穆迪-信贷-credit outlook news＆analysis-20170724-moody’s

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1、24JULY2017NEWS&ANALYSISRECENTLYINCREDITOUTLOOKCorporates2»ArticlesinLastThursday’sCreditOutlook19»McCormick'sPlanned$4.2BillionAcquisitionofReckitt»GotoLastThursday’sCreditOutlookBenckiser'sFoodDivisionIsCreditNegative»Wyndham'sPlannedAcquisitionofAmericInnIsCreditPositive»XPOLogistics’Equ

2、ityOfferingSuggestsRenewedAcquisitionAppetite,aCreditNegativeClickhereforWeeklyMarketOutlook,oursisterpublicationcontaining»ReckittBenckiser'sSaleofItsFoodBusinessIsCreditPositiveMoody’sAnalytics’reviewofmarketactivity,financialpredictions,and»GuangzhouR&F'sAcquisitionofDalianWanda'sHotelA

3、ssetsthedatesofupcomingeconomicreleases.WouldDelayDeleveragingBanks9»MajorityofUSBanksPlanCapitalPayoutsthatExceedEarnings,aCreditNegative»E*TRADE'sShareRepurchaseProgramandLowerTier1LeverageRequirementAreCreditNegative»KuwaitFinanceHouseWouldBenefitfromMergerwithAhliUnitedBank»AustralianB

4、anks'StricterCapitalRequirementsAreCreditPositiveSovereigns15»NAFTARenegotiationIsUnlikelytoSignificantlyAlterTradeDeal,aCreditPositiveforMexico»ElSalvadorPaysItsJulyPensionObligations,aCreditPositiveMOODYS.COMNEWS&ANALYSISCreditimplicationsofcurrenteventsCorporatesMcCormick’sPlanned$4.2Bi

5、llionAcquisitionofReckittBenckiser’sFoodDivisionIsDominickD’AscoliVicePresident-SeniorAnalystCreditNegative+1.212.553.0196LastTuesday,McCormick&CompanyInc.(A2reviewfordowngrade)saidithadagreedtoacquireReckittdominick.dascoli@moodys.comBenckiserGroupPlc’s(A3stable)fooddivisionfor$4.2billion

6、.McCormick,whichexpectstoclosetheacquisitionbytheendofNovember,planstofundthepurchasepricewith$3.7billionofdebtand$500millionofequity.Althoughstrategicallysound,theplannedtransactionwillsharplyincreaseMcCormick’sleverage,acreditnegative.Aftertheacquisitionwasannounced,weplacedMcCormick’sra

7、tingsonreviewfordowngrade.Weexpecttodowngradethecompany’sseniorunsecuredratingbythreenotchestoBaa2anditsshort-termratingtoPrime-2ifthetransactionclosesasproposed.ThenewdebtwillraiseMcCormick’sproformadebt/EBITDAto5.4x(excludingsynergies)asof31May,from2.5xbefor