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ID:8227861
大小:862.16 KB
页数:20页
时间:2018-03-11
《穆迪-信贷-credit outlook:news & analysis-20170814-moody’s》由会员上传分享,免费在线阅读,更多相关内容在行业资料-天天文库。
1、14AUGUST2017NEWS&ANALYSISRECENTLYINCREDITOUTLOOKCorporates2»ArticlesinLastThursday’sCreditOutlook19»Vantiv’sPlannedAcquisitionofWorldpayIsCreditNegative»GotoLastThursday’sCreditOutlook»AirMedical’sAcquisitionofAMRWouldBeCreditNegative»EnvisionHealthcare’sPlannedSaleofMedicalTransp
2、ortationUnitIsCreditPositive»WithAcquisition,ConstellationAddsAnotherCraftBeertoClickhereforWeeklyMarketOutlook,oursisterpublicationcontainingItsKegMoody’sAnalytics’reviewofmarketactivity,financialpredictions,and»CMPC’sIdlingofBrazilianProductionFacilityWillDelaythedatesofupcoming
3、economicreleases.Deleveraging»SGL’sAssetSaleandDebtPaydownAreCreditPositive»Omantel’sAcquisitionofStakeinZainGroupIsCreditPositiveInfrastructure10»ConsolidatedEdison’sEquityIssuanceIsCreditPositive»ConstructionDelaysatCameronLNGAreCreditNegativeBanks13»Honduras’NewCredit-CardLawIs
4、CreditNegativeforBanks»BancoSantander’sSaleofProblematicRealEstateIsCreditPositiveUSPublicFinance16»ExtensionofMedicaidWaiverIsCreditPositiveforFloridaSafety-NetHospitalsSecuritization17»InvitationHomes-StarwoodWaypointHomesMergerWouldBenefitBothFirms’SFRSecuritizationsMOODYS.COMN
5、EWS&ANALYSISCreditimplicationsofcurrenteventsCorporatesVantiv’sPlannedAcquisitionofWorldpayIsCreditNegativeStephenSohnVicePresident-SeniorCreditOfficerLastWednesday,VantivLLC(Ba2stable)saidthatithadagreedtoacquireWorldpayGroupplc(Ba2stable)+1.212.553.2965forabout$12billioninenterp
6、risevalue,including$2billioninnetdebt.Theplannedtransaction,whichstephen.sohn@moodys.comVantivexpectstocloseinthefirstquarterof2018,iscreditnegativebecauseitwillincreaseleverage.But,theacquisitionisstrategicallysoundbecauseitwillenhancethecompany’sglobalscaleandimprovegeographican
7、dend-marketdiversity.Moreover,Vantivhasatrackrecordofreducingleverageafteracquisitions,sotheresultingerosioninthecompany’screditmetricsislikelytoberelativelyshort-lived.Uponcompletionoftheacquisition,Vantiv’sadjusteddebt/EBITDAwillinitiallybehighfortheBa2ratingcategoryatmorethan5x
8、(withoutsynergies),upfrom3.6xfort
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