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Greece-Based Aegean Baltic Bank S.A. Rated 'B/B', Outlook Stable

Our view of Aegean Baltic Bank's (ABB's) creditworthiness primarily reflects the high economic risks it faces, its business concentration in the shipping segment, and its lack of critical mass compared with domestic and international peers'. At the same time, we believe ABB benefits from its strong, high-quality capitalization and the management team's quality and experience. We are assigning our 'B/B' ratings to ABB. The stable outlook reflects our belief that ABB will be able to preserve its current credit strengths over the next 12-18 months, namely its sound capitalization, while pursuing its strategy to increase lending to businesses in Greece. PARIS (S&P Global Ratings) March 1, 2019--S&P Global Ratings said today that it had assigned its 'B' long-term and 'B' short-term issuer credit ratings to Greece-based Aegean Baltic Bank (ABB). The outlook is stable. The ratings reflect our view of the balance of high syste

Bharti Airtel ‘BBB-’ Rating Affirmed On Equity Infusion Plans; Outlook Remains Negative

Bharti Airtel Ltd.'s deleveraging through a proposed rights issuance of Indian rupee (INR) 250 billion will restore its leverage to a level that is consistent with our 'BBB-' rating, albeit with limited financial headroom. We expect Bharti's reported debt to reduce by 20%-25%, strengthening its leverage (funds from operations [FFO] to debt) above our downgrade trigger of 20% over the next three to six months. We believe the emerging signs of stability in the company's India mobile revenues and moderation in capital spending should support its leverage over the next 12-24 months. On March 1, 2019, we affirmed both our 'BBB-' issuer credit rating on Bharti and our 'BBB-' issue rating on the company's senior unsecured notes. Our outlook remains negative to capture the risk of renewed competition and elevated capital spending by Indian telecommunications companies including Bharti, which may push its leverage higher. SINGAPORE (S&a

Bahia De Las Isletas Outlook Maintained At Positive On Expected Improvement In Credit Metrics; 'B+' Rating Affirmed

Spain-based ferry operator Bahia de las Isletas (Bahia) will start realizing synergies from its acquisition of Trasmediterranea S.A., which completed with a delay of several months, and will incur large capital investments (capex) to meet more stringent environmental regulation, constraining cash flows. However, we continue to believe that Bahia has the capacity to improve its currently weak credit measures if it achieves acquisition-related synergies, restores profitability, and applies excess cash flow toward debt reduction. Consequently, we are maintaining our positive outlook on Bahia and affirming our 'B+' issuer credit rating on Bahia and its core subsidiary Naviera Armas (Naviera). We are also affirming our 'BB-' issue ratings on the €300 million and €282 million senior secured notes due in 2023 and 2024, respectively, issued by Naviera. The positive outlook reflects our view that we could upgrade Bahia to 'BB-' if it effectively integrat

Iowa Fertilizer Co. Debt Rating Raised To 'B+' On Operational Performance; Outlook Revised To Positive

Iowa Fertilizer Co. (IFCo), a nitrogen fertilizer facility located in the middle of the U.S. Corn Belt, demonstrated its ability to run at full production in 2018, its second year of commercial operations. S&P Global Ratings raised its debt ratings on IFCo's senior secured tax-exempt bonds to 'B+' from 'B'. The '1' recovery rating is unchanged. We think the improvements of U.S. nitrogen fertilizer prices in the second half of 2018 will likely be sustained over the next 12 months, and after the debt exchange in early 2018, senior debt service will be low through the end of 2022. The positive outlook reflects our expectation that IFCo will continue to deliver favorable results and has the potential to exceed our expectations. We forecast a debt service coverage ratio (DSCR) of about 1.8x in 2019. NEW YORK (S&P Global Ratings) Feb. 28, 2019—S&P Global Ratings today took the rating actions listed above. The nitrogen fertilizer facil

St. Francis College, NY Revenue Debt Rating Lowered To 'BBB+' On Weakened Operations And Enrollment

