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Vedanta’s Senior Unsecured Bonds Upgraded to B3, CFR Affirmed at B2
Vedanta Resources Limited's (VRL) senior unsecured notes have been upgraded to B3 from Caa1 narrowing the difference to one notch between the rating of the notes and that of the issuer. The rating action also applies to the notes issued by VRL's wholly-owned...
Huarong Asset Management Cut to Baa2 by Moody’s
China Huarong Asset Management Co. (Huarong AMC) has been downgraded to Baa2 from Baa1 by Moody’s following the company’s announcement last week that the net losses attributable to shareholders in 2020 are expected to be as high as RMB 102.903bn ($16bn). The rating...
Central China’s Dollar Bonds Recover Some of Last Week’s Losses
Central China Real Estate (CCRE) saw its dollar bonds recover some of the losses last week after it reported 1H earnings last Wednesday. CCRE's 6.875% 2022s fell ~7 points between August 18-20 after the results were announced but have now recovered some of the losses,...
UAE Mall Operator MAF Reports Weaker Revenues for 1H
UAE's leading shopping malls operator Majid Al Futtaim (MAF) posted a drop of 10% YoY in its revenues at AED 15.6bn ($4.25bn) for 1H2021. The drop in revenue was attributable to the restrictions imposed by the pandemic. Despite the drop in the top line, its EBITDA at...
Occidental Upgraded to BB on Reduced Leverage & Plans to Trim Debt Further
American exploration company Occidental Petroleum Corp (Oxy) saw its issuer and issue-level credit rating get upgraded to BB from BB- by S&P on Monday. The rating agency cited Oxy's improving leverage metrics and S&P's stronger oil and gas price assumptions as...
China South City Downgraded to B3, Outlook Revised to Negative
Moody’s has downgraded China South City (CSC) to B3 from B2 and its outlook has been changed to negative from ratings under review. The downgrade is based on weak credit metrics and high financing risks given its poor liquidity and sizeable amount of debt due over the...
Largest IMF SDR Allocation of $650bn in History in Effect
The International Monetary Fund (IMF) made its largest Special Drawing Rights (SDR) allocation in history of $650bn on Monday. Kristalina Georgieva, MD of the IMF said, "The allocation is a significant shot in the arm for the world and, if used wisely, a unique...
AIMS APAC REIT Launches S$ Perp; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US markets ended stronger on Friday but closed out a losing week – S&P and Nasdaq gained 0.8% and 1.2% on Friday while the indices shed 0.6% and 0.7% during the week. All sectors ended the day in the green with IT and Utilities leading the gains, up 1.3% and 1.2%...
The Week That Was – (16th -22nd Aug)
US primary market issuances fell sharply to $13.7bn vs. $46.6bn in the week prior. IG issuances fell to $9.4bn vs. $32.1bn in the prior week while HY issuances were lower at $3.7bn vs. $14.4bn in the prior week. The IG space was led by Athene Global Funding's $1.25bn...