Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate - Vol. 2 (17 lettori)
- Creatore Discussione gionmorg
- Data di Inizio
zoro-aster
Forumer storico
buy ENEL AMERICAS US29274FAF18 @ 96,54
Near
Forumer storico
molto bello il sito (non so se lo hai indicato tu) che dava in grafico il confronto debito totale/asset detenuti da lì discendevano molte considerazioni
fabriziof
Forumer storico
Poi c'é la nota formula Mariarosa ,si compra indiscriminatemente qualunque bond venga nominato, senza dover fare la fatica di scegliere...sï scherza eh
mariarosa78
Forumer attivo
ah ah ah ah ahPoi c'é la nota formula Mariarosa ,si compra indiscriminatemente qualunque bond venga nominato, senza dover fare la fatica di scegliere...sï scherza eh
zoro-aster
Forumer storico
mariarosa78
Forumer attivo
un tempo viaggiavo ......da quando ho iniziato ad investire in borsa.......vegeto......tutto cambia.......l'importante è la salute!beata Te che te lo puoi permettere, auguroni e che Tu possa continuare cosí
waltermasoni
Caribbean Trader
Rating Action:
Moody's downgrades Tata Motors to Ba2; outlook stable
13 Jul 2018
Singapore, July 13, 2018 -- Moody's Investors Service has today downgraded to Ba2 from Ba1 the corporate family rating (CFR) for Tata Motors Limited (TML).
At the same time, Moody's has downgraded the company's senior unsecured instrument ratings to Ba2 from Ba1.
The rating outlook is stable.
RATINGS RATIONALE
"The downgrade to Ba2 reflects our expectation of continued weakness in TML's consolidated credit metrics over the next two years, led by its wholly owned subsidiary Jaguar Land Rover Automotive Plc (JLR, Ba2 stable)," says Kaustubh Chaubal, a Moody's Vice President and Senior Credit Officer.
Although JLR accounted for 48% of TML's group unit sales in the fiscal year ending March 2018 (fiscal 2018), it generated 78% and 76% respectively of the TML's reported consolidated revenues and EBITDA for the automotive business. Given this large contribution, weakening credit metrics at JLR have a direct and immediate impact on TML's consolidated results.
Notwithstanding the improvements in TML's Indian automotive business, it continues to operate at a higher leverage, with an estimated reported debt/EBITDA of 4.8x as of 31 March 2018. As such, the improvements are not sufficient to compensate for JLR's weakening metrics.
TML's consolidated adjusted debt/EBITDA rose to an estimated 3.8x as of March 2018 from 3.0x a year ago and is likely to remain elevated over the 12-18 months. At the same time, large capital and product development expenditure at JLR of GBP4.5 billion annually will keep free cash flows negative. Moreover, Moody's also expects that rising commodity prices and a challenging operating environment for JLR will keep TML's EBITA margins below 3%.
Meanwhile TML's ex-JLR operations, in particular the India business, will continue to improve, on the back of favorable industry dynamics, the company's upcoming product launches and focus on cost rationalization measures.
Moody's expects India's commercial vehicle (CV) industry to grow by mid-teen percentages over the next 12-18 months. TML is the market leader in this segment -- commanding a solid 45% of the market -- and will likely continue to introduce new products, sustaining its recent track of above-industry-average growth rates, thus modestly strengthening its overall market share.
TML's share of the passenger vehicle (PV) market also increased to an estimated 6.5% Q4 fiscal 2018 from 4.9% in Q1 fiscal 2018, but TML's low capacity utilization levels and cash burn in PVs are a drag and thus a rating concern.
Moody's expects the Indian PV market to grow at high-single digit percentages over the next 12-18 months, and for TML to further grow its market share through new product launches and efforts to improve its customer service and engagement.
TML's ratings continue to incorporate a one-notch uplift from its parent Tata Sons Ltd., reflecting Moody's expectation of extraordinary support from Tata Sons, should the need arise.
OUTLOOK
The stable outlook reflects JLR's relative strength and Moody's expectation that although capital spending and product development requirements will remain high over the next two years, TML's sizeable consolidated cash balances, strong operating cash flow and long-dated debt maturity profile will allow the company time for its free cash flow to return to positive.