SAN FRANCISCO (S&P Global Ratings) Feb. 28, 2019-- S&P Global Ratings lowered its long-term rating to 'BBB+' from 'A-' on the New York State Dormitory Authority's revenue debt, issued for St. Francis College (SFC). The outlook is stable. "The rating downgrade reflects our opinion of the weakened operating performance, characterized by widening operating deficits since fiscal 2016, extraordinary endowment draws in fiscal 2018 to support operations, and the expectation for such draws to continue in the next few years," said S&P Global Ratings credit analyst Ying Huang. "The rating also reflects our opinion of SFC's enrollment pressures, with weakened selectivity and applications as well as its increasing tuition discount rate in fall 2018," Ms. Huang continued. We understand that management is adjusting its financial aid and marketing strategy and expanding its geographical reach and programmatic offerings in an effort

Virginia Public Building Authority 2019A And B Bonds Rated 'AA+'; Outlook Stable; Virginia 'AAA' GO Debt Rating Affirmed

NEW YORK (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings has assigned its 'AA+' long-term rating to the Virginia Public Building Authority's (VPBA) series 2019A public facilities revenue bonds, 2019B public facilities revenue bonds (alternative minimum tax), and 2019C public facilities revenue bonds (taxable), supported by the Commonwealth of Virginia. The ratings reflect the application of "Issue Credit Ratings Linked To U.S. Public Finance Obligors’ Creditworthiness" criteria S&P Global Ratings also affirmed its 'AAA' rating on the commonwealth's general obligation (GO) debt outstanding, its 'AA+' rating on its appropriation-backed debt, and its 'AA' rating on its moral obligation debt. At the same time, S&P Global Ratings affirmed its 'AA+' rating on the Virginia College Building Authority's educational facilities bonds that move in tandem with the state GO rating based on application of

The School District of Columbia, MO GO Improvement Bonds Assigned 'AA' Rating

CENTENNIAL (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings assigned its 'AA' long-term rating to The School District of Columbia, Mo.'s series 2019 general obligation (GO) improvement bonds. The outlook is stable. Proceeds will be used to acquire, construct, improve, repair, remodel, renovate, furnish, and equip new and existing school facilities. "The rating reflects our view of the district's participation in the broad and diverse Columbia metropolitan statistical area, strong finances, and good financial management policies and practices," said S&P Global Ratings credit analyst Katelyn Kerley. The stable outlook reflects our expectation that the district will maintain stable operations and strong reserves for the foreseeable future.

Zhenro Properties Group Ltd.'s Proposed U.S. Dollar Senior Notes Assigned 'B-' Rating

HONG KONG (S&P Global Ratings) March 1, 2019--S&P Global Ratings today assigned its 'B-' long-term issue rating to a proposed issue of U.S. dollar-denominated senior notes by Zhenro Properties Group Ltd. (B/Stable/--). The China-based developer intends to use the net proceeds to refinance its existing debts. The rating is subject to our review of the final issuance documentation. We rate the proposed senior notes one notch below the issuer credit rating on Zhenro to reflect structural subordination risk. As of June 2018, Zhenro's capital structure consists of Chinese renminbi (RMB) 38.3 billion in secured debt, as well as RMB14.1 billion in unsecured debt. As such, the priority debt ratio of Zhenro is around 73%, which is significantly above our notching-down threshold of 50%. The issuance may slightly improve Zhenro's capital structure as the company intends to use the proceeds to refinance existing debts. In February 2019, the company completed

Mizuho Bank Europe N.V. Assigned 'A/A-1' Ratings; Outlook Positive

We regard Mizuho Bank Europe as a core subsidiary of Mizuho Financial Group because we view it as an integral unit of parent Mizuho Bank, providing banking services in Europe under an authorization covering the single market. We are assigning our 'A' long-term and 'A-1' short-term issuer credit ratings to Mizuho Bank Europe. The ratings are equal to those on Mizuho Bank, reflecting our view that it is likely to receive extraordinary support from the group under all circumstances when needed. The positive outlook reflects that on Mizuho Bank and other core subsidiaries of Mizuho group. TOKYO (S&P Global Ratings) March 1, 2019--S&P Global Ratings today said it has assigned its 'A' long-term and 'A-1' short-term issuer credit ratings to Mizuho Bank Europe N.V. (MBE), a wholly owned subsidiary of Japan-based Mizuho Bank Ltd. (A/Positive/A-1), which is the core operating bank of Mizuho Financial Group Inc. (Mizuho group). The outlook o

