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Börse tedesche oggi chiuse x la festa della riunificazione
Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (18 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
fabriziof
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Transocean Ltd. Issuer Credit Rating Lowered To 'CCC+' On Unsustainable Leverage, Outlook Negative; Debt Ratings Lowered
View Analyst Contact Information
- 25-Sep-2019 18:46 EDT
- Table of Contents
- Although demand for offshore drilling rigs and services has started to recover and utilization has risen from trough levels, recent fixtures for floaters have been relatively short term and day rates remain subdued, which – along with ongoing stacking, maintenance and reactivation/upgrade costs - are pressuring margins for contract drillers.
- Based on these factors, we have lowered our EBITDA and cash flow estimates for Switzerland-based offshore drilling contractor Transocean Ltd., leading to higher leverage over the next 24 months. The company also has significant capital expenditure requirements over the next two years, along with a heavy debt amortization and maturity schedule.
- We lowered our issuer credit rating on Transocean to 'CCC+' from 'B-' and lowered the issue-level ratings on its senior secured debt to 'B' from 'B+', its unsecured debt with subsidiary guarantees to 'B-' from 'B', and its senior unsecured debt without subsidiary guarantees to 'CCC+' from 'B-'.
- The outlook is negative, reflecting the potential for a downgrade if liquidity deteriorated, which would most likely occur if the company were unable to recontract rigs at more favorable day rates.
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Moody's announces completion of a periodic review of ratings of CMA CGM S.A. (BBG)
CMA CGM's B2 corporate family rating (CFR) reflects as positives the company's (1) leading market position with a global market share of around 12%; (2) diverse, modern and flexible fleet as a result of significant proportion (over 70%) of chartered vessels; (3) operational efficiency allowing the company to maintain a strong EBIT margin consistently.
The B2 rating is constrained by (1) a highly competitive operating environment in the largely commoditized container liner industry; (2) negative impact of rising bunker fuel costs, especially as IMO 2020 comes into effect; (3) A weakened liquidity profile following the acquisition of Ceva Logistics AG (B2 Stable) and (4) elevated leverage, with expectations of a Moody's-adjusted debt/EBITDA of 5.6x for 2019F, albeit within the bounds of the currently assigned rating.
Moody's announces completion of a periodic review of ratings of Hapag-Lloyd AG (BBG)
Hapag-Lloyd's B1 corporate family rating is driven by (1) the company's strengthened business profile following the merger with UASC, leading to a top five position within the global container shipping sector with a 7.2% market share according to Alphaliner; (2) an adequate liquidity profile underpinned by moderate capex needs in the next few years owing to UASC's young fleet with a number of large ships; (3) a strongly supportive shareholder structure; (4) moderate leverage as measured by gross Debt/EBITDA.
However, the rating is constrained by (1) the commoditized and competitive nature of the container shipping industry which is based on short-term contracts and spot trading, resulting in limited revenue visibility; (2) downside risks including trade tensions and tariffs, rising oil prices and upcoming regulations such as IMO 2020.
Moody's announces completion of a periodic review of ratings of Stena AB (BBG)
Stena's B1 corporate family rating (CFR) reflects (1) Stena's diversified operations and the company's leading positions in the markets in which it operates; (2) the group's ability to generate resilient cash flows from stable businesses, such as ferries and real estate; (3) its diversified asset base; (4) the company's strong brand name and market share in the ferry business in Scandinavia, Germany and the UK; (5) Stena's high leverage, which we expect to stay elevated in 2019; (6) the challenging offshore drilling market conditions, which will weigh on Stena's profitability; (7) its exposure to economic downturns and the charter-rate volatility in its shipping activities; and (8) the risks involved in Stena's investment and trading activities, albeit mostly outside of the restricted group.
The rating incorporates the resilience and diversity of the activities carried out in the unrestricted group, which provides some credit support to the restricted group, even though it is outside of the population of guaranteeing operating subsidiaries.
