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Showing posts from July 7, 2019

AI Credit Rating 8-K - Vista Outdoor Inc. (0001616318) (Filer) Score: 73

8-K - Vista Outdoor Inc. (0001616318) (Filer) AI credit rating value 73 Beta DRL value REG 20 Rational Demand Factor LD 3326.8745999999996 AI check at Mon Jul 08 2019 12:57:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+7) Anomaly Beta Code: 3892 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

PT ANTAM Tbk. Rating Raised To 'B' From 'B-' On Improving Leverage; Outlook Positive

We expect PT Aneka Tambang Tbk. (ANTAM) to continue to expand its operations and execute on its downstream projects, reducing leverage and maintaining sufficient liquidity We believe the Indonesia-based metals and mining company will be able to maintain improved credit metrics with a debt to EBITDA ratio of below 3.5x On July 8, 2019, S&P Global Ratings revised the long-term issuer rating on ANTAM to 'B' from 'B-' The positive outlook reflects our view that ANTAM will continue to increase ore sales and ferronickel capacity, while directing cash flows to downstream projects and dividends SINGAPORE (S&P Global Ratings) July 8, 2019--The rating upgrade on ANTAM reflects the company's execution on its operational targets and downstream projects, which have led to increased cash flows. We believe this will lead to the EBITDA to interest coverage ratio remaining above 3x and do not expect liquidity to constrain the company in the next 12 months. However, we

Sunshine 100 China Holdings 'CCC+' Rating Affirmed With Negative Outlook Despite Project Sales And Notes Issuance

We expect Sunshine 100 China Holdings Ltd. to use part of the RMB6 billion proceeds from its two project sales to repay debt. This will enhance the China-based developer's debt servicing ability and liquidity in the short term. However, Sunshine's capital structure remains unsustainable in the long term, in our view, given the company's high reliance on non-bank financing with large short-term maturities. On July 8, 2019, S&P Global Ratings affirmed its 'CCC+' long-term issuer credit rating on Sunshine. The negative outlook reflects our expectation that Sunshine's liquidity may weaken over the next 12 months despite the project disposals, given the company's large short-term debt maturities and low cash level. HONG KONG (S&P Global Ratings) July 8, 2019--S&P Global Ratings today took the rating actions listed above. We affirmed the rating because we expect Sunshine's recent project sales to ease the company's tight liquidity positi

AI Credit Rating SC TO-T/A - CIRCOR INTERNATIONAL INC (0001091883) (Subject) Score: 75

SC TO-T/A - CIRCOR INTERNATIONAL INC (0001091883) (Subject) AI credit rating value 75 Beta DRL value REG 25 Rational Demand Factor LD 3326.8745999999996 AI check at Mon Jul 08 2019 12:47:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+7) Speculation Beta Code: 1129 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 10-Q - AZZ INC (0000008947) (Filer) Score: 72

10-Q - AZZ INC (0000008947) (Filer) AI credit rating value 72 Beta DRL value REG 15 Rational Demand Factor LD 3326.8745999999996 AI check at Mon Jul 08 2019 12:37:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+1) OCL Beta Code: 1287 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 10-Q - Lexaria Bioscience Corp. (0001348362) (Filer) Score: 72

10-Q - Lexaria Bioscience Corp. (0001348362) (Filer) AI credit rating value 72 Beta DRL value REG 40 Rational Demand Factor LD 3326.8745999999996 AI check at Mon Jul 08 2019 12:27:30 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+7) Sustainability Factor Code: 4411 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 10-Q - GREENKRAFT, INC. (0001398529) (Filer) Score: 74

10-Q - GREENKRAFT, INC. (0001398529) (Filer) AI credit rating value 74 Beta DRL value REG 36 Rational Demand Factor LD 3326.8745999999996 AI check at Mon Jul 08 2019 12:17:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+30) Expectation Beta Code: 2569 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 6-K - ICICI BANK LTD (0001103838) (Filer) Score: 76

6-K - ICICI BANK LTD (0001103838) (Filer) AI credit rating value 76 Beta DRL value REG 23 Rational Demand Factor LD 3326.8745999999996 AI check at Mon Jul 08 2019 12:07:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+30) Rating Beta Code: 2437 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Return on Revenue, EBITDA Margin, Debt-To-Income Ratio, Price-to-Earnings Ratio, PEG Ratio, Price-to-Sales Ratio, Dividend Payout Ratio, Return on Assets, Current Ratio, Debt to Equity Ratio, Asset Turnover Ratio, Annual Reports, Analyst Estimates Rating, Earnings, Stock Data, Risk and Credit Reports, Search Volume Trends and Price Forecast Data. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

