Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (8 lettori)

veltroni

Forumer storico
Cosa ne pensate delle obbligazioni Bormioli Pharma 2024 3,50% sono scese a 87 ...considerando in euro e scadenza non lunga non sembrano male; non conosco situazione finanziaria qualcuno le ha ? o sa SULL'AFFIDABILITà DELLA SOCIETA?
 
qquebec

qquebec

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veltroni ha scritto:
Cosa ne pensate delle obbligazioni Bormioli Pharma 2024 3,50% sono scese a 87 ...considerando in euro e scadenza non lunga non sembrano male; non conosco situazione finanziaria qualcuno le ha ? o sa SULL'AFFIDABILITà DELLA SOCIETA?
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Moody's announces completion of a periodic review of ratings of Bormioli Pharma S.p.A.

Milan, October 16, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Bormioli Pharma S.p.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Key rating considerations are summarized below.

Bormioli Pharma S.p.A. (Bormioli Pharma or the "company")'s B3 rating is supported by 1) the company's established leading market positions in Italy and Western Europe; (2) a moderately diversified customer base; (3) some switching costs and barriers; and (4) a resilient and growing pharmaceutical packaging industry. Conversely, Bormioli Pharma's B3 rating is constrained by (1) elevated leverage; (2) its small scale compared with that of other peers that we rate and its global competitors; (3) a degree of geographical concentration in mature markets; (4) the exposure to fluctuating input prices, particularly of energy and plastic resin; and (5) the capital-intensive nature of its operations because of furnace maintenance and working capital needs, which continue to absorb most of the cash flow.
 

veltroni

Forumer storico
qquebec ha scritto:
Moody's announces completion of a periodic review of ratings of Bormioli Pharma S.p.A.

Milan, October 16, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Bormioli Pharma S.p.A. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers. The review did not involve a rating committee. Since 1 January 2019, Moody's practice has been to issue a press release following each periodic review to announce its completion.

This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future. Credit ratings and outlook/review status cannot be changed in a portfolio review and hence are not impacted by this announcement. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Key rating considerations are summarized below.

Bormioli Pharma S.p.A. (Bormioli Pharma or the "company")'s B3 rating is supported by 1) the company's established leading market positions in Italy and Western Europe; (2) a moderately diversified customer base; (3) some switching costs and barriers; and (4) a resilient and growing pharmaceutical packaging industry. Conversely, Bormioli Pharma's B3 rating is constrained by (1) elevated leverage; (2) its small scale compared with that of other peers that we rate and its global competitors; (3) a degree of geographical concentration in mature markets; (4) the exposure to fluctuating input prices, particularly of energy and plastic resin; and (5) the capital-intensive nature of its operations because of furnace maintenance and working capital needs, which continue to absorb most of the cash flow.
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Hanno intenzione di abbassare il rating?
 
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qquebec

qquebec

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veltroni ha scritto:
Hanno intenzione di abbassare il rating?
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No, il rating è confermato B3 stabile. Il che non è il massimo. Il problema però, non è tanto il rating, quanto il taglio minimo che sono 100 K. Non capisco perchè i bond HY in euro sono tutti da 100 k mentre quelli in USD si trovano con tagli da 1-2 K. Volendosi assumere dei rischi sui bond HY in euro bisogna avere come minimo portafogli a sei-sette zeri
 

veltroni

Forumer storico
qquebec ha scritto:
No, il rating è confermato B3 stabile. Il che non è il massimo. Il problema però, non è tanto il rating, quanto il taglio minimo che sono 100 K. Non capisco perchè i bond HY in euro sono tutti da 100 k mentre quelli in USD si trovano con tagli da 1-2 K. Volendosi assumere dei rischi sui bond HY in euro bisogna avere come minimo portafogli a sei-sette zeri
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Sono d'accordo ma in euro ormai solo tagli 100k
 
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