Fiat Chrysler 3Q U.S. Auto Sales Beat Estimates (BBG)
Fiat Chrysler’s third-quarter U.S. auto sales were essentially unchanged, at -0.1%, beating the average analysts’ estimate of a 1.6% decrease.
· 3Q Chrysler brand sales -23%
· 3Q Dodge brand sales -4%
· 3Q Jeep brand sales -2%
· 3Q Ram brand sales +15%
CMA CGM's B2 corporate family rating (CFR) reflects as positives the company's (1) leading market position with a global market share of around 12%; (2) diverse, modern and flexible fleet as a result of significant proportion (over 70%) of chartered vessels; (3) operational efficiency allowing the company to maintain a strong EBIT margin consistently.
The B2 rating is constrained by (1) a highly competitive operating environment in the largely commoditized container liner industry; (2) negative impact of rising bunker fuel costs, especially as IMO 2020 comes into effect; (3) A weakened liquidity profile following the acquisition of Ceva Logistics AG (B2 Stable) and (4) elevated leverage, with expectations of a Moody's-adjusted debt/EBITDA of 5.6x for 2019F, albeit within the bounds of the currently assigned rating.
Moody's announces completion of a periodic review of ratings of Hapag-Lloyd AG (BBG)
Hapag-Lloyd's B1 corporate family rating is driven by (1) the company's strengthened business profile following the merger with UASC, leading to a top five position within the global container shipping sector with a 7.2% market share according to Alphaliner; (2) an adequate liquidity profile underpinned by moderate capex needs in the next few years owing to UASC's young fleet with a number of large ships; (3) a strongly supportive shareholder structure; (4) moderate leverage as measured by gross Debt/EBITDA.
However, the rating is constrained by (1) the commoditized and competitive nature of the container shipping industry which is based on short-term contracts and spot trading, resulting in limited revenue visibility; (2) downside risks including trade tensions and tariffs, rising oil prices and upcoming regulations such as IMO 2020.
Moody's announces completion of a periodic review of ratings of Stena AB (BBG)
Stena's B1 corporate family rating (CFR) reflects (1) Stena's diversified operations and the company's leading positions in the markets in which it operates; (2) the group's ability to generate resilient cash flows from stable businesses, such as ferries and real estate; (3) its diversified asset base; (4) the company's strong brand name and market share in the ferry business in Scandinavia, Germany and the UK; (5) Stena's high leverage, which we expect to stay elevated in 2019; (6) the challenging offshore drilling market conditions, which will weigh on Stena's profitability; (7) its exposure to economic downturns and the charter-rate volatility in its shipping activities; and (8) the risks involved in Stena's investment and trading activities, albeit mostly outside of the restricted group.
The rating incorporates the resilience and diversity of the activities carried out in the unrestricted group, which provides some credit support to the restricted group, even though it is outside of the population of guaranteeing operating subsidiaries.
Fiat Chrysler 3Q U.S. Auto Sales Beat Estimates (BBG)
Fiat Chrysler’s third-quarter U.S. auto sales were essentially unchanged, at -0.1%, beating the average analysts’ estimate of a 1.6% decrease.
· 3Q Chrysler brand sales -23%
· 3Q Dodge brand sales -4%
· 3Q Jeep brand sales -2%
· 3Q Ram brand sales +15%
IL MARATONETA
Forumer storico
Noble 2045 avevo dato un'occhiata su berlino dove aveva chiuso a 42. Meglio sapere che scambia più in alto. Ho anche transocean, che sicuramente seguirà stesso percorso. Per il momento le cedole sono il nostro "contentino".
captain sparrow
Forumer storico
l'altro giorno ho provato a prendere norican. come ho inserito l'ordine, dopo mezza ora, è schizzato in su di 3 punti. uno, due mesi fa, mi ha fatto lo stesso scherzo. evidentemente ho dei poteri magici 
adesso provo con CMA
adesso provo con CMA
gualberto
Charlie don't Surf
Quindi che pensi di fare?
fabriziof
Forumer storico
Domani vado in banca,vedrò ,certo mi attirano più i pochi maledettamente e subito
