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...In line with Germany’s Stock Corporation Act and its corporate governance code, both von Bomhard and Bock underwent a two-year cooling-off period before joining the supervisory boards....
...This is roughly comparable to average default rates observed in companies that receive a B credit rating from S&P (3.4 per cent) and a B3 from Moody’s (4 per cent)....
...But notice that in the more recent statement, Berkshire is making a comparison to “the average American corporation,” not the S&P 500....
...Anyway, back to the S&P report. They reckon that debt maturities of firms rated single-B or lower will be around $310bn in 2025, rising to $400bn in 2026....
...These have picked up markedly in recent years, from a low of about 400,000 b/d in the pandemic year of 2020 to about 1.4mn b/d recently, according to Richard Bronze at Energy Aspects....
...The country’s rating was previously double-B-plus, signifying speculative or junk status....
...In a Monday update, the rating agency moved Ford up to triple-B minus from double-B plus....
...S&P upgraded Ireland’s rating to double A last year, saying the tax changes did not alter its view of the country’s creditworthiness....
...However, the maker of Oral-B toothpaste and Tide detergent trimmed the low end of its sales growth guidance due to the strong US dollar....
...Digging through the data of S&P Global offers surprising findings. Sub-Saharan African sovereigns rated in the B category between 2010 and 2023 defaulted in 22 per cent of all cases within five years....
...They need a plan B and a plan C,” said Patricia Lenkov, an expert on corporate governance and succession.No company wants to deal with the ramifications of disaster successions such as Microsoft’s in 2013...
...On Monday the S&P 500 lost 0.1 per cent after comments from Federal Reserve chair Jay Powell indicated a reduced likelihood of an interest rate cut in March....
...Looks like S&P Ratings doesn’t find “attestations” especially convincing, either....
...We’ve divided the issuers up by their primary exchange and overlaid short-interest data from S&P Global, accurate to February 23....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...The BBC’s verdict matters a lot more than anything I think about the prime minister’s “five priorities”, because the corporation is the UK’s dominant broadcaster and is incredibly hierarchical....
...The rating agency in May cut SoftBank’s long-term credit rating from double B plus, its highest non-investment grade, to double B following record investment losses....
...[enlarge] Here comes the B word. Peak hard Brexit angst?...
...The Internal Revenue Service said on Wednesday that it was preparing “dozens” of audits of large corporations, partnerships and high-income taxpayers to see if their use of jets had been properly designated...
...The P/B ratio measures the market value relative to its book value....
...It is now valued at $1bn after raising $200mn in a Series B round in January....
...The S&P 500 has hit record highs this year. “I inherited an economy that was on the brink. Now our economy is the envy of the world,” Biden said in his State of the Union speech on Thursday....
...For example: “In my view, [public markets aren’t] differentiating enough between office Reits that hold B-tier assets and office Reits that hold A-tier assets.”...
...S&P Global Ratings said in a report on Thursday that triple C borrowers would “contend with weak cash flow and elevated interest expenses this year”, while “defaults in 2024 [would] largely come from consumer-facing...
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