho appena letto sull'altro forum il post di un utente che riporta un giudizio di S&P su safeaway ( su cui qualche tempo fa fu pubblicato in questo forum un articolo). Da ciò che mi sembra di capire Albertson's Holding ( di cui io posseggo un bond) vorrebbe rilevare safeaway, ciò che comporterebbe una revisione in negativo del rating di quest'ultima che, ovviamente, verrebbe parificato a quello di Albertson's (siamo a livelli di B se non addirittura, paventa l'agenzia di rating, CCC). Questo spiegherebbe il calo del bond. In ogni caso riporto il post dell'altro forum.
Albertson's Holdings LLC is procuring debt to fund the purchase of
Safeway Inc. and Safeway's shareholders recently approved the transaction.
We expect the deal to close late this year subsequent to regulatory
approvals.
Our ratings, including the 'BBB' corporate credit rating, on Safeway Inc.
remain on CreditWatch with negative implications. Upon regulatory
approvals for the transaction, we expect to link Safeway Inc. to parent
Albertson's Holdings LLC, which we rate 'B'.
NEW YORK (Standard & Poor's) July 29, 2014--Standard & Poor's Ratings Services
today said its ratings on the Pleasanton, Calif.-based Safeway Inc., including
the 'BBB' corporate credit rating, remain on CreditWatch with negative
implications, where we placed them on Feb. 20, 2014. This follows Albertson's
Holdings Inc.'s debt issuance to fund the purchase of Safeway Inc.
Ratings on Safeway Inc. are not affected by Holdings' debt issuance, but we
still expect to equalize the rating with that of Albertson's Holdings LLC
after the purchase gets regulatory approval, likely in late 2014. At that
point, we expect to lower the ratings on Safeway's outstanding notes
(including the 5.00% senior notes due 2019, its 3.95% notes due 2020, its
4.75% senior notes due 2021, 7.45% debentures due 2027, and 7.25% debentures
due 2031) to 'CCC+' with '6' recovery rating. We will rate these notes two
notches below the prospective corporate credit rating.
"The rating on Albertson's Holdings LLC, the likely future parent of Safeway
Inc., reflects the substantial amount of leverage over the near and
intermediate term after issuing about $6.2 billion of additional debt to fund
the transaction," said credit analyst Charles Pinson-Rose. "We expect the
company has a large amount of cost synergies that will be realized within the
first four to five years after the merger, with a good portion of the first
year."
Upon getting regulatory approval (with closing expected shortly thereafter),
we expect to link the rating on Safeway Inc. to Albertson's Holdings Inc. and
lower the rating on Safeway's outstanding notes and debentures to 'CCC+' from
'BBB'. We would expect the transaction to close shortly thereafter.
If the deal is not completed for any reason, which we consider a very low
probability at this point, we would assess Safeway's operating strategies and
financial policies as a combined company and subsequently determine the
appropriate rating action.
Albertson's Holdings LLC is procuring debt to fund the purchase of
Safeway Inc. and Safeway's shareholders recently approved the transaction.
We expect the deal to close late this year subsequent to regulatory
approvals.
Our ratings, including the 'BBB' corporate credit rating, on Safeway Inc.
remain on CreditWatch with negative implications. Upon regulatory
approvals for the transaction, we expect to link Safeway Inc. to parent
Albertson's Holdings LLC, which we rate 'B'.
NEW YORK (Standard & Poor's) July 29, 2014--Standard & Poor's Ratings Services
today said its ratings on the Pleasanton, Calif.-based Safeway Inc., including
the 'BBB' corporate credit rating, remain on CreditWatch with negative
implications, where we placed them on Feb. 20, 2014. This follows Albertson's
Holdings Inc.'s debt issuance to fund the purchase of Safeway Inc.
Ratings on Safeway Inc. are not affected by Holdings' debt issuance, but we
still expect to equalize the rating with that of Albertson's Holdings LLC
after the purchase gets regulatory approval, likely in late 2014. At that
point, we expect to lower the ratings on Safeway's outstanding notes
(including the 5.00% senior notes due 2019, its 3.95% notes due 2020, its
4.75% senior notes due 2021, 7.45% debentures due 2027, and 7.25% debentures
due 2031) to 'CCC+' with '6' recovery rating. We will rate these notes two
notches below the prospective corporate credit rating.
"The rating on Albertson's Holdings LLC, the likely future parent of Safeway
Inc., reflects the substantial amount of leverage over the near and
intermediate term after issuing about $6.2 billion of additional debt to fund
the transaction," said credit analyst Charles Pinson-Rose. "We expect the
company has a large amount of cost synergies that will be realized within the
first four to five years after the merger, with a good portion of the first
year."
Upon getting regulatory approval (with closing expected shortly thereafter),
we expect to link the rating on Safeway Inc. to Albertson's Holdings Inc. and
lower the rating on Safeway's outstanding notes and debentures to 'CCC+' from
'BBB'. We would expect the transaction to close shortly thereafter.
If the deal is not completed for any reason, which we consider a very low
probability at this point, we would assess Safeway's operating strategies and
financial policies as a combined company and subsequently determine the
appropriate rating action.
