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☆ India's Vedanta hits over 1-year low after Moody's downgrades parent
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

A man walks past the logo of Vedanta outside its headquarters in Mumbai, India January 31, 2018. REUTERS/Danish Siddiqui/file photo Acquire Licensing RightsBENGALURU, Sept 27 (Reuters) - Shares of Indian conglomerate Vedanta (VDAN.NS) fell to their lowest in over a year on Wednesday after Moody's Investors Service downgraded parent Vedanta Resources' senior unsecured bonds, citing a high risk of debt restructuring in the coming months. The rating agency also raised concerns about the ability of Vedanta Resources' operating subsidiaries to generate cash flow in a "softening commodity price environment." Moody's downgraded Vedanta Resources' unsecured bonds to Caa3 from Caa2, and the corporate family rating of the billionaire Anil Agarwal-owned company to Caa2 from Caa1 while maintaining a negative outlook. Vedanta was the top loser on the Nifty 100 index (.NIFTY100), which was down 0.26%.

Persons: Danish Siddiqui, Anil Agarwal, Vedanta, Rama Venkat, Dhanya Ann Thoppil Organizations: Vedanta, REUTERS, Danish, Rights, Moody's Investors Service, Resources, Vedanta Resources, Thomson Locations: Mumbai, India, Caa2, Caa1, Bengaluru

Islamabad was racing against time to unlock $1.1 billion under the IMF's ninth review of a $6.5-billion Extended Fund Facility agreed upon in 2019. The Pakistan government was expecting around $2.5 billion from the IMF, Reuters has reported. PROCESSESPakistan earlier cleared eight of the 11 listed programme reviews, with the ninth review pending since November last year. HOLE IN FINANCESThe government has earmarked $2.5 billion in external receipts from the IMF in its federal budget for FY24. Pakistan needs upwards of $22 billion to service external debt, make interest payments, and finance its current account for FY24.

Persons: Shehbaz Sharif, Ariba Shahid, Raju Gopalakrishnan Organizations: Monetary Fund, IMF, IMF’s, Reuters, Pakistan, CCC, United, Thomson Locations: KARACHI, Pakistan, Islamabad, PAKISTAN, Caa3, Fitch, Saudi Arabia, United Arab Emirates, China, Karachi

Islamabad is racing against time to unlock $1.1 billion under the lender's ninth review of a $6.5-billion Extended Fund Facility agreed in 2019. -The ninth review is to release a tranche of $1.1 billion, leaving about $1.4 billion on the table in unlocked funds. It is unclear if an IMF agreement would release the entire amount. -National elections are due by November this year and the government has said the decision to enter a new IMF programme will be a decision for the incoming administration. -Hopes of a last-minute bailout rose following meetings between Sharif and IMF Managing Director Kristalina Georgieva in Paris this month, followed by marathon meetings between IMF staff and finance ministry officials.

Persons: Shehbaz Sharif, Kristalina Georgieva, Ariba Shahid, Conor Humphries Organizations: Pakistani, International Monetary Fund, IMF, Pakistan, CCC, United, Thomson Locations: KARACHI, Pakistan, Islamabad, Caa3, Fitch, Saudi Arabia, United Arab Emirates, China, Sharif, Paris, Karachi

☆ CDS panel asked whether payment failure occurred for Casino
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +1 min

June 2 (Reuters) - An investor has asked a panel that rules on credit default swaps (CDS) whether a "failure to pay" credit event has occurred for French retailer Casino (CASP.PA), which could trigger a payout on the derivatives used to insure against default. A CDDC meeting on that question, which could also lead to a payout on CDS, is scheduled for later on Friday. A number of circumstances can constitute a credit event that can trigger a payout on CDS, which insure against losses from exposure to corporate or sovereign debt. There were $428 million of net notional Casino CDS outstanding as of May 19, according to DTCC data. Credit rating agency Moody's said on Wednesday it had downgraded Casino to "CAA3" with a negative outlook which reflected "very high probability of default".

Persons: Casino, Moody's, Yoruk, Mark Potter Organizations: Casino, EMEA, CDS, Thomson

☆ Ukraine's Zelenskiy met JPMorgan bankers over rebuilding efforts
▼ + stars: | 2023-02-13 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Feb 13 (Reuters) - Ukrainian President Volodymyr Zelenskiy met with bankers from JPMorgan Chase & Co (JPM.N) last week to get their advice on rebuilding the country and weathering the financial impact of the war, according to a statement from the president's office. "The full resources of JPMorgan Chase are available to Ukraine as it charts its post-conflict path to growth." The bank also convened a virtual investment meeting attended by 200 corporations, investors and financial firms as Ukraine steps up efforts to lock in financial support from businesses to help rebuild the country. Global ratings agency Moody's last week downgraded Ukraine's sovereign rating to 'Ca' from 'Caa3', as it expects the war with Russia to create long-lasting challenges. JPMorgan has helped the country raise about $25 billion in sovereign debt since 2010, and was the sole purchaser of $350 million of Ukrainian bonds in March 2019.

☆ Moody's downgrades Ukraine rating on prolonged effects of Russia war
▼ + stars: | 2023-02-10 | by ( ) www.reuters.com time to read: +1 min

Feb 10 (Reuters) - Global ratings agency Moody's downgraded Ukraine's sovereign rating to 'Ca' from 'Caa3' on Friday, as it expects the war with Russia to create long-lasting challenges for the country. The Moody's downgrade comes amid a new Russian offensive ahead of the first anniversary of the war that started on Feb. 24, with Russia hitting Ukraine's power grid and gaining ground in the east. The agency said challenges arising out of the ongoing war increase the risk to the country's debt sustainability. "Despite large financial support from international partners, Moody's expects that the war will continue to keep Ukraine's public finances and external position under severe pressure," the ratings agency said. Ratings agencies Fitch and S&P currently rate Ukraine at 'CC' and 'CCC+', respectively.

SAO PAULO, Jan 16 (Reuters) - Brazilian lenders BTG Pactual, Bradesco and Santander Brasil are among those most exposed to debt of Americanas SA (AMER3.SA), analysts' estimates showed on Monday, after the retailer obtained an injunction protecting it from creditors. Analysts at JPMorgan and Citi said in research notes that Banco Bradesco SA (BBDC4.SA) had the largest nominal exposure to the firm, while Banco BTG Pactual SA topped exposure as a proportion of loans. Considering JPMorgan's and Citi's estimates, BTG had a 1.9 billion-real exposure to Americanas, which was seen accounting for roughly 1.5% of its loans, while Bradesco had exposure of 4.7 billion reais, or 0.5% of loans. Banco Santander Brasil SA , the local unit of Spain's Banco Santander (SAN.MC), had 3.7 billion reais in exposure, or about 0.6% of loans. Sergio Rial, the outgoing Americanas chief executive who uncovered the accounting inconsistencies, is a former head of Santander Brasil, where he still serves as chairman of the board.

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