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AI Credit Rating DEFA14A - O-I Glass, Inc. /DE/ (0000812074) (Filer) Score: 77

DEFA14A - O-I Glass, Inc. /DE/ (0000812074) (Filer) AI credit rating value 77 Beta DRL value REG 43 Rational Demand Factor LD 3418.6614 AI check at Wed Apr 01 2020 12:56:59 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+1) Expectation Beta Code: 2961 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

Zhenro Properties 'B' Rating Affirmed On Capital Structure Improvement; Outlook Remains Positive

We believe Zhenro Properties Group Ltd. will be able to significantly deleverage this year, after a delay due to margin compression. In our view, the China developer has significantly improved its ability to withstand financial market volatilities through debt management and optimization of capital structure. On April 1, 2020, S&P Global Ratings affirmed its 'B' long-term issuer credit rating on Zhenro and its 'B-' long-term issue rating on the company's senior unsecured notes. The outlook remains positive, reflecting our view that Zhenro will deleverage over the next 12 months, given strong sales and execution. HONG KONG (S&P Global Ratings) April 1, 2020—S&P Global Ratings today took the rating actions listed above. The positive outlook on Zhenro reflects our expectation that the company will significantly deleverage this year, after making a notable improvement in its debt capital structure. The company's more evenly distributed debt matu

AI Credit Rating 6-K - HSBC HOLDINGS PLC (0001089113) (Filer) Score: 72

6-K - HSBC HOLDINGS PLC (0001089113) (Filer) AI credit rating value 72 Beta DRL value REG 27 Rational Demand Factor LD 3418.6614 AI check at Wed Apr 01 2020 12:36:59 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+1) Expectation Factor Code: 4421 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 1-U - Fundrise East Coast Opportunistic REIT, LLC (0001660918) (Filer) Score: 78

1-U - Fundrise East Coast Opportunistic REIT, LLC (0001660918) (Filer) AI credit rating value 78 Beta DRL value REG 14 Rational Demand Factor LD 3418.6614 AI check at Wed Apr 01 2020 12:26:59 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+1) Demand Beta Code: 2591 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 6-K - SMITH & NEPHEW PLC (0000845982) (Filer) Score: 72

6-K - SMITH & NEPHEW PLC (0000845982) (Filer) AI credit rating value 72 Beta DRL value REG 25 Rational Demand Factor LD 3418.6614 AI check at Wed Apr 01 2020 12:16:59 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+30) FS Beta Code: 1096 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

AI Credit Rating 8-K - Global Net Lease, Inc. (0001526113) (Filer) Score: 73

8-K - Global Net Lease, Inc. (0001526113) (Filer) AI credit rating value 73 Beta DRL value REG 18 Rational Demand Factor LD 3418.6614 AI check at Wed Apr 01 2020 12:06:59 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Credit Rating Terminal Reason: (n+30) Expectation Factor Code: 2992 Rating AI Process rely on primary sources of information: Sec Filings, Financial Statements, Credit Ratings, Semantic Signals. Take a look at Machine Learning section for Financial Deep Reinforcement Learning.

Santander Consumo 3 Fondo de Titulizacion Spanish ABS Notes Assigned Preliminary Ratings

Ratings List Class Prelim. rating Amount (mil. €) A AA- (sf) 1,705.0 B A- (sf) 122.0 C BBB (sf) 81.0 D NR 41.0 E NR 51.0 F NR 30.0 NR--Not rated. Overview We have assigned our preliminary ratings to Santander Consumo 3, Fondo De Titulizacion's class A, B, and C notes. Santander Consumo 3 will securitize a portfolio of Spanish consumer loans that Banco Santander originated. MADRID (S&P Global Ratings) April 1, 2020--S&P Global Ratings today assigned its preliminary credit ratings to Santander Consumo 3, Fondo de Titulizacion's (Santander Consumo 3) class A, B, and C notes. At closing, Santander Consumo 3 will also issue unrated class D, E, and F notes (see list above). The transaction securitizes a portfolio of Spanish consumer loans that Banco Santander S.A. originated. The issuer will use the class A to E notes' issuance proceeds to purchase the loans, and the class F notes' issuance proceeds to fund the reserve fund. Under the transaction d

AI Credit Rating 4 - Limbach Holdings, Inc. (0001606163) (Issuer) Score: 74

4 - Limbach Holdings, Inc. (0001606163) (Issuer) AI credit rating value 74 Beta DRL value REG 18 Rational Demand Factor LD 3418.6614 AI check at Wed Apr 01 2020 11:46:59 GMT+0200 (Eastern European Standard Time) by AC Investment Inc. AI Terminal Reason: (n+30) Volume Beta Code: 2995 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.

