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Showing posts from July 21, 2019

Ezdan Holding Group 'B' Rating Affirmed, Off CreditWatch Negative On Improving Operating Performance; Outlook Negative

Qatari real estate company Ezdan's operating performance has improved such that rents have stabilized in second-quarter 2019 and EBITDA interest coverage has improved to 1.3x for the rolling 12 months to June 30, 2019. The majority shareholder continued to provide liquidity support to Ezdan in second-quarter 2019, and we expect this will continue. We are therefore taking the 'B' issuer credit rating off CreditWatch negative and affirming it. We are also taking the 'B-' issue rating on Ezdan's sukuk instruments off CreditWatch negative and affirming it. The negative outlook reflects the risk of downgrade over the next three-to-12 months if Ezdan is unable to secure waivers to the covenant breaches, if operating performance is weaker than anticipated, or if we believe that shareholder support is not forthcoming. DUBAI (S&P Global Ratings) July 22, 2019--S&P Global Ratings today took the rating actions listed above. We affirmed the rating because Ez

AI Credit Rating 8-K - ENPRO INDUSTRIES, INC (0001164863) (Filer) Score: 76

8-K - ENPRO INDUSTRIES, INC (0001164863) (Filer) AI credit rating value 76 Beta DRL value REG 34 Rational Demand Factor LD 3322.4939999999997 AI check at Mon Jul 22 2019 12:57:30 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+7) Trend Factor Code: 3513 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 8-K - CRANE CO /DE/ (0000025445) (Filer) Score: 76

8-K - CRANE CO /DE/ (0000025445) (Filer) AI credit rating value 76 Beta DRL value REG 42 Rational Demand Factor LD 3322.4939999999997 AI check at Mon Jul 22 2019 12:47:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+7) Expectation Beta Code: 4303 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 FWP - Livongo Health, Inc. (0001639225) (Subject) Score: 75

FWP - Livongo Health, Inc. (0001639225) (Subject) AI credit rating value 75 Beta DRL value REG 18 Rational Demand Factor LD 3322.4939999999997 AI check at Mon Jul 22 2019 12:37:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+30) Demand Factor Code: 4615 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 - BT GROUP PLC (0000756620) (Filer) Score: 76

6-K - BT GROUP PLC (0000756620) (Filer) AI credit rating value 76 Beta DRL value REG 37 Rational Demand Factor LD 3322.4939999999997 AI check at Mon Jul 22 2019 12:27:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+1) Demand Factor Code: 2101 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 - CHINA UNICOM (HONG KONG) Ltd (0001113866) (Filer) Score: 77

6-K - CHINA UNICOM (HONG KONG) Ltd (0001113866) (Filer) AI credit rating value 77 Beta DRL value REG 37 Rational Demand Factor LD 3322.4939999999997 AI check at Mon Jul 22 2019 12:17:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+7) EMR Factor Code: 3113 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 SC TO-C - DAVITA INC. (0000927066) (Subject) Score: 75

SC TO-C - DAVITA INC. (0000927066) (Subject) AI credit rating value 75 Beta DRL value REG 31 Rational Demand Factor LD 3322.4939999999997 AI check at Mon Jul 22 2019 12:07:31 GMT+0200 (EET) by AC Investment Inc. AI Terminal Reason: (n+30) Anomaly Beta Code: 4298 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.

Beauty Product Manufacturer And Direct Seller Walnut Bidco (Oriflame) Assigned Preliminary 'B+' Rating; Outlook Stable

In July 2019, the Swedish founding family of Oriflame, af Jochnick, and closely related parties will buy out the group through its holding, Walnut Bidco, after other shareholders representing 66.5% of shares accepted a bid that will take the company private. The offer is supported by €291 million of new cash equity, €368 million of roll-over equity, and the proposed issuance of €775 million equivalent senior secured notes due 2024, as well as a draw-down of €17 million on the new priority revolving credit facility of €100 million. Although Oriflame is narrowly focused on the direct-selling channel, exposed to evolving regulatory frameworks in emerging markets, we view positively its established presence in more than 60 countries and generation of recurring strong free operating cash flow. We are assigning a preliminary 'B+' issuer credit rating to Walnut Bidco, and a preliminary 'B+' issue rating to the proposed €775 million equivalent notes due 2024. The stable out

Commercial Property Company Vivion Investments Rated 'BB (Prelim)'; Outlook Stable; Proposed Notes Rated 'BB+ (Prelim)'

Vivion Investments Sarl (Vivion) is a private property company with a portfolio composed of hotels across the U.K. and commercial real estate in Germany. As of March 31, 2019, Vivion's pro forma portfolio was valued at €2.9 billion. The company has announced its intention to issue an inaugural unsecured bond, which will be used to repay existing secured indebtedness, shareholder loans and finance ongoing acquisitions. Vivion is also reorganizing the operational structure under part of its U.K. hotel portfolio, with the process being finalized in the coming weeks. We are assigning our preliminary 'BB' long-term corporate rating to Vivion and our preliminary 'BB+' issue rating to its proposed senior unsecured bond. Our preliminary recovery rating on this instrument is '2'. The stable outlook reflects our view that Vivion will likely generate stable and predictable rental income, benefiting from long-term fixed leases in its U.K. hotel portfolio and the str

DBCT Finance Pty Ltd. Issue Ratings Affirmed At 'BBB'; Outlook Stable

DBCT is now fully contracted up to its system capacity, with no contract maturities until 2023. Coal volumes shipped through the terminal have been consistent over the past five years with average shipped volumes of about 68 million tons per annum (mtpa). On July 22, 2019, S&P Global Ratings affirmed its 'BBB' issue rating on DBCT Finance Pty Ltd., the funding vehicle for DBCT. The outlook remains stable and reflects our view of the stable and predictable cash flows generated by the asset under an operating framework that insulates the project from volume and operational risks. SYDNEY (S&P Global Ratings) July 22, 2019—S&P Global Ratings said today that it took the rating action listed above. Located near Mackay in the Australian State of Queensland, Dalrymple Bay Coal Terminal (DBCT) is the third-largest, bulk-export, coal terminal in the world, handling about 20% of the world's metallurgical seaborne coal. The terminal is a critical and strategic part