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Macy’s Upgraded to Investment Grade Rating of BBB- from BB+ by Fitch
Macy's was upgraded to investment grade by Fitch, making it a rising star. It was upgraded to BBB- from BB+ with a stable outlook. The upgrade reflects Macy's strong topline trajectory which Fitch notes, points to evidence of "successful implementation of omnichannel...
Unifin Plans to Issue Peso Denominated Bonds after Refinancing Concerns
Mexican lender Unifin is planning to issue Mexican Peso denominated bonds this week. The announcement came after investors raised concerns about the company’s ability to refinance its debt. Unifin is in talks to potentially expand its revolving credit lines and renew...
US Launches Salvo of Sanctions on Russia due to Potential Ukraine Invasion
US President Joe Biden launched a fresh salvo of sanctions on Russia, calling that latter's move into eastern Ukraine as "beginning of an invasion". Biden announced measures targeting two of Russia’s largest financial institutions, VEB and Promsvyazbank, both of which...
Fresh Worries Emerge over Chinese Tech Clampdown with Alibaba in Focus
Concerns over a new wave of regulatory crackdowns across China's tech sector have taken over investor sentiment. Bloomberg had reported that Chinese authorities were said to have told state-owned firms and banks to begin a fresh round of checks on Alibaba Group's...
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets were closed due to President's Day holidays. The US 10Y Treasury yield dropped 7bp to 1.86% on the back of risk-off sentiment due to Russia-Ukraine tensions. European markets closed lower - DAX, CAC and FTSE were down 2.1%, 2% and 0.4% each. Brazil's...
Zhenro Downgraded to Caa2 and C by Moody’s and Fitch; Launches Exchange Offer for 5 Bonds
Zhenro Properties was downgraded to Caa2 from Caa3 by Moody's and to C from B by Fitch. The downgrade comes on the back of heightened default risk by Zhenro, following its proposed consent solicitation, with Fitch considering it as a distressed debt exchange (DDE)....
EDF Downgraded to Baa1 and BBB by Moody’s and S&P
Electricite de France (EDF) was downgraded to Baa1 from A3 by Moody's and to BBB from BBB+ by S&P. Moody's said that it views EDF's risk profile as more volatile due to "unstable and unpredictable nuclear output associated with fleet ageing" and S&P cited...
Russia Declares 2 Independent Separatist Eastern Ukraine Regions; US Imposes Sanctions on Ukraine Regions
Russian President Vladimir Putin, following a meeting with his Security Council, declared independent, two separatist eastern Ukraine regions, Donetsk and Luhansk. The declaration by Russia allows them to sign treaties with the separatist regions and openly send...
Vedanta To Invest $20bn In Semiconductor Biz In India
Vedanta said that it has earmarked $15bn as part of its entry into the electronic chip and display manufacturing space alongside an overall plan to invest as much as $20bn. Vedanta's global MD of display and semiconductor business Akarsh Hebbar said, "Semiconductor is...