China Overseas Land and Investment Ltd.'s Proposed MTN Program Assigned 'BBB+' Rating

HONG KONG (S&P Global Ratings) July 8, 2019—S&P Global Ratings today assigned its 'BBB+' long-term issue rating to the proposed US$2.5 billion medium-term note (MTN) program of China Overseas Finance (Cayman) VIII Ltd. The program is unconditionally and irrevocably guaranteed by China Overseas Land & Investment Ltd. (COLI; BBB+/Stable/--). We equalize the issue rating with the issuer credit rating on COLI because we do not see significant subordination risk in the company's capital structure. As of Dec. 31, 2018, the company's capital structure consists of about Hong Kong dollar (HK$) 95.5 billion in unsecured debt at subsidiaries. COLI has about HK$208 billion in total reported debt. As such, the company's priority debt ratio is below 50%. The proposed issuance size against COLI's total debt level would have a minimal impact on leverage. That said, we expect COLI's credit profile to remain stable, with the debt-to-EBITDA ratio hovering arou

China Mengniu Dairy Co. Ltd.'s Proposed U.S. Dollar Senior Unsecured Notes Assigned 'BBB+' Rating

HONG KONG (S&P Global Ratings) July 8, 2019--S&P Global Ratings today assigned its 'BBB+' long-term issue rating to the U.S. dollar-denominated senior unsecured notes that China Mengniu Dairy Co. Ltd. (Mengniu: BBB+/Stable/--) proposes to issue. The rating on the notes is subject to our review of the final issuance documentation. Mengniu plans to use the net proceeds from the notes issuance to refinance part of its outstanding debt. We rate the notes the same as the long-term issuer credit rating on Mengniu because we see limited subordination risk, given Mengniu's low debt leverage. As of Dec. 31, 2018, Mengniu's capital structure consists of Chinese renminbi (RMB) 9.3 billion in unsecured debt at the parent level, about RMB1.1 billion in secured debt, and RMB4.3 billion in unsecured debt at operating subsidiaries. The stable outlook on Mengniu reflects our view that the company will generate healthy and positive operating cash flows and maintain low debt

BAIC Motor Corp. Ltd. Assigned 'BBB+' Rating; Outlook Stable

We view BAIC Motor Corp. Ltd. (BAIC) as highly integrated with Beijing Automotive Group Co. Ltd. (BAG) in terms of strategy and operations, and therefore assess BAIC as a core subsidiary of BAG, equalizing the ratings on both entities. Despite the challenging operating conditions and slowing demand in China's auto market, we expect BAIC to sustain its competitive market standing and net cash position over the next 24 months, primarily supported by the robust performance of Beijing Benz. We are assigning our 'BBB+' long-term issuer credit rating to the China-based automaker. The stable outlook on BAIC reflects our view that BAG and BAIC's operational and financial performances will remain steady over the next one to two years. We also expect BAIC to maintain a stable alliance with its global automakers during the period. HONG KONG (S&P Global Ratings) July 8, 2019--S&P Global Ratings today assigned its 'BBB+' long-term issuer credit rating to China

Dr. Peng Telecom & Media Group Co. Ltd. 'B-' Rating Withdrawn At The Company's Request

HONG KONG (S&P Global Ratings) July 8, 2019--S&P Global Ratings today withdrew its 'B-' long-term issuer credit rating on Dr. Peng Telecom & Media Group Co. Ltd. at the company's request. The outlook was negative at the time of the withdrawal. We also withdrew our 'B-' long-term issue rating on the company's guaranteed senior unsecured debt. Our ratings on Dr. Peng reflected the company's rising liquidity pressure due to its limited progress in refinancing and its significant debt maturities in the first half of 2020. Dr. Peng has about Chinese renminbi (RMB) 5.6 billion in debt maturities due by June 30, 2020. This includes about US$410 million offshore in bonds and two domestic puttable bonds totaling RMB2.0 billion exercisable in April 2020 and June 2020. This contrasts with its unrestricted cash balance of RMB1.7 billion as of March 31, 2019. The negative outlook at the time of the withdrawal reflected our expectation that Dr. Peng's

China Overseas Land & Investment Ltd.'s Proposed MTN Drawdown Assigned 'BBB+' Rating

HONG KONG (S&P Global Ratings) July 8, 2019--S&P Global Ratings today assigned its 'BBB+' long-term issue rating to the proposed drawdown of senior unsecured notes by China Overseas Finance (Cayman) VIII Ltd. under its US$2.5 billion medium-term notes (MTN) program. The issue rating is subject to our review of the final issuance documentation. China Overseas Land & Investment Ltd. (COLI; BBB+/Stable/--) unconditionally and irrevocably guarantees the notes. We equalize the issue rating with the issuer credit rating on COLI because we do not see significant subordination risk in the company's capital structure. The issuer intends to use the proceeds for refinancing.

