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ID:8227850
大小:1.76 MB
页数:23页
时间:2018-03-11
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1、January2018Taxreform–US:Corporatetaxcutiscreditpositive,while2effectsofotherprovisionsvarybysectorTheUStaxpackagewillboostcorporatecashflow,butsomechangestothetaxcodearecreditKEYLINKSnegativeforsomesectors.»CLOGlobalMethodology»SME&Mid-CapFocusRefundingIndicator:Spec-gradeissuersstillfacerefundin
2、grisk7in2018,despitegoodprogressin2017AboutusRefundingriskcontinuestoimprove,withDecembermarkingthelatestyear-over-yeargainintheThree-YearRefundingIndicator.Moody’sCLO/StructuredCreditGroupistheleadingsourceforcreditratingsCLOs–Global:October2017MarketPulse:Defaultsdrive10andresearchoncollaterali
3、zedloanmetricsforUSCLO2.0sobligations(CLOs)andtheentirestructuredcreditmarket.TheCLO/CLOs-Global:December2017SurveillanceUpdate:Few16StructuredCreditGroupleveragesratingschangesintheUSwhileupgradescontinueinEuropeMoody’sdecadesofexperienceinbankloansandhighyieldaswellasourmarket-leadingdefaultstu
4、diestoproducethemostaccurateratingmethodologiesforthisassetclass.MOODYS.COMTaxreform–US:Corporatetaxcutiscreditpositive,whileeffectsofotherprovisionsvarybysectorOriginallypublishedon21December2017SummaryAsharplyreducedstatutorycorporatetaxrateisthecenterpieceofthewide-rangingtaxlegislationthatthe
5、USCongresspassedonDecember20.Thecutto21%from35%willboostcorporatecashflow,abroadcreditpositive.Butthesweepingtaxlegislationmakesmanychangestothetaxcode,someofwhichwillbecreditnegativeforcertainsectors.»USsovereign.Thelegislationiscreditnegativeowingtoa$1.5trilliondeficitimpactover10yearsthatwillm
6、akefederaldebtreductionevenmorechallenging.Thetaxcutswillcontributeonlymodestlytoaggregateeconomicgrowth,intherangeofone-tenthstotwo-tenthsofapercentofGDP,duemostlytohigherhouseholdconsumptionratherthananincreaseinbusinessinvestment.»Non-financialcompanies.Thecorporatetaxratecutandfullupfrontdedu
7、ctibilityofcapitalspendingwilloutweighthecostofalimitationoninterestdeductibilityforallbutahandfulofinvestment-gradeUScompanies.Limitsoninterestdeductibilitywillleavemanyhighlyleveragedcompaniesworseoff.»Utilities.Thel
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