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

waltermasoni

waltermasoni

Caribbean Trader
Fitch Downgrades Kraft Heinz's IDR to 'BB+'; Outlook Stable
14 FEB 2020 09:25 AM ET



Fitch Ratings - New York - 14 February 2020:

Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDRs) for The Kraft Heinz Company, Kraft Heinz Foods Company and Kraft Canada, Inc. to 'BB+' from 'BBB-', and Short-Term IDRs to 'B' from 'F3'. The Rating Outlook is Stable.

The downgrade reflects Fitch's view that Kraft's leverage will remain elevated above 4x for a prolonged period due to ongoing EBITDA challenges and limited near term debt reduction potential. Following Kraft's commentary around 2020 operating headwinds which would suggest a nearly 8% EBITDA decline and its commitment to maintain its dividend as announced Feb. 13, 2020, Fitch estimates the company may need to divest up to 20% of its projected 2020 EBITDA to support debt reduction necessary to reduce leverage to below 4.0x versus 2019 leverage of 4.8x.
 
waltermasoni

waltermasoni

Caribbean Trader

Sprint Corp. 'B' Issuer Credit Rating CreditWatch Placement Revised To Positive; Debt Ratings Also On Watch Positive
  • 14-Feb-2020 12:14 EST
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  • Table of Contents
  • A U.S. federal court ruled in favor of T-Mobile US Inc. and Sprint Corp. that will allow them to merge. The court ruled against a group of 14 states attorney general (AGs) that had sued to block the deal. Both the Department of Justice (DOJ) and Federal Communications Commission (FCC) had previously approved the transaction.
  • We now believe the deal is likely to close on April 1, 2020, at the earliest.
  • As a result, we are revising our CreditWatch listing on our 'B' issuer credit rating on Sprint to positive from developing.
  • We are also revising our CreditWatch listing on Sprint's senior secured debt ('BB-') and senior unsecured debt with subsidiary guarantees ('B+') to positive from negative although we expect this debt will be repaid soon after the transaction closes.
  • The positive CreditWatch listing reflects the potential for a three-notch upgrade of the issuer-credit rating to 'BB' from 'B'.



NEW YORK (S&P Global Ratings) Feb. 14, 2020--S&P Global Ratings today took the rating actions listed above. The CreditWatch revision reflects our view that Sprint's planned merger with T-Mobile is now more likely to close following the federal court ruling in favor of the companies. We believe the last remaining hurdle is the California Public Utility Commission, which has yet to approve the merger, although the timing of its decision is still uncertain.

We plan to resolve the CreditWatch placement following the close of the transaction, most likely on April 1, 2020. We believe an upgrade could be as high as three notches, with the pro forma entity likely to be rated 'BB'.
 
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