Portafogli e Strategie (investimento) Investment Grade, entro le frontiere conosciute. (6 lettori)
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waltermasoni
Caribbean Trader
U.K.-Based Vodafone Group PLC 'BBB+' Rating Placed On CreditWatch Negative
- 16-Jul-2019 10:31 EDT
- Table of Contents
- We think there is a high likelihood that the European Commission will approve Vodafone Group PLC's acquisition of Liberty Global PLC assets within the next three months.
- We have assessed the majority of the funding for the acquisition as debt.
- Furthermore, we do not anticipate rapid reduction in Vodafone's S&P Global Ratings-adjusted debt to EBITDA from a forecasted peak of 3.4x-3.5x for the financial year ending March 31, 2020 (FY2020) to sustainably less than 3.0x within the two years after the acquisition's closing (in other words, by first quarter FY2022).
- We take into account Vodafone's reduced dividend policy and intention to reduce leverage toward the lower end of its net debt to EBITDA target of 2.5x-3.0x; however, we think significant reduction in leverage over the medium term is subject to execution risk, and we do not factor any uncontracted disposals into our base case.
- We are placing the 'BBB+' issuer credit rating on Vodafone and the 'BBB+' issue ratings on its senior unsecured debt on CreditWatch with negative implications.
- The CreditWatch placement reflects our expectation of a one-notch downgrade upon the European Commission's approval of the acquisition.
waltermasoni
Caribbean Trader
Fitch Rates Panama's 2030 USD Bonds and 2060 USD Bonds 'BBB'
18 JUL 2019 01:24 PM ET
Fitch Ratings - New York - 18 July 2019: Fitch Ratings has assigned a 'BBB' rating to Panama's USD1.25 billion bonds maturing 2030 and to the USD750 million bonds maturing 2060.
The bonds maturing 2030 carry a coupon of 3.16%. The bonds maturing 2060 carry a coupon of 3.87%.
Proceeds from the issuance will be used for general budgetary purposes.
18 JUL 2019 01:24 PM ET
Fitch Ratings - New York - 18 July 2019: Fitch Ratings has assigned a 'BBB' rating to Panama's USD1.25 billion bonds maturing 2030 and to the USD750 million bonds maturing 2060.
The bonds maturing 2030 carry a coupon of 3.16%. The bonds maturing 2060 carry a coupon of 3.87%.
Proceeds from the issuance will be used for general budgetary purposes.
Trans77
Si vis pacem, para bellum
Comprate anch'io un pò, mi pare poco sopra 91,50
waltermasoni
Caribbean Trader
waltermasoni
Caribbean Trader
UnitedHealth Group Inc.'s Senior Notes Rated 'A+'
- 23-Jul-2019 11:30 EDT
- Table of Contents
NEW YORK (S&P Global Ratings) July 23, 2019--S&P Global Ratings today said it assigned its 'A+' debt rating on UnitedHealth Group Inc.'s (UNH) proposed fixed-rate senior unsecured notes issued in five tranches.
The debt issuance does not affect our 'A+' long-term issuer credit rating on UNH. UNH will use the debt proceeds to repay commercial paper borrowings ($7 billion outstanding as of June 30, 2019) and for general corporate purposes. Upcoming debt maturities include $500 million of 2.3% senior notes due December 2019.
UNH reported strong operating results for the first half of 2019. We believe UNH's forward-thinking strategy and unmatched scale and diversity will continue to provide it with good insulation against targeted legislative risks (such as those focused solely on one aspect of a business) and periodic business losses (such as the loss of a key OptumRx client starting this year).
UNH remains on track to meet our full-year 2019 expectations, including revenue of $243 billion-$245 billion (low-end now likely) and adjusted EBIT of about $19 billon (7.5%-8% margin). UNH's financial leverage (45% including operating leases as of June 30, 2019) is above our long-term expectation (about 40%). However, we expect financial leverage to decrease to 41%-42% by year-end 2019 and close to 40% midway through 2020
waltermasoni
Caribbean Trader
PepsiCo Inc.'s Proposed Senior Unsecured Notes Rated 'A+'
- 25-Jul-2019 11:50 EDT
- Table of Contents
CHICAGO (S&P Global Ratings) July 25, 2019--S&P Global Ratings today assigned its 'A+' issue-level rating to New York-based PepsiCo Inc.'s proposed senior unsecured notes. The company intends to use the net proceeds from the notes for general corporate purposes, including the repayment of commercial paper.
All of our existing ratings on the company, including our 'A+' long-term issuer credit rating, are unchanged. The outlook is stable.
PepsiCo's business strength is underpinned by its strong brands, balanced portfolio of businesses (with leading and defendable market shares in the relatively stable nonalcoholic beverage and savory snack product categories), and improved operating execution. The company's portfolio includes 22 brands that each generate more than $1 billion in estimated annual retail sales. We assume PepsiCo will manage its increasingly aggressive growth plans--which include organic initiatives centered around expanding its production, distribution, marketing, and research and development (R&D) as well as inorganic transactions such as its planned purchase of South Africa-based Pioneer Food Group Ltd.--and high shareholder payments such that its adjusted leverage remains below 3x. We believe this is achievable given its excellent business risk and accelerating organic growth, notwithstanding the increased investments that will likely depress adjusted EBITDA over the near term.
waltermasoni
Caribbean Trader
Cattolica Ass.: S&P conferma rating BBB, outlook negativo 26/07/2019 17:55 - MF-DJ
MILANO (MF-DJ)--S&P ha confermato il rating di Cattolica Ass. a BBB, con outlook negativo. L''assessment before sovereign risk del gruppo assicurativo, spiega una nota, anche in base ai nuovi criteri adottati e'' invece confermato a BBB+, piu'' elevato di un notch rispetto al financial strength rating BBB, che rimane limitato da quello della Repubblica Italiana, secondo quanto previsto dai criteri dell''Agenzia. L''outlook rimane negativo e riflette anche in questo caso quello relativo al debito sovrano della Repubblica Italiana. L''Agenzia americana ha infine confermato a BB+ il rating di entrambi i bond quotati emessi dal gruppo veronese.
com/ofb
MILANO (MF-DJ)--S&P ha confermato il rating di Cattolica Ass. a BBB, con outlook negativo. L''assessment before sovereign risk del gruppo assicurativo, spiega una nota, anche in base ai nuovi criteri adottati e'' invece confermato a BBB+, piu'' elevato di un notch rispetto al financial strength rating BBB, che rimane limitato da quello della Repubblica Italiana, secondo quanto previsto dai criteri dell''Agenzia. L''outlook rimane negativo e riflette anche in questo caso quello relativo al debito sovrano della Repubblica Italiana. L''Agenzia americana ha infine confermato a BB+ il rating di entrambi i bond quotati emessi dal gruppo veronese.
com/ofb