MIE Holdings Corp. Downgraded To 'CC' On Distressed Exchange; Outlook Remains Negative

MIE has announced an exchange offer for its senior unsecured notes due April 2019 that we consider tantamount to a default after completion. On March 1, 2019, S&P Global Ratings lowered its long-term issuer credit rating on MIE to 'CC' from 'CCC-'. We also lowered our long-term issue rating on MIE's outstanding senior unsecured notes due 2019 to 'C' from 'CC'. The negative outlook reflects the likelihood that we will lower our rating on MIE to 'SD' (selective default) and our issue rating on the notes to 'D' (default) when the distressed exchange is complete. HONG KONG (S&P Global Ratings) March 1, 2019--S&P Global Ratings said today that it has taken the rating actions listed above. We lowered the ratings because we view the proposed transaction as a distressed exchange since investors will receive significantly less than what they were promised for the original securities on the maturity date. Under the

AMP Ltd. And Subsidiaries Downgraded, Placed On CreditWatch Negative As Divestment Of Life Insurance Business Advances

We consider that the legal separation of AMP Life from the AMP group is now more certain and on track to be completed by the end of the third quarter of 2019. We are lowering our ratings on AMP Ltd., its subsidiaries, and associated debt issues and placing the ratings on CreditWatch with negative implications. We expect AMP group's creditworthiness after the sale of its life insurance business to be one or more notches weaker as its asset management, wealth management, and banking businesses will drive its financial and risk profile. The ratings on AMP Life will continue to be driven by its stand-alone credit profile before and after the sale and be influenced by linkages with its new parent, Resolution Life (unrated). We intend to resolve the CreditWatch on the group following further review of the credit strength of the remaining asset and wealth management and banking businesses. We intend to resolve the CreditWatch on AMP Life on greater clarity of the extent o

AMP Bank Downgraded To 'A-/A-2', Placed On CreditWatch Negative As Divestment Of Group Life Insurance Business Advances

With the divestment of AMP group's life insurance business advancing, we believe that the less creditworthy asset management, wealth management, and banking businesses will drive the group's financial and risk profile. Consequently, we consider that the creditworthiness of the smaller and less diversified AMP group has weakened and could further moderate following the divestment. We see these pressures also translating through to AMP Bank. We are lowering our long-term and short-term issuer credit ratings on AMP Bank to 'A-' from 'A' and to 'A-2' from 'A-1', respectively. We are also placing the long-term issuer credit rating on AMP Bank on CreditWatch with negative implications. These rating actions are in line with those we announced on the broader group entities earlier today. SYDNEY (S&P Global Ratings) March 1, 2019--S&P Global Ratings today said it has lowered its long-term issuer credit rating on AMP Bank Ltd. to &#

Tara Community Development District No.1, FL Bond Rating Lowered To 'A-' On Updated Methodology

CENTENNIAL (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings lowered its long-term rating on Tara Community Development District No.1, Fla.'s series 2012A-1 capital improvement revenue refunding special-assessment bonds to 'A-' from 'A'. The outlook is stable. The one-notch downgrade reflects the application of our updated methodology " Special Assessment Debt," published April 2, 2018 on RatingsDirect. Additionally supporting the downgrade is the district's large exposure to its top assessment payer, a golf course, which we believe adds additional credit risk. "The stable outlook reflects our expectation that the local economy and real estate market will remain stable," said S&P Global Ratings credit analyst Chase Ashworth. "Further supporting the rating is the district's mature development status, very strong value-to-lien ratios, and sufficient liquidity to cover the permanent loss of assessments levi

