瑞士信贷-creditoutlookcreditimplicationsofcurrentevents-20170608-creditsuisse

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1、8JUNE2017NEWS&ANALYSISSovereigns15»Qatar'sCreditQualityWouldDeclineIfTensionswithFellowCorporates2GCCCountriesPersist»IcelandFoods'PartialBondRepaymentIsCreditPositive»Mozambique’sCoralSouthLiquefiedNaturalGasProject»Evergrande'sSecondRoundofCapitalRaisingWillStrengthenMovesForward,aCreditP

2、ositiveItsLiquidity»Bangladesh'sBudgetProjectsSizableDeficitsEvenwithInfrastructure4OptimisticRevenueandSpendingAssumptions»LosAngelesJoinsWesternEnergyImbalanceMarkettoBetterSub-sovereigns21IntegrateRenewables,aCreditPositive»China'sGuidelinesforLandRevenueBondsAreCreditPositive»GwyntYMorW

3、illBearSomeCostsforCableFailuresafterUKforLocalGovernmentsRegulator'sDeterminationUSPublicFinance24Banks6»DallasandHoustonClearMajorPensionReformMilestones»BanBajío'sShareOfferingIsCreditPositive»IntercorpFinancialServicesSolidifiesPositioninAnnuitiesandLifeInsurancewithAcquisitionRECENTLYI

4、NCREDITOUTLOOK»BancoMercantilMustReturnCapitalfromItsInvestment»ArticlesinLastMonday’sCreditOutlook26BankingSubsidiary,aCreditNegative»GotoLastMonday’sCreditOutlook»ForQatariBanks,Sovereign’sTensionswithFellowGCCCountriesAreCreditNegative»AbuDhabiBanks’CostControlInitiativeIsCreditPositiveC

5、lickhereforWeeklyMarketOutlook,oursisterpublicationcontaining»ProposedMergerPlanIsCreditPositiveforAmBank,butLessMoody’sAnalytics’reviewofmarketactivity,financialpredictions,andSoforRHBthedatesofupcomingeconomicreleases.MOODYS.COMNEWS&ANALYSISCreditimplicationsofcurrenteventsCorporatesIcela

6、ndFoods’PartialBondRepaymentIsCreditPositiveEricKang,CFAAssistantVicePresident-AnalystOnMonday,UKfoodretailerIcelandVLNCoLimited(B2stable)announceditsintentiontoredeemupto+44.20.7772.1965£50millionofitsseniorsecuredfloatingratesnotesduein2020.Thecompanyexpectstheredemptiontoeric.kang@moodys

7、.comoccurthismonthatapriceof100%plusaccruedandunpaidinterest.ThetransactioniscreditpositiveforIcelandFoodsbecausethecompany’sproformaMoody’s-adjustedleverageasof24March2017willdeclineto5.5xfrom5.7x.Additionally,thetransactionreflectsthecompany’scommitmen