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☆ UK's Thames Water's troubles mount as credit rating cut to junk
▼ + stars: | 2024-07-24 | by ( ) www.cnbc.com time to read: +1 min

Britain's largest water provider Thames Water suffered a blow in its battle to avoid renationalisation on Wednesday as credit rating firm Moody's downgraded its corporate family rating (CFR) and its safest tranche of debt to junk. Moody's downgraded Thames Water's CFR to Ba2 - two rungs into 'junk' rating territory - from Baa3, which is an investment grade and something water firms are supposed to maintain as part of their licence requirements. It safest tranche of debt known as senior secured "Class A" bonds were cut to Ba1, which is one notch into junk, while its riskier "Class B" bonds were dumped five notches lower at B3. Moody's said the downgrade followed this month's provisional ruling from British regulator Ofwat that Thames would not be allowed to raise prices as much as it had requested, and because of its "weakening liquidity position". "Almost certainly it will mean special administration for the company," Seaport credit analyst Satish Pulle said, adding that the downgrade had not come as a surprise.

Persons: Moody's, Satish Pulle Organizations: Thames, CFR, Seaport Locations: Ba2, Baa3, Thames

☆ India's water crisis could lead to unrest, hurt economic growth, Moody's warns
▼ + stars: | 2024-06-27 | by ( Charmaine Jacob | In Charmainemariajacob | ) www.cnbc.com time to read: +1 min

People seen filling water from Delhi Jal Board Tankers amid a water crisis in Delhi at Baljeet Nagar, on June 22, 2024. Severe water shortages in India could hurt its sovereign credit strength, according to Moody's Ratings, warning that the water crisis could lead to social unrest if the agriculture and industrial sectors are disrupted. Rapid industrialization and urbanization, coupled with a meteoric economic expansion, has led to severe water shortage. India relies substantially on monsoon rain for its water supply, but is also prone to severe and extreme weather conditionsDelhi, one of the world's most densely populated cities with over 200 million people, is knee-deep in a water crisis. "There are 2.8 million people in the city who are aching for just a drop of water," Delhi Water Minister Atishi was quoted as saying on Monday, a day before she ended her hunger strike over the water crisis, as her health deteriorated.

Persons: Moody's, Atishi Organizations: Delhi Jal Locations: Delhi, Baljeet, India

☆ Hartford Total Return Bond ETF yields nearly 5% and prides itself on finding value across the market
▼ + stars: | 2024-05-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

HTRB saw a total return last year of 7.15%, and ranked in the 23rd percentile among its peers, according to Morningstar. The portfolio has 51% of its assets in mortgage-backed securities and 25% in investment-grade credit, according to the fund's website. Compared to many of its peers in the intermediate core plus bond Morningstar category, Hartford Total Return Bond ETF leans a bit more on securitized markets instead of investment-grade corporate debt, according to Morningstar. Finding opportunities Right now, one of the areas Goodman sees value in is agency mortgage-backed securities. Goodman also likes structured finance right now, like collateralized loan obligations, commercial mortgage-backed securities and nonagency residential mortgage-backed securities.

Persons: Campe Goodman, Morningstar, Goodman, HTRB, Morningstar . Goodman, Mike Mulach, Bonds, Fitch Organizations: Hartford, SEC, Wellington, Bloomberg U.S, Morningstar, BB, Poor's, Federal Reserve Locations: Wellington, Eastern Europe

☆ Boeing taps debt market to raise $10 billion: Reuters
▼ + stars: | 2024-04-29 | by ( ) www.cnbc.com time to read: +2 min

The Boeing logo is displayed on a Boeing building on January 8, 2024 in El Segundo, California. Boeing on Monday tapped debt markets to raise $10 billion, after the U.S. planemaker burned $3.93 billion in free cash during the first quarter following slowing production of its best-selling jet, sources familiar with the matter said. Moody's said the rating reflects Boeing's still-strong business profile, which continues to mitigate ongoing weak performance in commercial aircraft, although headwinds surrounding the division could persist through 2026. Boeing will use the bond proceeds to increase its liquidity ahead of maturities on its existing debt load, including $4.3 billion in 2025, S&P wrote on Monday. The deal's bookrunners leading the bond sale include Bank of America , Citi, JPMorgan and Wells Fargo , according to the deal's term sheet.

Persons: Moody's, bookrunners, Wells, Brian West Organizations: Boeing, U.S, Bank of America, Citi, JPMorgan Locations: El Segundo , California, maturities, Wells Fargo

☆ UBS is bullish on investment-grade corporate bonds. Here's why
▼ + stars: | 2024-04-03 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Yields may be down from last year's highs, but there is still plenty for income investors to like about investment-grade corporate bonds, according to UBS. The effective yield on the ICE BofA U.S. Corporate Bond Index , which tracks the performance of U.S. dollar-denominated investment-grade corporate debt, is currently hovering around 5.5%. "This measures IG's return over duration-matched Treasuries, meaning that it's been advantageous to own IG over U.S. government bonds," he added. Inside the investment grade market, UBS prefers the financial sector over nonfinancial issuers, and favors short- and intermediate-term duration. Meanwhile, the spread pickup from A-rated bonds to BBB-rated bonds is historically tight, on average.

