On the 23rd of December 2015, Australian transport group McAleese Limited announced that due to low levels of activity in the resource sector it would most likely breach a financial undertaking in its syndicated banking agreement and this would be reflected in its interim results for 2016. A financing waiver in late January allowed the group to continue operating subject [...]
As it has been almost 3 weeks since the CBA launched their PERLS VIII hybrid issue, now is an opportune time to have a look at how the existing Tier 1 hybrids have fared. The green arrows on Chart 1 highlights hybrids that have rallied over the last three weeks and their trading margins narrowed since the PERLS VIII issue announcement [...]
Overnight Moody’s Investor’s Services downgraded BHP’s issuer rating by two notches from ‘A1’ to ‘A3’ and maintaining the outlook as Negative, completing a review that was initiated on 18th December 2015. Moody’s downgrade reflects recent weak results that have materially stressed BHP’s credit metrics relative to rating tolerances. Standard & Poor’s (S&P) downgraded BHP from ‘A+’ to ‘A’ with a [...]
Tatts Group will be forced to hand back $540 million (plus interest and costs) to the Victorian government after the High Court ruled in favour of the appeal. The decision brings an end to the four-year saga as the ruling found Tatts was not entitled to the payment. Consequently, fellow gaming group Tabcorp lost its appeal for $687 million in compensation. The [...]
Moody's Investors Service have downgraded the issuer rating and senior unsecured notes one notch leaving the outlook as negative. Standard & Poor's on the 28th February announced no immediate ratings impact from the Master's write downs and first half 2016 results, although the negative outlook on the group remains. As a result Woolworths now have a split rating difference of one [...]
Woolworths published weak 2015 financial year results (but broadly in line with market expectations) which prompted downgrades from the major credit rating agencies (Standard and Poor's and Moody's). Management is making good progress on its transition to a leaner retail business model and expects that investments in price, service and experience will exceed cost reductions in 2016 financial year. This means [...]
We expect APA to maintain its earnings profile through new projects and we take comfort from the stable regulated revenue stream. However, de-leveraging will be restricted given the lack of free cash flow generation (negative free cash flow means dividends are effectively being paid through debt issuance). We are uncertain about the long term value of APA's interest in acquiring the other [...]
Ramsay upgraded its net profit and earnings guidance to 15% to 17% growth for the full year. There is a clear orientation towards growth and expansion in France and China. At this point in the investment cycle we think the company will continue to fund this growth through a combination of debt and free cash flow. However, the timing [...]
The primary story surrounding Crown is speculation regarding the privatisation of the company or part thereof. In December 2015 when James Packer resigned as a director of Crown which effectively removed any potential conflicts of interest between his interest and the boards responsibility to sharholders. At this stage all scenarios are speculative and although the press has announced possible [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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ABN 31 164 148 467 ‧ Important Information
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