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Carnival and Royal Caribbean cut to B2 by Moody’s
Moody’s downgraded Carnival’s issuer rating from B1 to B2, its senior secured credit facilities from Ba2 to Ba3 and its senior unsecured notes from B2 to B3. The rating agency also assigned a negative outlook to the cruise line. The rationale is mainly a weaker than...
Fitch Cuts Ghana to CCC Following S&P’s Recent Downgrade
Ghana was downgraded by Fitch from B- to CCC, driven primarily by a deterioration of its public finances, lack of access to external financial markets and relatively high levels of debt. As a result of its dwindling reserves, Fitch expects that meeting its external...
Cathay Pacific Narrows 1H Losses to $637mn
Hong Kong-based Cathay Pacific reported a loss of HKD 5bn ($637mn) in 1H vs. a loss of HKD 7.6bn ($963mn) the previous year. Revenues rose 18% YoY to HKD 18.6bn ($2.4bn) driven by higher ticket sales and strong demand for air cargo. The airline indicated that Hong...
Fitch Upgrades Times China on Making Interest Payment, Just 9 Days After a Downgrade
Times China was upgraded by Fitch from C to CC, prompted by the Chinese developer’s timely repayment of coupons on its $350mn 5.75% 2027s and $500mn 6.75% 2023s, before the end of their one-month grace periods. This comes just 9 days after Fitch downgraded the...
JSW Energy to Acquire Mytrah’s Renewable Energy Portfolio for $1.3bn
JSW Energy has announced that its wholly-owned subsidiary JSW Neo Energy will acquire a portfolio of 1.75 GW of renewable energy generation capacity from Mytrah Energy (India) Pvt Ltd, constituting of 17 SPVs and 1 ancillary SPV. After adjusting for net current...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended lower on Tuesday with the S&P and Nasdaq down 0.4% and 1.2% respectively. Sectoral losses were led by Consumer Discretionary down by 1.5% and Information Technology down 1% while Energy was up 1.8%. US 10Y Treasury yields rose 3bp to 2.78%....
SoftBank Posts Record $24.5bn Loss, Announces Cost Cuts
SoftBank reported an eye-watering quarterly loss of $24.5bn for Q2 on revenues of $11.6bn, up 6.3% YoY. This was against a $5.6bn profit in the prior year. The company posted its biggest quarterly loss, driven by the global stock market turmoil and the rapid fall of...
Guangzhou R&F Properties Reports Delayed 2021 Results; Net Loss of $2.4bn
Guangzhou R&F Properties announced its delayed 2021 annual results, reporting a net loss of RMB 16.5bn ($2.4bn) for the year 2021 against a profit of RMB 9.1bn ($1.4bn) for the year 2020. The net loss is mainly attributable to the decrease in revenue from property...
Unifin Suspends Repayment on All Debt, Sending Bonds Tumbling; S&P Cuts Unifin to D
Mexico’s largest non-bank lender, Unifin has suspended all coupon and principal payments on its debt as it seeks to “negotiate definitive agreements with (Unifin's) shareholders in relation to a strategic restructuring." Reuters noted that earlier this year, Unifin...