Persons: Barry McAlinden, McAlinden, Fitch Organizations: UBS, ICE, Corporate, ., Treasury, Poor's

☆ NYCB shares continue tumble after Moody's downgrades bank's credit rating to junk
▼ + stars: | 2024-02-07 | by ( Hugh Son | ) www.cnbc.com time to read: +1 min

A sign is pictured above a branch of the New York Community Bank in Yonkers, New York, U.S., January 31, 2024. New York Community Bank' s shares continued their downward spiral Wednesday after Moody's Investors Service cut the firm's credit rating two notches to junk status. NYCB shares fell about 3%, trimming earlier losses of around 10%, in premarket trading. Late Tuesday evening, Moody's issued a report stating that NYCB faced "multi-faceted financial, risk-management and governance challenges." "In Moody's view, control functions with strong knowledge of a bank's risks are key to a bank's credit strength."

Persons: Moody's, NYCB Organizations: New York Community Bank, Moody's Locations: Yonkers , New York, U.S, Baa3

☆ Dollar falls to 2-1/2 month low on Fed expectations, yen strengthens
▼ + stars: | 2023-11-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Markets have priced out any additional Fed rate hikes, as recent data has shown a slowing of the economy and inflation pressures - but not enough to increase fears a sharp recession is looming. "The market is convinced, both credit, equities and currencies that the Fed has finished raising rates, but the Fed is not willing to say so. "So you're getting a gradual weakening in the dollar, simply because the Fed is doing its best to prop up rates, not necessarily the dollar, but to prop up rates." Against the yen the dollar was last traded at 148.36 yen , down 0.84%.

Persons: Dado Ruvic, CME's, we've, Joseph Trevisani, Thomas Barkin, Moody's, Sterling, Chuck Mikolajczak, Jonathan Oatis Organizations: REUTERS, U.S . Federal Reserve, Conference, Fed, Richmond Federal, Central Bank, Thomson Locations: U.S

☆ Dollar falls to two-month low on Fed view, yen strengthens
▼ + stars: | 2023-11-20 | by ( Chuck Mikolajczak | ) www.reuters.com time to read: +3 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Markets have priced out any additional Fed rate hikes, as recent data has showed a slowing of the economy and inflation pressures - but not enough to increase fears a sharp recession is looming. "The market is convinced, both credit, equities and currencies that the Fed has finished raising rates, but the Fed is not willing to say so. "So you're getting a gradual weakening in the dollar, simply because the Fed is doing its best to prop up rates, not necessarily the dollar, but to prop up rates." Against the yen the dollar was traded at 148.40 yen , down 0.81%.

Persons: Dado Ruvic, CME's, we've, Joseph Trevisani, Thomas Barkin, Moody's, Sterling, Chuck Mikolajczak, Jonathan Oatis Organizations: REUTERS, U.S . Federal Reserve, Conference, Fed, Reserve Bank of Richmond, Central Bank, Thomson Locations: U.S

☆ Moody's lifts Italy's debt outlook to stable in boost for Meloni govt
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +2 min

Nov 17 (Reuters) - Moody's on Friday left Italy's sovereign debt rating at Baa3, one notch above junk, but upgraded the outlook to stable from negative, in an unexpected boost for Prime Minister Giorgia Meloni's government. Most analysts had expected the agency to leave both Italy's rating and outlook unchanged. Moody's had put the euro zone's third-largest economy on a negative outlook in August last year following a government collapse and in the midst of an energy crisis. "The decision to change the outlook to stable from negative reflects a stabilisation of prospects for the country's economic strength, the health of its banking sector and the government's debt dynamics," Moody's said. The European Commission forecast on Wednesday that Italy's debt, proportionally the second-highest in the euro zone, would rise marginally from a projected 140% of national output this year to 141% in 2025.

Persons: Giorgia, Moody's, DBRS, Fitch, Giancarlo Giorgetti, Gavin Jones, Keith Weir, Shounak Dasgupta, Rosalba O'Brien Organizations: P, Economy, Analysts, Saikeerthi, Thomson Locations: Italy, Germany, Bengaluru

☆ This tax-exempt fund with a yield surpassing 4% is 'one of the best,' Morningstar says
▼ + stars: | 2023-06-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +5 min

The fund invests at least 80% of its assets in investment-grade municipal bonds, and only up to 20% in those below investment grade. Municipal bonds are issued by government entities, such as a city or state, and raise money for public projects, such as building roads or schools. VWAHX 1Y mountain Vanguard High-Yield Tax-Exempt fund The fund, which trades under the ticker VWAHX, currently has a 30-day SEC yield exceeding 4%. "We are not risk averse, but we are very opportunistic about how we apply our risk," Kiselak explained. Opportunity in health care Health-care muni bonds make up about 15% of the fund, Kiselak said.

