Hints and tips:
...Triple-B [the lowest rung of IG] spreads are at about 120bp, whereas double-B high-yield is at 200bp. So you pick up 80bp from going from triple-B to double-B....
...Companies with double B or B plus debt ratings have received solid demand, while lower-rated single B and triple C rated companies have been forced to go to private credit lenders for financing....
...The downgrade — to triple B minus, from the triple B issued in August — follows similar reductions earlier this month from S&P’s fellow agencies Moody’s and Fitch, although their ratings remain higher at...
...And just 1.8 per cent of issuers in China carry a credit rating of triple B or lower....
...In the case of the single B sector, the absence of EM&M entails a tightening of 50bp since triple C and single B traded at their narrowest spread in late-April....
...Back in October, the rating agency left Italy a notch above the dreaded junk ranking at triple B, one step above Moody’s and in line with Fitch....
...For Mr Hall this triple-pronged rise of technology changed his long-term thinking. “For the first time in my life I had doubts about demand growth,” he says....
...S&P cut DWCP’s company rating to junk, to double B from triple B minus....
...The rating agency, which lowered its grade of AstraZeneca one notch to triple-B plus, said that it now believed the company’s ability to lower its debt burden would be “longer and slower than previously...
...The demand for higher-paying obligations was emphasised by a $1bn bond sale from Coach on Tuesday, which is rated triple-B minus by S&P — the lowest investment-grade rating — and triple-B by both Moody’s...
...Greece holds triple-C credit ratings from Moody’s, Fitch and DBRS, while S&P pegs it in the higher single-B category....
...Fitch rates Hungary triple-B minus while Moody’s has a Ba1 opinion, the highest junk rating, with a positive outlook....
...S&P upgraded Hungary’s credit rating to triple-B minus on Friday on the back of declining unemployment and a firmer recovery in the country....
...Analysts with the rating agency lifted their opinion one notch to triple-B minus, the bottom rung of the investment grade space, and assigned the company a ‘stable’ outlook, US capital markets correspondent...
...S&P affirmed its its triple B plus ratings on Banque Saudi Fransi and Arab National Bank....
...S&P said it has put Pershing Square’s triple-B rating on creditwatch negative because of the fund’s “very weak investment performance,” largely due to the roughly 50% drop sustained by Valeant this week....
...The rating agency said Glencore, which has been hard hit by the worst commodities rout in two decades, was now rated triple B minus, from triple B previously....
...Single and Double-A rated debt have returned about 1 per cent over the past three months, compared to a 0.4 per cent decline for triple-B bonds, according to Barclays data....
...According to Moody’s not only has the number of single B and triple C issuers surged post- crisis, but the proportion of issuers by count rated triple C is at all-time highs (27%, Figure 3)....
...In turn, riskier single B rated layers have widened by about 205 basis points to 1,050 basis points, according to Bank of America Merrill Lynch....
...The long-term issuer ratings of Bank of America, Citigroup, Morgan Stanley and Goldman Sachs were lowered from A minus to triple B plus....
...For example, 10-year triple B rated corporate debt yields an average 180 basis points more than the equivalent Treasury level, a “spread” that was much tighter at 130 bps in 2007....
...The company has said it will sell €500m of non-core Universal assets to stay within its triple-B rating, but Mr Lévy told the Financial Times at the weekend that the disposals could yield more than that...
...enfilade of elegant rooms includes a drawing room, dining room and bar and was redecorated in 2007 by Alexandra Champalimaud as a contemporary yet fabulous confection of golden, Thai silk furniture clad in emerald...
...The group’s credit rating has also been downgraded one notch by Standard & Poor’s to triple B-plus, while Fitch has put the group on rating watch negative....
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