瑞信-全球-信贷市场-当前事件的信贷影响

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1、9NOVEMBER2017NEWS&ANALYSISSovereigns21»"ParadisePapers"renewfocusonlow-taxjurisdictions,akeyCorporates2riskfortheIsleofMan»Searsplansdeeproundofstoreclosures,acreditnegative»Lebaneseprimeminister'sresignationrisksrenewingapolitical»AmericaMovilwillbenefitfromMex

2、icoliftingzerovacuum,acreditnegativeinterconnectionratesUSPublicFinance23Infrastructure4»MaineMedicaidexpansionincreasesstate'sbudgetrisks»AtlanticaYield'sstrategicpartnershipwithAlgonquiniscreditpositive»Michigan'sBishopInternationalAirportlosesSouthwestRECENTL

3、YINCREDITOUTLOOKAirlines,acreditnegative»ArticlesinLastMonday’sCreditOutlook25Banks7»GotoLastMonday’sCreditOutlook»Russiaproposeshighercapitalrequirementsforlowdownpaymentmortgages,acreditpositive»EurobankErgasiasredeemsstatepreferenceshareswithTier2subordinated

4、notes,increasingitsfundingcostsClickhereforWeeklyMarketOutlook,oursisterpublicationcontaining»ResignationofLebanon'sprimeministeriscreditnegativeMoody’sAnalytics’reviewofmarketactivity,financialpredictions,andforbanksthedatesofupcomingeconomicreleases.»Bahrainib

5、anks'increasedsovereignexposureiscreditnegative»Saudibanks'steadynetinterestincomegrowthiscreditpositive»UnitedArabEmiratesbanks'fundingconditionsimprove,acreditpositive»Daiwa'sinvestmentinanewfintechventureiscreditpositiveMOODYS.COMNEWS&ANALYSISCreditimplicatio

6、nsofcurrenteventsCorporatesSearsplansdeeproundofstoreclosures,acreditnegativeChristinaBoniVicePresident-SeniorAnalystLastFriday,SearsHoldingsCorporation(Caa2stable)announcedanewroundofstoreclosuresasit+1.212.553.0514continuestoreduceitsnumberofunprofitablestores

7、.Althoughitispositivethatthecompanycontinuestochristina.boni@moodys.comoptimizeitsstorebase,theoverallnumberofstoreclosuresiscreditnegativeandindicatesdeeperstrainaschronicallyweaksalesadverselyaffectthecompany.Searsnowexpectstoslashitsstorebasetoaround988stores

8、at31January2018,a30%reductionversus31January2017levels.ThecompanyalsofacessignificantproblemsatitsKmartfranchise,whichhashadmeaningfulmarketshareerosion.Storecountsco