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Showing posts from November 20, 2018

Gearing up Ukraine’s transformation process

You have subscribed to News from the European Bank for Reconstruction and Development (EBRD). We have just published this content. Gearing up Ukraine's transformation process 21-11-2018 10:02 AM GMT Conference in Kiev takes stock and sets new goals for administrative overhaul  Find us on Manage subscription ,  Unsubscribe ,  Contact us This email was sent to cetinkayaadem.news@blogger.com using GovDelivery Communications Cloud on behalf of: European Bank for Reconstruction and Development · One Exchange Square · London EC2A 2JN · United Kingdom · +44 020 7338 6000

Rating On Leveraged Finance Europe Capital III's Class E CLO Notes Lowered To 'D (sf)' Following Default

The issuer failed to repay the full principal amount of the notes on their legal maturity on Oct. 20, 2018. We have therefore lowered to 'D (sf)' from 'CC (sf)' our rating on the class E notes. LFEC III is a cash flow CLO transaction managed by BNP Paribas Asset Management. LONDON (S&P Global Ratings) Nov. 21, 2018--S&P Global Ratings today lowered to 'D (sf)' from 'CC (sf)' its credit rating on the class E notes issued by Leveraged Finance Europe Capital III B.V. Following the occurrence of events of default (overcollateralization events and missed payments of interest), on Nov. 30, 2017, the class D noteholders decided to enforce the security over the remaining collateral and accelerate the redemption of the notes. We have received confirmation from the trustee that the issuer failed to repay the full principal amount of the notes on their legal maturity on Oct. 20th, 2018. We have therefore lowered to 'D (sf)' fr

High Speed Rail Finance (1) Debt Rating Affirmed At 'A-' On Robust Operational Performance; Outlook Stable

U.K.-based HS1 Ltd. (HS1), the operator of the U.K.'s sole high-speed rail connection between London and the Channel Tunnel, continues to exhibit strong operational and safety performance, along with robust financial ratios under our base case and downside case. HS1's transparent and supportive regulatory framework helps to protect the project from any potential negative financial impact of Brexit. As a result, we are affirming the 'A-' long-term issue rating on the senior secured debt issued by High Speed Rail Finance (1) (HSRF1), a finance vehicle for HS1. The stable outlook reflects our view that the project will continue to deliver strong operational performance despite the potential challenges posed by Brexit and maintain a minimum annual debt service cover ratio (ADSCR) of at least 1.4x under our base case. PARIS (S&P Global Ratings) Nov. 21, 2018--S&P Global Ratings today affirmed its 'A-' long-term rating on the senior secured bo

Sweden-Based Capital Goods Company Epiroc AB Assigned Preliminary 'BBB+' Rating; Outlook Stable

Epiroc AB, which was spun off from Atlas Copco earlier this year, enjoys a leading global position as a provider of mining equipment for rock drilling and excavation, expected resilience against cyclicality in equipment demands thanks to its high-share of aftermarket sales revenues, as well as industry-leading EBITDA margins of around 23%-24%. We expect Epiroc to have a strong balance sheet, with adjusted debt to EBITDA below 0.5x, coupled with strongly positive free operating cash flow (FOCF) around Swedish krona (SEK) 4.0 billion-SEK4.5 billion annually. Our expectations of limited discretionary cash flow generation due to large dividends is only a minor deterrent for Epiroc's FOCF, given the strong balance sheet. We are assigning our preliminary 'BBB+' long-term issuer credit rating to Epiroc. The stable outlook reflects our view that, thanks to a flexible and efficient production system and low adjusted debt, the group should continue to be fairly resil

The Los Angeles Times owner: Newspapers need to be saved

The Los Angeles Times billionaire owner Dr. Patrick Soon-Shiong wants to revive the newspaper business.

Harris County Municipal Utility District No. 460, TX Series 2019 Refunding Bonds Assigned 'BBB-' Rating

DALLAS (S&P Global Ratings) Nov. 20, 2018--S&P Global Ratings assigned its 'BBB-' rating to Harris County Municipal Utility District (MUD) No. 460, Texas' unlimited-tax refunding bonds series 2019. The outlook is stable. The 'BBB-' rating reflects our view of the district's: Access to Houston's deep and diverse economy; Strong tax base expansion, as evidenced by double-digit growth in the past several years; Status as an in-city MUD, resulting in limited operations and a low direct property tax rate; and Very strong fund balances as a percentage of budget. Partially offsetting the above strengths, in our opinion, is the district's early status of development that will likely necessitate additional debt issuance. "The stable outlook reflects our expectation that the district's tax base growth will support future debt issuances as the district continues to build out of the early stages of development," said S&P

Cengage Learning Holdings II Inc. Outlook To Negative From Stable On Weakening Profits And Cash Flow; Ratings Affirmed