Digital River Inc. Downgraded To 'CCC+' On Weakened Credit Measures; Outlook Stable

We expect Digital River Inc. to continue to generate negative free cash flow in the range of $15 million–$20 million over the coming year as it makes further platform investments and manages the planned attrition of non-strategic client. We are lowering our issuer credit rating on Digital River Inc. to 'CCC+' from 'B-'. We are lowering our issue-level rating on the company's first-lien term loan to 'B-' from 'B'. The recovery rating is '2'. We are also lowering our issue-level rating on the company's second-lien term loan to 'CCC' from 'CCC+'. The recovery rating is '5'. The stable outlook reflects our expectation that despite sufficient cash on hand over the near term, Digital River depends on favorable business turnaround and improving financial conditions to meet its debt obligations longer term. NEW YORK (S&P Global Ratings) March 31, 2020—S&P Global Ratings today took the rating actions listed a

Oryx Midstream Holdings LLC Rating Lowered To 'B-' From 'B' Due To Revised Price Assumptions; Outlook Negative

On March 31, 2020, S&P Global Ratings lowered its issuer credit rating on Oryx Midstream Holdings LLC to 'B-' from 'B' based on our expectation of lower adjusted EBITDA. At the same time, we lowered our issue-level rating to 'B-' from 'B'. The recovery rating is unchanged at '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. The negative outlook reflects our expectation that leverage metrics will remain elevated over the next 12 months, with debt to EBITDA of about 7.0x. We also believe that as upstream companies drastically lower capital spending, production and volumes could decline in 2021 in the Permian Basin, which could further weaken Oryx's credit metrics. TORONTO (S&P Global Ratings) March 31, 2020--S&P Global Ratings today took the rating actions listed above. The downgrade follows the downward revision of our commodity price assumptions, which we expe

Bridgeport, CT's Series 2020 A-B GO Bonds Rated 'A'

NEW YORK (S&P Global Ratings) March 31, 2020--S&P Global Ratings assigned its 'A' long-term rating and underlying rating (SPUR) to Bridgeport, Conn.'s approximately $39.6 million series 2020A (tax-exempt) and approximately $42.2 million series 2020B (tax-exempt) general obligation (GO) bonds. At the same time, we affirmed our 'A' long-term rating and SPUR on the city's GO bonds outstanding. The outlook on all ratings is stable. The city's full faith and credit pledge, payable from the levy of an unlimited-ad valorem tax on all taxable property in the city, secures the series 2020A and series 2020B bonds. We understand that officials will use proceeds from the series 2020A to finance various capital projects, including school improvements, economic development, and various other general government projects. Proceeds from the series 2020B bonds will be used to refund certain outstanding GO bonds of the city and to pay the cost of issuance

Tata Chemicals North America Inc. Ratings Placed On CreditWatch Negative As Refinancing Risk Increases

U.S.-based Tata Chemicals North America Inc. (TCNA) has postponed a previously announced refinancing. In these constrained capital markets, TCNA faces heightened refinancing risk on its upcoming revolver and August 2020 term loan maturity. Based on the risk associated with the upcoming maturities, we are placing our 'B+' issuer credit rating and 'BB' issue-level rating on CreditWatch with negative implications. We plan to resolve the CreditWatch placement as soon as TCNA refinances its capital structure or if we believe the company cannot extend maturities. The CreditWatch placement follows Tata Chemicals North America Inc.'s (TCNA's) decision to postpone refinancing its current capital structure due to unfavorable market conditions. Previously, TCNA had planned to issue a new $380 million term loan B and $25 million revolver to refinance existing debt at TCNA and Valley Holdings. The CreditWatch negative placement indicates that there is a one-in-two l

Tailwind Smith Cooper Holding Corp. Downgraded To 'B-' On Expected High Leverage; Outlook Negative; Debt Ratings Lowered

