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Occidental Upgraded to Ba1 from Ba2
Occidental (Oxy) was upgraded to Ba1 from Ba2 by Moody's, reflecting its strong business profile, improved governance and credit metrics as its earnings increased and debt reduced significantly in 2021. Oxy reduced balance sheet debt by $6.7bn in 2021, funded by an...
Belarus Downgraded to CCC by S&P
Belarus was cut to CCC from B by S&P due to mounting economic, balance-of-payments, and financial stability risks after strong international sanctions were imposed on Belarus by US, EU, UK and others. The sanctions were placed due to Belarus' involvement in...
WeWork Explores Fresh Equity Raise
WeWork is said to be in discussions to raise fresh equity worth ~$200mn, with some sources saying that the capital may be raised via private investment in public equity, or PIPE. Sources add that the capital raising plan comes after its shares have fallen over 50%...
Mapletree Planning $1bn IPO of Student Housing REIT: Sources
Singapore-based real estate company Mapletree is said to be planning an IPO for its student housing REIT that could raise up to $1bn, as per Business Times sources. The Temasek-backed company is said to have hired DBS, HSBC, OCBC and UBS for the proposed transaction...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended lower on Thursday with the S&P and Nasdaq closing 0.5% and 1.6% lower each. Sectoral gains were led by Utilities, up 1.7% while losses were led by Consumer Discretionary, down 2.3%. European markets ended in the red too - DAX, CAC and FTSE...
KWG Downgraded to B2 from B1 by Moody’s; Shimao Cut to CCC from B- by Fitch
KWG Group was downgraded to B2 from B1 by Moody's on the back of weakening contracted sales and heightened refinancing risks ahead of sizeable debt maturities. Contracted sales are expected to fall 10-15% over the next two years. KWG has around $900mn of offshore...
Argentina Closes $45bn Deal with IMF
Argentina has finally closed a deal with the IMF to restructure $45bn in debt. The announcement came after a report that Argentina was struggling to get the deal to pass through the Congress. The agreement includes a 30-month extended fund facility, reduced monetary...
Future Retail, Amazon Plan Out-of-Court Settlement Talks
Future Retail and Amazon's lawyers have agreed to initiate talks for an out-of-court settlement to break the impasse regarding the sale of the troubled Indian retailer to Reliance Retail. With the dispute being adjourned in court for 10 days, the chief justice said,...
UniCredit’s Bid for Banco BPM Hits a Roadblock Over Russia-Ukraine Crisis
Italian lender UniCredit is said to have halted its efforts to acquire Banco BPM after the former's stock has fallen over 20% since Russia invaded Ukraine. According to Reuters sources, "A strong share price was critical to pulling off the deal to combine the second...
