Obbligazioni societarie HIGH YIELD e oltre, verso frontiere inesplorate (30 lettori)

Fra41

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salice02

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:eek:
Il signorino aveva investito 25 mln di dollari.... Non male per uno studente universitario!!
 

bia06

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Oil Producer Tullow Outlook Revised To Negative From Positive Following Downgrade Of Ghana; 'B-' Rating Affirmed

  • On Aug. 5, 2022, we lowered our long- and short-term foreign and local currency sovereign ratings on Ghana to 'CCC+/C' from 'B-/B' and assigned a negative outlook. We also lowered our transfer and convertibility (T&C) assessment on Ghana to 'CCC+' from 'B'.
  • Tullow Oil PLC derives a significant portion of its production and revenues from its assets located in Ghana and we believe there is potential that the Ghanaian state will implement tighter capital or foreign-exchange controls in the future.
  • As a result, we revised our outlook on African oil producer Tullow Oil PLC to negative from positive and affirmed our 'B-' long-term issuer credit rating, 'B-' issue rating on its senior secured notes, and 'CCC+' issue rating on its unsecured notes.
  • The negative outlook reflects that we could lower our rating on Tullow if we further lower our T&C assessment on Ghana.
LONDON (S&P Global Ratings) Aug. 18, 2022--S&P Global Ratings today took the rating actions listed above.

The negative outlook on Tullow follows the downgrade of Ghana, where a significant portion of Tullow's assets is located.On Aug. 5, 2022, we lowered our foreign and local currency sovereign ratings and T&C assessment on Ghana to 'CCC+', and assigned a negative outlook, reflecting the country's increased financing and external pressures. Tullow has significant exposure to Ghana, where we estimate it generates more than 70% of its total adjusted EBITDA. Although Tullow is an oil exporter and receives revenue in U.S. dollars in offshore accounts, we cannot rule out that in a hypothetical default scenario Ghana could enact stricter capital or foreign currency controls on exporters. We therefore cap our issuer credit rating on Tullow at 'B-', which is one notch above our T&C assessment on Ghana.

The announced merger of Tullow with Capricorn Energy will dilute its exposure to Ghana, but it will likely remain significant. The combined entity is expected to produce close to 100,000 barrels of oil equivalent per day (boepd), of which 44% will be sourced from Ghana (Tullow assets), 38% from Egypt (Capricorn assets), and 18% from other countries (Tullow assets). Even though Ghana's share in production will decline, we estimate adjusted EBITDA is likely to stay somewhat above 70%. This is primarily because the assets in Egypt are less profitable and generate lower EBITDA per barrel. Given the merger has not closed yet, our rating does not reflect the potential future exposure to Egypt and the resulting decrease in exposure to Ghana. Following the completion of the merger, we will assess Tullow's geographical exposure and the impact it has on the rating cap above Ghana's T&C.

The evolution of Tullow's stand-alone credit profile (SACP) will depend on the outcome of the merger and its ability to post funds from operations (FFO) to debt above 20%, especially at our long-term oil price assumptions.Combined cash and equivalents on the balance sheets of Tullow and Capricorn at end-2021 was about $1.8 billion, including $1.0 billion of Capricorn's tax refund in India. This provides optionality for gross debt reduction ($2.7 billion at end-2021) after completion of the merger. Our SACP on Tullow will therefore primarily depend on the company's debt evolution. Absent any immediate gross debt reduction using existing cash balances, future positive SACP revision will depend on oil prices and the company's ability to protect credit metrics even if Brent oil price goes down to our long-term assumption of $55 per barrel.
The negative outlook reflects that we would likely lower our rating on Tullow if we revise downward our T&C assessment on Ghana, given Tullow derives a significant portion of its production and revenues from its assets located in the country and the potential Ghana will implement tighter capital or foreign-exchange controls. Any potential negative rating action on Tullow would depend on the nature of the specific default scenario we contemplate in Ghana and the implications for its oil and gas exporters. If we expect a potential default to be short-term and technical in nature, we could base our ICR on Tullow on our expected post-default sovereign rating and T&C assessment on Ghana.
Downside scenario
We could lower our rating on Tullow if we lowered our T&C assessment on Ghana. This might be due to our views on the likelihood that the country might implement tighter capital or foreign exchange controls, for example requirements to repatriate cash or use onshore bank accounts. We could also lower the rating on Tullow if it no longer passed our rating above the sovereign and T&C tests. In this scenario, we could equalize the rating on Tullow with Ghana's T&C assessment. Alternatively, we could also downgrade Tullow if we believe its capital structure is no longer sustainable, although we see this scenario as less likely in the next 12 months.
Upside scenario
We could revise our outlook on Tullow to stable if we revise our outlook on Ghana to stable or if the company reduces its exposure to Ghana below 70% and we expect it would sustain its exposure at this level. At the same time, we may consider revising upward our SACP on Tullow if its credit metrics improved, with FFO to debt above 20% and adjusted debt to EBITDA declining to 3.5x, assuming our long-term oil prices.
 

bia06

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DCP Midstream L.P. Upgraded To 'BBB+' From 'BBB-' On Increased Strategic Importance To Phillips 66, Outlook Stable

  • Phillips 66, the 50% owner of the general partner of DCP Midstream L.P. (DCP), increased its economic interest in DCP to 43.31% from 28.26% and will oversee and manage the joint venture's interest in DCP, including its general partner. In our view, the transaction reflects DCP's increasing strategic importance to Phillips 66. Therefore, we now consider the partnership to be a core subsidiary of Phillips 66 and view its assets as integral to the company.
  • We raised our issuer credit rating on DCP to 'BBB+' from 'BBB-'.
  • At the same time, we raised our issue-level rating on the partnership's unsecured notes to 'BBB+' from 'BBB-' and our issue-level rating on its junior subordinated debt and preferred stock to 'BBB-' from 'BB'.
  • The stable outlook reflects our expectation that Phillips 66 will fully integrate DCP's assets into its midstream operations while the partnership maintains S&P Global Ratings-adjusted leverage of less than 4x over the intermediate term.
NEW YORK (S&P Global Ratings) Aug. 18, 2022—S&P Global Rating today took the rating actions listed above.
Phillips 66 announced that it increased its economic interest in DCP to 43.31% from 28.26% and will oversee and manage the general partnership of DCP, which--in effect--provides it with control of DCP. Phillips also submitted a non-binding proposal to acquire all of the publicly held common units of DCP for cash. Therefore, we now consider DCP to be a core subsidiary of Phillips 66 and expect that the company will fully support the partnership over the long term. As such, we have equalized our ratings on DCP with our ratings on Phillips 66.
The stable outlook reflects our expectation that Phillips 66 will fully integrate DCP's assets into its midstream operations while the partnership maintains S&P Global Ratings-adjusted leverage of less than 4x. Pro forma for the transaction, we also anticipate Phillips 66's net leverage will be comfortably below 1.0x in 2022 and in the 1.25x-1.75x range in 2023 and expect the midstream segment will enable it to reduce the volatility of its operating performance.
We could consider taking a negative rating action on DCP if Philips 66's financial risk profile weakens such that its S&P Global Ratings-adjusted debt to EBITDA consistently exceeds 3x.
We would only raise our rating on DCP if we raise our rating on Phillips 66. While unlikely, we could consider raising our rating if we expect that Phillips 66's non-refining segments will account for a much larger share of its future consolidated EBITDA, which would mitigate the cash flow volatility of its refining assets, and it sustains net leverage of less than 2x through the commodity cycle.
 

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