We believe demand for the company's products is likely to decline moderately--at least over the next several months--because of the economic fallout from the coronavirus pandemic. In addition, global financial conditions have deteriorated substantially. As a result, we are lowering our issuer credit on U.S.-based piping-system component manufacturer Tailwind Smith Cooper Holdings Corp. to 'B-' from 'B' and assigning a negative outlook. At the same time, we are lowering our issue-level ratings on the company's first-lien term loan to 'B-' from 'B' and on its second-lien term loan to 'CCC' from 'CCC+'. The negative outlook reflects the potential for a lower rating over the next few quarters if sales and EBITDA decline significantly, most likely due to an adverse economic impact from the pandemic and the oil price war, resulting in negative free cash flow and an unsustainable capital structure. NEW YORK (S&P Global Ratings

Banco Latinoamericano de Comercio Exterior S.A. 'BBB/A-2' Ratings Affirmed; Outlook Still Negative On COVID-19 Impacts

The ratings on Panamanian bank Bladex continue to reflect its strong capitalization levels and its solid risk management. We expect these elements will help the bank navigate through the COVID-19 pandemic and oil price shocks. However, global risks are firmly to the downside, so we will keep monitoring potential threats to the bank's capital and liquidity. Our downgrade of Mexico on March 26 and the resulting worsening economic risks, per our Banking Industry Country Risk Assessment (BICRA), didn't immediately affect our ratings on Bladex. Since 2019, Bladex has been fully rebalancing its business book by reducing its exposure to higher risk countries and increasing its participation in lower risk countries, which lowered pressures stemming from its exposure to Mexico, its third largest market in 2019. We're affirming our 'BBB/A-2' issuer credit ratings on Bladex and our 'BBB' debt ratings on its senior unsecured obligations. We are also affirming the 

Telstra Corp. Ltd. Positioned To Withstand COVID-19 Downturn; 'A-/A-2' Ratings Affirmed With Stable Outlook

We believe that Telstra Corp. Ltd.'s earnings quality provides it with a high degree of resilience amid the COVID-19 market disruption and resulting recessionary environment. Furthermore, supportive financial settings underpin the ratings, including a commitment to a credit rating in the 'A' category and conservative leverage targets. On April 1, 2020, S&P Global Ratings affirmed the 'A-/A-2' issuer credit ratings on Telstra and the associated issue ratings on the company's debt. The outlook remains stable and reflects the company's dominant mobile network infrastructure and our expectation that the group will adhere to its stated financial settings. MELBOURNE (S&P Global Ratings) April 1, 2020—S&P Global Ratings today took the rating actions listed above. We affirmed the ratings on Telstra to reflect our view that the company's earnings quality will provide it with a high degree of resilience amid market disruption and a resulting r

Securitised Australian Mortgage Trust 2008-2 Class A Notes Rating Affirmed

MELBOURNE (S&P Global Ratings) April 1, 2020--S&P Global Ratings today affirmed its rating on the class A residential mortgage-backed securities (RMBS) issued by Perpetual Trustee Co. Ltd. as trustee for Securitised Australian Mortgage Trust 2008-2. The rating affirmation follows the acquisition of approximately A$882 million of residential mortgage assets into Securitised Australian Mortgage Trust 2008-2, which will be funded by further note issuance. This takes the total amount of class A notes to A$1.29 billion. Through the top-up mechanism in the transaction documents, the trustee can issue new notes to fund the acquisition of additional loans into the trust. In addition to the top-up, amendments were made to the transaction documents, including an extension to the substitution period for a further 10 years, to the payment date in April 2030. The final maturity date also has been extended, to the 32nd anniversary of the last day of the substitution period. The

Chongqing Nan'an Urban Construction Outlook Revised To Negative; 'BBB' Ratings Affirmed

We believe Nan'an district in Chongqing, China, will encounter more uncertainties in fiscal revenue from land sales given the COVID-19 outbreak, combined with the district's high capital spending. On April 1, 2020, S&P Global Ratings revised its outlook on Chongqing Nan'an Urban Construction & Development (Group) Co. Ltd. (CQNA) to negative from stable. At the same time, we affirmed the 'BBB' long-term issuer credit rating on CQNA and 'BBB' issue rating on the company's U.S. dollar-denominated senior unsecured bonds. We expect Nan'an district's long-term growth prospects to remain strong and its liquidity continues to be exceptional. We continue to view CQNA as a critical funding and policy platform for the Nan'an government. The negative outlook on CQNA reflects our view on the weakening credit profile of the Nan'an government. HONG KONG (S&P Global Ratings) April 1, 2020—S&P Global Ratings today took the ratings a