The stable outlook also reflects TML's leadership position in CVs in India, in turn underpinning strong growth prospects for its ex-JLR operations.
Moody's downgrades Tata Motors to Ba2; outlook stable
13 Jul 2018
Singapore, July 13, 2018 -- Moody's Investors Service has today downgraded to Ba2 from Ba1 the corporate family rating (CFR) for Tata Motors Limited (TML).
At the same time, Moody's has downgraded the company's senior unsecured instrument ratings to Ba2 from Ba1.
The rating outlook is stable.
RATINGS RATIONALE
"The downgrade to Ba2 reflects our expectation of continued weakness in TML's consolidated credit metrics over the next two years, led by its wholly owned subsidiary Jaguar Land Rover Automotive Plc (JLR, Ba2 stable)," says Kaustubh Chaubal, a Moody's Vice President and Senior Credit Officer.
Although JLR accounted for 48% of TML's group unit sales in the fiscal year ending March 2018 (fiscal 2018), it generated 78% and 76% respectively of the TML's reported consolidated revenues and EBITDA for the automotive business. Given this large contribution, weakening credit metrics at JLR have a direct and immediate impact on TML's consolidated results.
Notwithstanding the improvements in TML's Indian automotive business, it continues to operate at a higher leverage, with an estimated reported debt/EBITDA of 4.8x as of 31 March 2018. As such, the improvements are not sufficient to compensate for JLR's weakening metrics.
TML's consolidated adjusted debt/EBITDA rose to an estimated 3.8x as of March 2018 from 3.0x a year ago and is likely to remain elevated over the 12-18 months. At the same time, large capital and product development expenditure at JLR of GBP4.5 billion annually will keep free cash flows negative. Moreover, Moody's also expects that rising commodity prices and a challenging operating environment for JLR will keep TML's EBITA margins below 3%.
Meanwhile TML's ex-JLR operations, in particular the India business, will continue to improve, on the back of favorable industry dynamics, the company's upcoming product launches and focus on cost rationalization measures.
Moody's expects India's commercial vehicle (CV) industry to grow by mid-teen percentages over the next 12-18 months. TML is the market leader in this segment -- commanding a solid 45% of the market -- and will likely continue to introduce new products, sustaining its recent track of above-industry-average growth rates, thus modestly strengthening its overall market share.
TML's share of the passenger vehicle (PV) market also increased to an estimated 6.5% Q4 fiscal 2018 from 4.9% in Q1 fiscal 2018, but TML's low capacity utilization levels and cash burn in PVs are a drag and thus a rating concern.
Moody's expects the Indian PV market to grow at high-single digit percentages over the next 12-18 months, and for TML to further grow its market share through new product launches and efforts to improve its customer service and engagement.
TML's ratings continue to incorporate a one-notch uplift from its parent Tata Sons Ltd., reflecting Moody's expectation of extraordinary support from Tata Sons, should the need arise.
OUTLOOK
The stable outlook reflects JLR's relative strength and Moody's expectation that although capital spending and product development requirements will remain high over the next two years, TML's sizeable consolidated cash balances, strong operating cash flow and long-dated debt maturity profile will allow the company time for its free cash flow to return to positive.
The stable outlook also reflects TML's leadership position in CVs in India, in turn underpinning strong growth prospects for its ex-JLR operations.
Maio72
Follow the white rabbit
Non capisco. Se mi posso permettere. Ridotta a vegetare (lo scrivi tu) per investire o seguire gli investimenti?! Oggi tutto é disponibile on-line. Puoi impostare stop loss e take profit. Acquisti condizionati (al raggiungimento del prezzo da te voluto). Poi c'è il telefono, Skype, e-mail per acquisto e vendita. Ti dico che in tanti proprio perché è una attività gestibile da tutto il mondo addirittura espatriano. Viaggia se puoi. Dotati degli strumenti giusti per operare da dove vuoi. Poi addirittura per i bond basta cedolare.
IMHO
iguanito
Forumer storico
Coi moderni mezzi puoi fare entrambi.