U.S.-based educational material and learning solutions provider Cengage Learning Holdings II Inc. reported higher than expected operating costs during the first half of fiscal 2019. More than half of the spending was for employee compensation and the rollout of its new subscription product, Cengage Unlimited. For fiscal 2019, we now expect reported EBITDA to decline by around 10% and for the company to generate minimal reported free operating cash flow (FOCF). As a result, we revised our outlook on Cengage to negative from stable and affirmed our 'B-' issuer credit rating. At the same time, we affirmed our issue-level ratings on the company's debt facilities. The negative outlook reflects our forecast for weaker than expected EBITDA and free cash flow generation in fiscal 2019, with adjusted FOCF to debt of about 1%, and our view that FOCF generation could remain weak in fiscal 2020 if revenue and profit growth from digital products are insufficient to more

Ratings Assigned To Five Classes From BlueMountain CLO 2012-2 Ltd. In Connection With Refinancing

BlueMountain CLO 2012-2 Ltd. refinanced its class A-R, B-R, C-R, D-R, and E-R notes on Nov. 20, 2018, through an optional redemption and replacement note issuance. We withdrew our ratings on the original class A-R, B-R, C-R, D-R, and E-R notes following payment in full on the Nov. 20, 2018, refinancing date. After analyzing the changes to the transaction, we assigned our ratings to the replacement A-R2, B-R2, C-R2, D-R2, and E-R2 notes. The assigned ratings reflect our opinion that the credit support available is commensurate with the associated rating levels. CENTENNIAL (S&P Global Ratings) Nov. 20, 2018--S&P Global Ratings today assigned its ratings to the class A-R2, B-R2, C-R2, D-R2, and E-R2 replacement notes from BlueMountain CLO 2012-2 Ltd., a collateralized loan obligation (CLO) originally issued in 2012, which was refinanced in 2016 and is managed by BlueMountain Capital Management LLC (see list). We withdrew our ratings on the original class A-R, B-R,

Fender Musical Instruments Corp. Rating Lowered To 'B' On Dividend Recap; Outlook Stable; Debt Ratings Assigned

One or more of the credit ratings referenced within this article was assigned by deviating from S&P Global Ratings' published criteria. Fender Musical Instruments Corp. plans to issue a new unrated $85 million ABL revolver due in 2023 and a new $225 million senior secured term loan B due in 2025. Fender intends to use the proceeds to repay its existing debt, to pay fees and expenses, and to fund a $105 million dividend to its owners. We are lowering our issuer credit rating on Fender to 'B' from 'B+', reflecting the increase in leverage as a result of the transaction and our belief that Fender's financial policy may be less conservative than we previously expected. We are assigning our 'B+' issue-level and '2' recovery rating to Fender's proposed term loan. The stable outlook reflects our expectation for debt leverage in the low-7x area in 2018, improving to the low-5x area in 2019. These measures now include a put option

Outfront Media Inc. Ratings Affirmed, Outlook Remains Stable, On Modest Deleveraging Expectations

U.S.-based outdoor advertiser Outfront Media Inc.'s third quarter operating performance exceeded S&P Global Ratings' expectations, with strong local advertising growth of 8.4% and national advertising revenue growth of 0.4%. Despite the company's healthy top-line growth, we expect only modest leverage improvement to 5.3x-5.4x over the next year (from 5.5x for the 12 months ended Sept. 30, 2018) due to incremental debt financing to support growth initiatives. We are affirming all of our ratings on Outfront, including our 'BB-' issuer credit rating. The issue-level rating on the company's senior secured credit facility remains 'BB+' and the recovery rating remains '1'. The issue-level ratings on the company's senior unsecured debt remains 'BB-' and the recovery rating remains '4'. The stable outlook reflects our expectation that the company will continue to generate low- to mid-single-digit revenue growth over

Tasmania 'AA+/A-1+' Ratings Affirmed; Outlook Stable

Although we forecast Tasmania's capital expenditure to increase, we expect it to be offset by a gradually widening operating balance as a result of constrained operating expenditure growth. Australia's institutional settings as well as Tasmania's experienced management team and exceptional liquidity coverage continue to underpin the state's creditworthiness. We are affirming our 'AA+/A-1+' long- and short-term ratings on Tasmania. The outlook remains stable. RATING ACTION On Nov. 21, 2018, S&P Global Ratings affirmed its 'AA+/A-1+' ratings on the Australian State of Tasmania. The outlook on the long-term rating remains stable. OUTLOOK The stable outlook reflects our expectation that Tasmania's strong operating position will offset its larger capital program spend. We expect the state's debt levels to remain unchanged. Downside scenario Downward pressure could occur from a relaxation of the state's spending restraint. W