POSCO's Proposed U.S. Dollar Senior Unsecured Notes Rated 'BBB+'

HONG KONG (S&P Global Ratings) July 8, 2019--S&P Global Ratings today assigned its 'BBB+' long-term issue rating to the U.S. dollar-denominated senior unsecured notes that POSCO (BBB+/Positive/--) issued. The company plans to use the proceeds to fund green projects, which could involve electric vehicle (EV) battery components and other renewable energy sources. The rating on the notes is subject to our review of the final issuance documentation. Despite a significant amount of priority debt in POSCO's capital structure, we rate the senior unsecured debt the same as our long-term issuer credit rating on POSCO. This is because we believe the risk of subordination is mitigated by a significant proportion of consolidated earnings and cash flow that the issuer directly generates. POSCO directly generated 69% of its consolidated operating profit in 2018. As of March 31, 2019, POSCO's capital structure consists of about Korean won (KRW) 4.3 trillion of unsecured bon

U.K.-Based Oil And Gas Company Ithaca Energy Assigned Preliminary 'B+' Rating; Outlook Stable

In late May 2019, Ithaca Energy announced the acquisition of some of Chevron's North Sea oil and gas assets, a transaction that will increase its production by about 4x, to 80,000 barrels of oil equivalent per day. Ithaca will finance the transaction with a new capital structure including $1.65 billion of reserve-based lending (RBL) facility; a proposed $700 million bond; and funds from its parent, Delek Group. We are assigning a 'B+' preliminary issuer credit rating to Ithaca and a 'B' preliminary issue rating to the proposed $700 million senior unsecured notes. The stable outlook mirrors that on Delek Group Ltd., as the rating on Ithaca is capped by our view of Delek Group's creditworthiness. LONDON (S&P Global Ratings) July 8, 2019--S&P Global Ratings today took the rating actions mentioned above. We base our 'B+' preliminary rating on Ithaca on the proposed capital structure, which implies significant financial risk, and on our view

Beijing Infrastructure Investment (Hong Kong) Ltd.'s Guaranteed Notes Assigned 'A' Rating

HONG KONG (S&P Global Ratings) July 8, 2019--S&P Global Ratings today assigned its 'A' long-term issue rating to the proposed U.S.-dollar-denominated senior unsecured notes unconditionally and irrevocably guaranteed by Beijing Infrastructure Investment (Hong Kong) Ltd. (BII HK; A/Stable/--). BII HK's special-purpose vehicle, Eastern Creation II Investment Holdings Ltd., will issue the notes. The issue rating is subject to our review of the final issuance documentation. The proposed issuance will draw down from BII HK's US$6 billion medium-term note (MTN) program. The company's ultimate parent, Beijing Infrastructure Investment Co. Ltd. (BII; A+/Stable/--) will support the issuance under the "keepwell" and the equity interest purchase undertaking arrangements. The MTN program also allows some issuances to be directly guaranteed by BII, the sole metro investment and operation platform of the Beijing municipal government. The issue rating is the

Fluidra Affirmed At 'BB' Following Private Equity Shareholder's Stake Reduction; Outlook Stable

Private-equity shareholder Rhône Capital sold a 4% stake in Fluidra, reducing its ownership into the Spain-based pool equipment manufacturer to about 38%. This strengthens our view that the group will continue to pursue a disciplined financial policy of reducing adjusted debt to EBITDA (leverage) to below 4x in 2019 and to 3.0x-3.5x in 2020. We are affirming our 'BB' ratings on Fluidra and its mixed-currency first-lien term loan that is equivalent to €850 million. The stable outlook is based on our view that the group will gradually complete its integration between Fluidra and Zodiac and benefit from strong global market position supporting an S%P Global Adjusted EBITDA Margin in the range of 16%-17% over 2019-2020. MILAN (S&P Global Ratings) July 8, 2019--S&P Global Ratings today took the rating actions listed above. We have affirmed our rating following the announcement on June 26, 2019, that Fluidra's main shareholder, U.S. private equity firm Rhône Capita