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waltermasoni
Caribbean Trader
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waltermasoni
Caribbean Trader
Fitch Affirms Toyota's Rating at 'A+'; Outlook Stable
20 SEP 2019 03:18 AM ET
20 SEP 2019 03:18 AM ET
waltermasoni
Caribbean Trader
Fitch Affirms Nestle at 'AA-'; Outlook Negative
20 SEP 2019 12:17 PM ET
Fitch Ratings - Moscow - 20 September 2019:
Fitch Ratings has affirmed Nestle SA's Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'AA-'. The Outlook on Nestle's Long-Term IDR is Negative.
The Negative Outlook reflects tight headroom under Nestle's rating and the risk that M&A spending to accelerate the company's process of business transformation or further shareholder returns could lead to leverage exceeding levels consistent with the current rating. Future rating actions depend on how proceeds from the disposal of Nestle Skin Health will be deployed, especially in terms of potential share buybacks following the completion of the current share buyback programme in 2019. We expect to have greater clarity on these aspects within the next 12 months.
The ratings continue to reflect the stability and strength of Nestle's business as the world's largest food company, benefiting from scale and geographic diversification. This supports higher leverage than at similarly-rated peers in other industries. The group is well-placed to continue accelerating its organic sales growth and improving its profitability.
20 SEP 2019 12:17 PM ET
Fitch Ratings - Moscow - 20 September 2019:
Fitch Ratings has affirmed Nestle SA's Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'AA-'. The Outlook on Nestle's Long-Term IDR is Negative.
The Negative Outlook reflects tight headroom under Nestle's rating and the risk that M&A spending to accelerate the company's process of business transformation or further shareholder returns could lead to leverage exceeding levels consistent with the current rating. Future rating actions depend on how proceeds from the disposal of Nestle Skin Health will be deployed, especially in terms of potential share buybacks following the completion of the current share buyback programme in 2019. We expect to have greater clarity on these aspects within the next 12 months.
The ratings continue to reflect the stability and strength of Nestle's business as the world's largest food company, benefiting from scale and geographic diversification. This supports higher leverage than at similarly-rated peers in other industries. The group is well-placed to continue accelerating its organic sales growth and improving its profitability.
waltermasoni
Caribbean Trader
Fitch Affirms CaixaBank at 'BBB+'; Places Senior Preferred and DCR on RWP
27 SEP 2019 07:50 AM ET
Fitch Ratings - Barcelona - 27 September 2019:
Fitch Ratings has affirmed CaixaBank's Long-Term Issuer Default Rating (IDR) at 'BBB+' with Stable Outlook and the bank's Viability Rating (VR) at 'bbb+'.
At the same time, Fitch has placed CaixaBank's long-term senior preferred debt rating of 'BBB+' and Derivative Counterparty Rating (DCR) of 'BBB+(dcr)' on Rating Watch Positive (RWP). This is to reflect Fitch's view that the bank's qualifying junior debt buffer (QJD) and senior non-preferred debt are approaching our estimate of a 'recapitalisation amount' so that preferred creditors would be protected in case of a resolution.
A full list of rating actions is available at the end of this rating action commentary.
27 SEP 2019 07:50 AM ET
Fitch Ratings - Barcelona - 27 September 2019:
Fitch Ratings has affirmed CaixaBank's Long-Term Issuer Default Rating (IDR) at 'BBB+' with Stable Outlook and the bank's Viability Rating (VR) at 'bbb+'.
At the same time, Fitch has placed CaixaBank's long-term senior preferred debt rating of 'BBB+' and Derivative Counterparty Rating (DCR) of 'BBB+(dcr)' on Rating Watch Positive (RWP). This is to reflect Fitch's view that the bank's qualifying junior debt buffer (QJD) and senior non-preferred debt are approaching our estimate of a 'recapitalisation amount' so that preferred creditors would be protected in case of a resolution.
A full list of rating actions is available at the end of this rating action commentary.