IFC Development's Guaranteed Senior Unsecured Notes Assigned 'A' Rating

HONG KONG (S&P Global Ratings) April 1, 2020--S&P Global Ratings today assigned its 'A' long-term issue rating to the Hong Kong dollar-denominated senior unsecured notes that IFC Development (Corp. Treasury) Ltd. will issue. The notes are guaranteed by IFC Development Ltd. (IFC; A/Stable/--). IFC will use the net proceeds mainly to refinance existing borrowings. We rate the notes the same as the issuer credit rating on IFC, given that we do not view the company's capital structure as having any structural or contractual subordination risks. As of June 30, 2019, IFC's capital structure consisted of about HK$17.3 billion of unsecured debt and no secured debt, therefore not leaving senior unsecured debtholders at a disadvantage. We expect IFC's leverage to weaken amid headwinds in Hong Kong's retail and tourism markets. In our base case, the company's ratio of funds from operations (FFO) to debt will substantially decline to 15%-17% in the fiscal y

Outlook On Spanish Telecom Operator Telefonica Revised To Negative On Muted Prospects For Leverage Reduction

Spanish incumbent telecom operator Telefonica S.A.'s adjusted leverage increased in 2019, contrasting with our expectation for improving credit metrics helped by asset disposals and one-off tax refunds. Market conditions in Spain and some other markets, as well as currency-related stress in its Latin American operations, could make it challenging for the company to reduce adjusted leverage through organic EBITDA growth and discretionary cash flow (DCF) in the near-term. S&P Global Ratings is revising the outlook on Telefonica to negative from stable and affirming our 'BBB' long-term issuer credit rating on the company. The negative outlook reflects the risk of a downgrade if we no longer expect Telefonica will make significant progress in reducing its leverage in 2020 as an intermediate step for returning to comfortably below maximum adjusted debt to EBITDA of 3.25x in 2021 (derived from about 3.5x using proportionate consolidation), in addition to maintaining susta

Yida China Upgraded To 'CCC-', Issue Rating Raised To 'CC' On Exchange Offer Completion; Ratings Then Withdrawn

Yida China Holdings Ltd. still faces refinancing risk even after the completion of its notes exchange, because its cash on hand falls short of near-term bullet maturities. In addition, a significant portion of the China-based company's borrowings is still repayable on demand. On April 1, 2020, S&P Global Ratings raised its long-term issuer credit rating on Yida to 'CCC-' from 'SD'. At the same time, we raised our long-term issue rating on the company's senior unsecured notes to 'CC' from 'D'. We then withdrew the ratings at the company's request. The rating outlook was negative at the time of the withdrawal. HONG KONG (S&P Global Ratings) April 1, 2020--S&P Global Ratings today took the rating actions listed above. We raised the ratings on Yida after we reassessed the company's credit profile, following the completion of the exchange offer on its notes due April 2020. Our ratings reflect our view that Yida will contin

Advertising Holding Group WPP Affirmed At ‘BBB/A-2’ On Plan To Reduce Costs; Outlook Still Negative On COVID-19 Risks

We expect a global recession in 2020 due to the COVID-19 pandemic will result in a steep drop in advertising spending, hitting advertising agencies' revenue, earnings, and cash flows. On March 31, 2020, WPP announced a significant cut in discretionary spending that will allow it to partly offset this downturn and maintain strong liquidity. Assuming this plan succeeds, we expect WPP's adjusted leverage will increase to about 3.0x in 2020, which is above our threshold for the 'BBB' rating, but could reduce to less than 2.75x in 2021. We are affirming our 'BBB/A-2' ratings on WPP and its debt. We are maintaining a negative outlook for the next six to 12 months, when we expect to have more visibility on the group's recovery, given the risks to our macroeconomic forecast and uncertainty regarding our base case for WPP in 2020. We could lower the rating if the impact from the pandemic exceeds our current expectations, and WPP's adjusted leverage remains h

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