EU COMMUNICATIONS: COMMUNICATIONS: Swisscom Placed On Review By Ratings Agencies
Mar-15 16:17
- EUR spreads relatively muted; EUR 28s 3bps wider DoD, CHF spreads up to 5bps wider on the day.
- Moody’s-adj debt/EBITDA ratio seen at 2.6x-2.7x by 2026 (from 1.3x in 2023) against pre-review thresholds of 1.5x & 2.25x
- Moody's-adj RCF/debt seen at 25%-27% through 2026 (from 38% in 2023) due to increased dividends and one-off integration costs vs. pre-review thresholds of 35% & 40%.
- Reported net leverage seen rising above the Swiss gov’t’s 2.4x cap implying less support which is another downgrade trigger.
- S&P-adj debt/EBITDA ratio seen at 2.9x in 2024 (from 1.7x in 2023) against a downgrade threshold of 2.5x. S&P-adj CF/debt seen at 10-15% by end-2024(from ~23% in 2023).
- S&P expect to lower ratings by one notch when the transaction closes.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
BOE: Bernanke report expected in the Spring
Feb-14 16:16
- Bailey said Bernanke is writing his report now - and it is expected to be released "some time in the Spring".
- That timing is broadly in line with expectations.
US TSYS: US TSY 17W AUCTION: NON-COMP BIDS $544 MLN FROM $60.000 BLN TOTAL
Feb-14 16:15
- US TSY 17W AUCTION: NON-COMP BIDS $544 MLN FROM $60.000 BLN TOTAL
STIR: BLOCK, Dec'24 SOFR In-the-Money Put
Feb-14 15:57
- 11,000 SFRZ4 95.50 puts, 33.5 ref 95.65 at 1020:24ET
Trending Top
Aug-08 09:29
Aug-08 07:57