Persons: Morningstar, Mat Kiselak, —, Bond, Elizabeth Templeton, VWAHX, Kiselak, Jeff DeMaso, DeMaso, He's Organizations: SEC, Morningstar ., Vanguard, Independent Vanguard, Puerto Locations: Puerto Rico

☆ Debt conundrum gives Italy weak hand in EU talks
▼ + stars: | 2023-05-18 | by ( Lisa Jucca | ) www.reuters.com time to read: +6 min

After inflation hit 40-year highs in the West last year, global rate-setters, including the European Central Bank, launched a dramatic series of interest rate hikes. Unless there is a sudden series of interest rate cuts, the cost of servicing Italy’s debt could stay well above 4% of GDP for years. To fight that, Meloni’s government will have to shrink the public deficit and bring Italy back to the healthy pre-pandemic habit of keeping a primary budgetary surplus excluding debt interest payments. As long as Italy’s debt is not spiralling out of control, markets won’t worry too much. Yet even if Meloni chooses a milder approach, Italy’s unresolved debt challenge risks giving her a weak negotiating hand in Brussels.

☆ Leonardo posts lower Q1 profits and earnings, but orders rise
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

ROME, May 3 (Reuters) - Italy's state-controlled defence and aerospace group Leonardo (LDOF.MI) on Wednesday posted lower first-quarter profits and earnings, but reported a jump in orders and confirmed financial targets for 2023. Net profit stood at 40 million euros ($44.2 million) compared to 72 million euros 12 months earlier, while earnings before interest, taxes and amortisation (EBITA) fell year-on-year by 20.5% to 105 million euros. Revenues were flat at around 3 billion euros, while new orders rose by 28.5% year-on-year to almost 4.9 billion euros "in particular thanks to the excellent performance of helicopters," the company said in a statement. In a company-provided consensus forecast, they had expected a quarterly net profit of 48 million euros and EBITA of 120 million euros, but revenues were correctly predicted at around the 3-billion-euro mark. The 2023 guidance includes a forecast for new orders at around 17 billion euros, revenues in the 15-15.6 billion euro range, EBITA at 1.26-1.31 billion euros and group net debt of about 2.6 billion euros.

☆ Stocks making the biggest premarket moves: Tesla, First Republic, UBS, Foot Locker and more
▼ + stars: | 2023-03-21 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Check out the companies making the biggest moves in premarket trading:Tesla — The electric vehicle maker rose 2% after Moody's assigned it a Baa3 rating and removed its junk-rated credit. First Republic — The beleaguered bank jumped nearly 19% in premarket trading, following a 90% plunge so far this month as investors focused on its large amount of uninsured deposits. Regional banks — Regional banks were also higher on the heels of First Republic's rise and as investors continued to digest the likelihood of expanded federal insurance. UBS — U.S.-listed shares of the Swiss-based bank were up 4%, a day after gaining 3.3% following its agreement to buy Credit Suisse for $3.2 billion. Foot Locker — Its shares rose more than 4% after Citi upgraded the retailer to "buy" from "neutral."

☆ Stocks making the biggest moves midday: Tesla, First Republic, KeyCorp, UBS and more
▼ + stars: | 2023-03-21 | by ( Pia Singh | ) www.cnbc.com time to read: +2 min

U.S. Bancorp rose nearly 8%. UBS — U.S.-listed shares of the Swiss-based bank gained 12% during midday trading following its agreement over the weekend to buy Credit Suisse for $3.2 billion. Roblox — Shares rose more than 3% after D.A. Emerson Electric — Shares added nearly 2% after Morgan Stanley said shares of the multinational tech company are too attractive to ignore. Exxon Mobil — The oil and gas giant's stock price gained 3% after Morgan Stanley said it likes the company's robust "competitive positioning."

☆ Moody's downgrades credit ratings on First Republic Bank
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

March 17 (Reuters) - Ratings agency Moody's on Friday downgraded the credit of First Republic Bank (FRC.N), citing deterioration in the bank's financial profile and challenges faced by the lender due to increased reliance on funding amid deposit outflows. The agency cut the bank's long-term issuer rating and local currency subordinate ratings to B2 from Baa1 and long-term local currency bank deposit rating to Baa3 from A1, among others. The outlook on the issuer rating and long-term bank deposits of First Republic Bank remain under review, Moody's said. "In addition, the rating agency noted that while the news of the banking consortium's deposits is positive in the short-run, the longer-run path for the bank back to sustained profitability remains uncertain." Reporting by Akriti Sharma and Juby Babu in Bengaluru; Editing by Sandra Maler and William MallardOur Standards: The Thomson Reuters Trust Principles.

