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1、1FEBRUARY2018NEWS&ANALYSISInsurers14»MetLifetakesacredit-negativepre-taxcharge,whichwillCorporates2reduce2017earnings»DrPepper'sleveragingKeurigmergeriscreditnegative»China’snewregulationsforinsurers’investmentsare»WestRockbulksupwithKapStoneacquisition,acreditpositivecreditpositive»Stream
2、ingroyaltyrulingiscreditpositiveformusicpublishersUSPublicFinance17andperformancerightsgroups»Populationgrowthinhigh-wealthNorthernVirginiaiscredit»Sanofi'sacquisitionofAblynxincreasesfinancialleveragepositiveforthestateandlocalgovernments»SABIC'sacquisitionofClariantstakeiscreditpositive»
3、ChinaHuiyuan’sconvertiblebondissuanceiscreditpositiveRECENTLYINCREDITOUTLOOK»China'stwolargestrefinerswillbenefitfromgovernment'sregulatorycrackdown»ArticlesinLastMonday’sCreditOutlook19Banks9»GotoLastMonday’sCreditOutlook»Greekbanks'December2017private-sectordepositsincreased,acreditposit
4、ive»Saudibanks'liquidityimprovedin2017,despitemuteddepositgrowthClickhereforWeeklyMarketOutlook,oursisterpublicationcontaining»Nomura'ssaleofnon-coreinsurancesubsidiaryisMoody’sAnalytics’reviewofmarketactivity,financialpredictions,andcreditpositivethedatesofupcomingeconomicreleases.MOODYS.
5、COMNEWS&ANALYSISCreditimplicationsofcurrenteventsCorporatesDrPepper’sleveragingKeurigmergeriscreditnegativeLindaMontagSeniorVicePresidentOnMonday,DrPepperSnappleGroup,Inc.(DPS,Baa1reviewfordowngrade)andKeurigGreenMountain,+1.212.553.1336Inc.(Ba2reviewforupgrade)announcedplanstomerge,creati
6、ngabeveragecompanywithapproximatelylinda.montag@moodys.com$11billioninproformarevenue.Thetransaction,whichthecompaniesplantofundpartlywithdebt,iscreditnegativeforDPS.WeexpectDPS’proformaMoody’s-adjustedleveragetoincreasetoaround5.6xdebt/EBIDTAatclosingandbeforesynergies,upfrom2.9xat30Septe
7、mber2017,justafteritsacquisitionofBaiBrands.Followingthemergerannouncement,weputDPS’ratingsonreviewfordowngrade.Ifthedealisstructuredandconsummatedasannounced,wewouldlowerDPS’ratingonenotchtoBaa2withanegativeoutlook.InourreviewofDPS’ratings,wewillfocusonmanage
