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CIFI Holdings was downgraded to Ba3 by Moody’s
CIFI Holdings was downgraded from Ba2 to Ba3 by Moody’s. Additionally, the Chinese developer was placed on review for further downgrade. Moody’s primary rationale for the downgrade is CIFI’s slumping property sales, which continue to hurt its credit metrics. Its...
ICICI Bank and Yes Bank Both Report Jump in Net Profits
ICICI Bank reported a 55% YoY increase in consolidated net profits to INR 73.9bn ($930mn) during the quarter ended June. The bank's total income rose to INR 281.3bn ($3.5bn), up 11.3% YoY. Retail loans, Rural loans, and Business banking loan portfolios grew by 24.2%,...
Reliance Posted 41% Jump in Net Income
Reliance Industries Ltd (RIL) reported a consolidated net profit of INR 194.4bn ($2.4bn), 40.8% higher YoY for the quarter ended June. The company cited strong Oil to Chemical (O2C) earnings with firm demand and extraordinary dislocation in energy markets causing...
Nigeria’s Debt Cost Exceeds Revenue as Oil Sales Slump
Nigeria’s oil revenues of 1.63bn Naira ($3.8bn) since the start of the year to April are 61% below budget forecasts for the period and lower than the 1.94tn Naira ($4.6bn) needed to service its outstanding debt. Despite oil prices soaring globally, the African...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets kept its upward trend on Thursday with the S&P and Nasdaq up 1% and 1.4% respectively. Sectoral gains were led by Consumer Discretionary, up another 2.3%, and Health Care gained 1.5%. US 10Y Treasury yields were 11bp down at 2.90%. European...
Country Garden Bonds Rise as China Vows to Deliver Homes; Vanke sells $444mn Onshore Bond
Country Garden's dollar bonds rallied yesterday after Chinese authorities pledged to cooperate more closely with local governments to ensure that unfinished property projects will be completed on time. This comes amid a wave of mortgage boycotts across China, where...
KWG downgraded to CCC+ by Fitch
Chinese property developer KWG was downgraded to CCC+ from B- by Fitch on rising refinancing risks. KWG has RMB 10.2bn ($1.5bn) debt maturities still due in 2022, including RMB 1.8bn ($270mn) bonds that turn puttable next month and $900mn bonds due in September. KWG...
AT&T Reports Earnings Decline and Cuts its FCF projections by $2bn
Telecom giant AT&T reported a 17.1% YoY fall in revenue to $29.6bn vs $35.7bn in Q2 of the previous year due to US video separation in Q3 2021 and certain other divested businesses. Net income declined 12.1% QoQ to $4.5bn or EPS of $0.59. During Q2, the mobility...
American Airlines displays strong showing in earnings release with record Q2 revenues
American Airlines posted a Q2 net income of $476mn vs $19mn one year prior. It also achieved a record high Q2 revenue of $13.4bn, improving 12.2% from $12bn in 2019 despite flying at 8.5% less capacity. Notably, the airline ended the quarter with $15.6 total available...