☆ Moody's just cut its outlook on the entire US banking system to negative in the wake of SVB's collapse
▼ + stars: | 2023-03-14 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Moody's downgraded its outlook on the entire US banking system on Tuesday. The revised rating reflects the environment that sparked bank runs at Silicon Valley Bank, Signature Bank, and Silvergate Bank. "Our base case is for the Fed's monetary tightening to continue, which could deepen some banks' challenges." "Our base case is for the Fed's monetary tightening to continue, which could deepen some banks' challenges. Moody's median rating on US banks is now a3, or three notches higher than the global median of baa3.

☆ Coinbase bonds dragged lower as crypto market slumps
▼ + stars: | 2022-11-22 | by ( ) www.reuters.com time to read: +2 min

Nov 22 (Reuters) - Coinbase Global's (COIN.O) bonds have fallen heavily, and its shares have hit record lows, as investors ditched crypto following rival FTX's collapse earlier this month. The spike in Coinbase yield and its the increasing premium over the corresponding 10-year U.S. Treasury yield indicated investors are growing increasingly concerned about the crypto exchange's creditworthiness. The yield on Coinbase's notes due 2026 was at 15.52%, after touching a record high at 15.78% on Friday. Moody's Investors Service said on Monday it had placed Coinbase's corporate family rating, currently at Ba3, on review for downgrade. Shares of Coinbase have lost nearly 38% in value this month and closed at a record low at $41.23 on Monday.

☆ S&P downgrades Credit Suisse Group, Moody's cuts some ratings
▼ + stars: | 2022-11-02 | by ( ) www.reuters.com time to read: +2 min

ZURICH, Nov 2 (Reuters) - S&P Global Ratings has downgraded Credit Suisse Group's (CSGN.S) long-term issuer credit rating by one notch to BBB- and cut its view on main operating unit Credit Suisse AG and other core subsidiaries to A-/A-2 from A/A-1. Separately, Moody's downgraded some of its ratings for Credit Suisse AG following the bank's strategy overhaul but kept its rating for the overarching group unchanged. It downgraded Credit Suisse AG's senior unsecured debt from A2 to A3 on Tuesday while retaining Credit Suisse Group's senior unsecured debt rating of Baa2. Moody's also downgraded Credit Suisse AG's Baseline Credit Assessment (BCA) and Adjusted BCA to ba1 from baa3 and its long-term Counterparty Risk Assessment to A3 from A2. DBRS Morningstar downgraded Credit Suisse AG's long-term issuer rating to “A (low)”; and the long-term issuer rating of Credit Suisse Group to BBB (high).

☆ «Указания давал Шор». Что рассказали в суде свидетели по делу Платона
▼ + stars: | 2021-01-05 | by ( ) newsmaker.md time to read: +13 min

«Мы хотим понять, чьи интересы представляет адвокат — Шора или Абашидзе?», —уточнил вопрос адвокат Платона Ион Крецу. Сара [жена] в Кишинев приезжала очень редко, а вы там [дома] бывали достаточно часто», — отметил Платон. ***По уголовному делу, которое сейчас пересматривает суд Буюкан, Вячеслава Платона обвиняют в мошенничестве в особо крупных размерах и отмывании денег (ст. 20 мая 2020 года генпрокурор Александр Стояногло сообщил, что по делу Платона проведут ревизионную проверку. Повторные судебные слушания по этому делу Платона начались 23 октября 2020 года.

Persons: Victoriabank, Bogdan, Вячеслав Платон, Платон, Илан Шор, Денис Уланов, Ольга Беженарь, Нани Абашидзе, Максим Сидоренко, Илан, Абашидзе, Думитру Раилян, Абашижзе, Беженарь, Шор, Рышкановки, Сидоренко, Ион Крецу, Юрий Лянкэ, Эмма Табэрцэ, Табырцэ, Шора, Сара, Юрий Контиевский, Раиляну, Контиевский, Татьяна Бивол, Следующим, Виктор Санду, Санду, Корнелиу Попович, Попович, Наталья ПолитовойКангаш, Платони, Владимир Плахотнюк, Крецу, Александр Стояногло Organizations: —, Economii, Banca Sociala Unibank, Zenit Management, Management, Banca de Economii, Шор, Нацбанк, НБМ, РМ, СМИ, Апелляционная палата, ВСП Locations: —, Unibank, Banca, Буюкан, Рышкановки, Молдова, Кишинев, РМ

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