Credit Ratings
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An increase in the issuance of high-yielding bonds alongside leverage to purchase this debt has sparked renewed fears of a bubble in the credit markets, with one bank warning investors of the threats involved.
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An increase in the issuance of high-yielding bonds alongside leverage to purchase this debt has sparked renewed fears of a bubble in the credit markets, with one bank warning investors of the threats involved.
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A day after the Philippines got its first investment grade rating from Fitch, the Southeast Asian country's central bank governor told CNBC the upgrade was a "seal of good housekeeping."
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CHICAGO, March 27 Fitch Ratings has affirmed the Issuer Default Ratings of Express Scripts Holdings and its subsidiaries at' BBB'. The ratings apply to roughly $15.7 billion in debt, and Fitch has revised the Rating Outlooks for all three IDRs to Stable from Negative.
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CHICAGO, March 27 Fitch Ratings has assigned a' BBB+' rating to TELUS Corporation's offering of CAD1.1 billion 3.35% senior unsecured notes due 2024 and CAD600 million 4.4% senior unsecured notes due 2043. Proceeds will be applied to the repayment of the CAD300 million 5.0% notes maturing June 2013, the repayment of outstanding commercial paper, the early repayment of CAD700 million 4.95% notes due May 2014 and for general corporate purposes.
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NEW YORK, March 27 Fitch Ratings has assigned a' BB-' rating to the $150 million 6.25% Class K cumulative redeemable preferred stock issued by DDR Corp.. DDR expects to use the net proceeds from the offering to redeem a portion of its 7.375% Class H cumulative redeemable preferred stock, which consisted of $205 million of outstanding securities as of Dec. 31, 2012.
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LONDON/ MOSCOW, March 27 Fitch Ratings has assigned Kazakhstan- based JSC IC Alliance Polis an Insurer Financial Strength rating of' B' and a National IFS rating of' BB+'. The ratings reflect the operational challenges faced by the company in 2012, as evidenced by worsening in key operating metrics, exacerbated by the merger with Pana Insurance.
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MILAN/ LONDON, March 27 Fitch Ratings has assigned Barclays Bank PLC's potential issue of contingent capital notes due 2023 an expected rating of' BBB-.'. The notes are rated four notches below Barclays Bank's' a' Viability Rating, in accordance with Fitch's criteria for "Assessing and Rating Bank Subordinated and Hybrid Securities".
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Fitch Ratings has affirmed AB Electrolux's Long-term Issuer Default Rating and senior unsecured notes at' BBB'. Accordingly, Fitch will no longer provide ratings or analytical coverage for Electrolux.
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LONDON/ WARSAW, March 27 Fitch Ratings has affirmed AB Electrolux's Long-term Issuer Default Rating and senior unsecured notes at' BBB'. Accordingly, Fitch will no longer provide ratings or analytical coverage for Electrolux.
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Fitch Ratings has affirmed Taiwan- based China Bills Finance Corporation's ratings, including its Long-Term Issuer Default Rating at' BBB'. A full rating breakdown is provided at the end of this commentary.
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TAIPEI/ SINGAPORE, March 27 Fitch Ratings has affirmed Taiwan- based China Bills Finance Corporation's ratings, including its Long-Term Issuer Default Rating at' BBB'. A full rating breakdown is provided at the end of this commentary.
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HONG KONG, March 27 Fitch Ratings has assigned a final rating of' BBB-' to the USD 500 m 3.125% senior unsecured notes due 2018 issued by China State Construction Finance I Limited and guaranteed by China State Construction International Limited.
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Fitch Ratings raised the Philippines' credit rating to investment grade on Wednesday, a first for the Southeast Asian nation, in a move expected to boost investment and lift the country's long-term growth potential.
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HONG KONG/ SYDNEY, March 27 Fitch Ratings has affirmed China Mobile Limited's Long-Term Foreign-Currency Issuer Default Rating at' A+' with Stable Outlook, and its Long-Term Local-Currency IDR at' AA-' with Negative Outlook. Dominant position maintained: The ratings reflect CML's dominant position in China's mobile market and strong financial performance.
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Cesar Purisima, finance secretary of the Philippines, tells CNBC that the country's credit rating upgrade by Fitch is a "landmark achievement" and says the government will now focus more on infrastructure, fiscal strength and opening up the economy to the rest of the world.
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COLOMBO/ SEOUL/ SINGAPORE, March 27 Fitch Ratings has assigned Central Finance Company PLC's (CF, A+/ Stable) proposed listed senior unsecured redeemable debentures of up to LKR2bn an expected National Long-Term' A+' rating.
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TAIPEI/ SINGAPORE, March 27 Fitch Ratings has affirmed Taiwan- based IBT Securities Co., Ltd.' s National Long-Term Rating at' BBB+' and National Short-Term Rating at' F2'. IBTS's ratings reflect its strategic importance to its parent Industrial Bank of Taiwan, which has a 94.8% stake in IBTS. Its ratings are driven by the parent's credit profile and potential support.
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PARIS/ LONDON, March 27 Fitch Ratings has affirmed ECM Asset Management Limited's' M2' Asset Manager rating. The rating covers the company's London- based investment activities. Asset manager operations in the' M2' category demonstrate low vulnerability to operational and investment management failure.
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LONDON/ MOSCOW, March 27 Fitch Ratings has assigned Russia- based IBA-Moscow's upcoming RUB3bn bond issue an expected' BB' Long-term rating. IBA's offer to purchase the bonds in case of a default by IBAM represents an irrevocable undertaking and ranks equally with IBA's other senior unsecured obligations, save those preferred under Azerbaijan law.
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HONG KONG, March 26 Fitch Ratings has assigned Chinese homebuilder, Sunac China Holdings Limited's proposed USD senior unsecured notes an expected rating of' BB-'.