Two Ratings Affirmed On CARS MTI-1 L.P. Series 2016-1 From CARS MTI Master Trust

CARS MTI-1 L.P./CARS MTI-2 LLC/CARS MTI-3 LLC/CARS MTI-4 L.P./CARS MTI-5 L.P./CARS MTI-6 L.P./CARS MTI-7 LLC's series 2016-1 issuance is backed by 41 commercial real estate properties (primarily automobile dealerships), including related rents due under triple-net leases with tenants of the properties. We affirmed our ratings for the class A and B notes. The affirmations reflect our view of the transaction's performance, credit enhancement and projected cash flows, among other factors. NEW YORK (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings today affirmed its ratings on two classes of net-lease mortgage notes from the series 2016-1 securitization issued from CARS MTI Master Trust, comprising CARS MTI-1 L.P./CA RS MTI-2 LLC/CARS MTI-3 LLC/CARS MTI-4 L.P./CARS MTI-5 L.P./CARS MTI-6 L.P./CARS MTI-7 LLC (see list). The note issuance is backed by 41 commercial real estate properties (primarily automobile dealerships), including related rents due un

New Jersey Higher Education Student Assistance Authority Series 2009-A Ratings Raised And Removed From Watch Positive

We raised our ratings on the bonds issued from New Jersey Higher Education Student Assistance Authority's series 2009-A, which are backed by a pool of private student loan collateral, and removed them from CreditWatch positive. The upgrade reflects our view that the available credit enhancement is sufficient to support the higher ratings. NEW YORK (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings today raised its ratings on 10 classes of bonds from New Jersey Higher Education Student Assistance Authority's series 2009-A, an asset-backed securities transaction backed by a pool of private student loan collateral. At the same time, we removed the ratings from CreditWatch positive, where we placed them on July 26, 2018 (see "Ratings On New Jersey Higher Education Student Assistance Authority 2009 Series A Bonds Placed On CreditWatch Positive," published on July 26, 2018) (see list). We considered the transaction's collateral performance,

Alabama Public Housing Finance Corp.-B Series 2003-B Bond Ratings Reinstated

NEW YORK (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings corrected by reinstating its 'AA' long-term rating and 'A' underlying rating (SPUR) on Alabama Public Housing Finance Corp.-B's series 2003-B capital program revenue bonds. The outlook is stable. A bond insurance policy from Assured Guaranty Municipal Corp. (AA/Stable) enhances these bonds. On Feb. 8, 2019, these bonds were inadvertently marked as fully redeemed and withdrawn due to an administrative error.

National Bank of Canada's C$500 Million Senior Resolution Notes Rated 'BBB+'

TORONTO (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings today said it assigned its 'BBB+' issue-level rating to National Bank of Canada's (A/Stable/A-1) C$500 million five-year, fixed-rate senior resolution notes. We understand the structure and its provisions meet regulatory requirements for inclusion in National Bank's total loss-absorbing capacity (TLAC). The issue also meets our criteria for inclusion in our own measure of additional loss-absorbing capacity (ALAC), as we expect any future redemption would be, effectively, subject to regulatory approval. Our approach to rating National Bank's senior resolution notes is consistent with our approach to rating senior subordinated notes being issued by peer banks in jurisdictions where we view resolution regimes as effective. This issuance comes after Canadian regulators finalized their approach to TLAC and convertible senior (bail-in) bank debt, applicable only to domestic systemically i

West Oso Independent School District, TX Unlimited-Tax GO Debt Rating Lowered To 'A' On Diminished Finances, Higher Debt

DALLAS (S&P Global Ratings) Feb. 28, 2019--S&P Global Ratings lowered its underlying rating (SPUR) and underlying rating for credit program on West Oso Independent School District, Texas' unlimited-tax general obligation (GO) debt one notch to 'A' from 'A+'. The outlook is stable. At the same time, S&P Global Ratings assigned its 'AAA' program rating and 'A' underlying rating for credit program and stable outlook to the district's series 2019 unlimited-tax GO school building bonds. The rating action reflects S&P Global Ratings' opinion of the district's diminished financial flexibility following four years of available general fund balance decreases and moderately high-to-high debt. The rating service no longer considers the combination of finances and debt commensurate with the district's 'A+' rated national peers. Due largely to intermittent capital spending, available fund balance decreased by r

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