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Shimao Upgraded to IG Status at BBB- by S&P
S&P Ratings upgraded Chinese property developer Shimao Group to BBB-, putting it in the investment grade category giving a stable outlook. They also raised the issue level rating to BB+ from BB. S&P cited stable profitability and prudent financial management...
China Aoyuan’s Dollar Bonds Trend Lower
Property developer China Aoyuan saw its dollar bonds fall around 3% yesterday. While no particular news has come out, its dollar bonds have been trending lower since late March when its results were announced. Revenues were short of expectations by 7% at CNY68bn...
Bolsonaro Comments Trigger Fears of Change in Petrobras’ Fuel Policy
Brazil’s state-run oil company Petroleo Brasileiro SA (Petrobras) is requesting the Mines and Energy Ministry for clarifications on President Bolsonaro’s remarks that the recent 39% spike in natural gas prices is “unacceptable”. Bolsonaaro further added that while he...
NMC Set to Exit Administration by 1H 2021
UAE's largest private healthcare provider, NMC Health revealed through a lenders update call on Thursday that it is set to exit administration under the Abu Dhabi Global Market by 1H 2021 as its restructuring is spanning out as planned. According to the Abu Dhabi...
Ecuador’s Bonds Jumpy Ahead of Presidential Runoff
Ecuador is set to vote for a new president on April 11. The vote will decide if the country chooses conservative Guillermo Lasso or Left-wing economist Andres Arauz. The election is critical for the nation, which has just restructured $17.4bn debt last year and owes...
JBS upgraded to Ba1 by Moody’s
Moody's Ratings upgraded Brazilian meat producer JBS to Ba1 from Ba2. The rating agency cited better results, improved liquidity and lower refinancing risk as JBS “implemented a number of initiatives to extend debt maturities, amortize debt and reduce funding costs,...
Zhenro, Kores Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers & Losers
Both S&P and Nasdaq ended almost flat while US 10Y yields gained 1bp to 1.67%. Focus now shifts to the upcoming earnings season to get an idea on how corporate America stands. The Fed’s March meeting minutes indicated a dovish tone similar to their meeting last...
Yuzhou Downgraded to B+ by Fitch Following Moody’s Downgrade to B1 Last Month
Fitch Ratings downgraded Yuzhou to B+ from BB- keeping a stable outlook. The downgrade was driven by weaker-than-expected revenue recognition in 2020. Fitch cited slower revenues, weaker profitability and a small land bank as downsides. While Yuzhou reported total...
Huarong’s Possible Restructuring to Be Credit Positive in the Long Term; Event of Default Improbable – CreditSights
Research firm CreditSights said that China Huarong may see short-term pain from financial restructuring while it is a longer-term credit positive. A restructuring would ‘eventually put Huarong on firmer footing and allow it to shed riskier assets’ the analysts wrote...
