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Webinar

Fitch on UK Water: Pressure on Credit Quality Persists

Date: June 19, 2019
Time: 11:30 BST | 12:30 CET
 

Please join for an update on the UK Water sector and the AMP7 process.
 

Speaker:
Maria Fassakhova - Senior Director , EMEA Utilities & Transport team

 

Register Now

U.S. Tariffs Could Directly Affect 1 in 5 Mexican Corporates

The imposition of broad-based tariffs on U.S. imports of Mexican goods could have a direct negative revenue effect on 20% of Fitch Ratings' Mexican-rated corporates. However, depending on the duration and level of tariffs levied, there would also likely be indirect effects on Mexican companies linked to the broader macroeconomic repercussions of heightened trade tensions.

Webinar

South Africa After the Elections and Update on Eskom

Now Available On-Demand

 

The discussion will focus on:
South Africa Sovereign:

  • Analysis and impact of the elections
  • Outlook for economic reforms and growth
  • Fiscal policy, debt and sovereign considerations in Eskom

Eskom:

  • Liquidity weak despite equity support
  • Weak business and financial profile
  • Supportive GRE links


Speakers:
Jan Friedrich - Head of Middle Eastern and African Sovereign Ratings 
Yeshvir Singh - Director, Corporate Ratings - EMEA

 

Related researchSouth Africa Election Highlights Reform Constraints

 

Listen Now

Settlement Risk and Drivers of Australian REIT Ratings

Fitch Ratings addresses key themes facing Australian residential developers and REITs following the country's real-estate boom over the past decade in two reports released today.

BFM

Fitch’s Jamieson: Impact of a China Slowdown on APAC Corporates

Matt Jamieson speaks with Malaysian radio station BFM 89.9 on how a severe economic slowdown in China would affect Asia-Pacific (APAC) corporates. Fitch's hypothetical China slowdown scenario assumes a contraction sparked by additional US tariffs amplified by a separate investment shock.

Listen to the interview

Chinese Corporate Defaults to Peak in 2019, Credit Growth to Moderate

The number of Chinese corporate defaults by issuer count and principal amount is likely to reach new highs this year, from 45 issuers and CNY110.5 billion in 2018, due to rising refinancing pressure, sluggish industrial-sector growth and weaker investor sentiment caused by the ongoing trade dispute with the US. The credit cycle is likely to rebound in the next few months, but the improvement will be marginal, with no large-scale credit easing expected in the near term. 

Short-Term Ratings Criteria Under Criteria Observation

Our final revised criteria applicable for short-term ratings across our corporate, financial institution and public finance portfolio is now available. This concludes a major review of the function and utility of our short-term rating scale that began in August 2018, and a broad-based market dialogue, which has helped shape our approach to a short-term scale for today's capital markets. 

Investor Fears Escalate About Australia's Falling House Prices

Falling house prices pose the most serious threat to Australian credit markets over the next 12 months, according to Australian fixed-income investors. The vast majority (95%) of investors expect house prices to keep falling over the next 12 months.

ReportAustralian Fixed-Income Investor Survey 2Q19

Astro Awani

Axiata-Telenor Talks Highlight Need for Scale in Asia

Janice Chong, Director in Fitch Ratings' Corporates team, discuss with Ibrahim Sani, Business Editor of Astro Awani’s Notepad, key highlights of the proposed merger between Malaysia’s Axiata Group and Norway’s Telenor ASA.

Webinar

Latin America Mega Borrowers

Now Available On-Demand

 

Fitch Ratings is hosting a webcast on the largest Emerging Market borrowers in Latin America. Senior analysts from the Latin America Corporate Ratings Group will provide forecast snapshots on the following mid to low investment-grade issuers with the highest adjusted debt: America Movil, Ecopetrol, Petrobras and Suzano. 

 

Speakers:
Daniel Kastholm - Managing Director and Regional Group Head, Latin America Corporate Ratings (moderator)
Lucas Aristizabal - Senior Director and Head of Latin America Energy 
Fernanda Rezende - Senior Director, Latin America Corporate Ratings (Fitch Brazil)
Sul Ahmad - Associate Director, Latin America Corporate Ratings 

 

Listen Now

Prolonged Chinese Auto Market Slowdown Could Affect Ratings

A prolonged Chinese auto market slump combined with structural trends reshaping the industry could affect the ratings of Jaguar Land Rover, Ford and General Motors. But a decline in Chinese new vehicle sales for only one to two years would be unlikely to trigger immediate downgrades.

 

 

FITCH & KANGANEWS

Rising Fears About Falling House Prices

Falling house prices pose the most serious threat to Australian credit markets over the next 12 months, according to Australian fixed-income investors. Fitch Ratings and KangaNews' 2Q19 survey reveals that 70% of fixed-income investors rank a domestic housing-market downturn as the top risk to local credit markets, with a notable shift in sentiment. The survey was undertaken in partnership with KangaNews - a specialist publishing house that provides commentary on fixed-income markets in Australia and New Zealand. 
 

Watch video about Investor Fears Escaluate About Australia's Falling House Price

Webcast

Utilities Regulation in Kazakhstan and Ukraine is Weaker Than in Georgia' Webcast

This webcast discusses Fitch’s view on the comparison of the regulatory environment for the generation and grid segments in different FSU (Former Soviet Union) countries, including Georgia, Kazakhstan and Ukraine and its impact on the earnings and ratings of FSU utilities. Listen on demand now.
 

Fitch WireUtility Regulation Is Key for Ratings in Ex-Soviet Countries

Webinar

The Outlook for Copper and its Impact on Credit Ratings

Now Available On-Demand

Fitch Ratings and CRU Group are delighted to invite you to a live webcast on the outlook for copper and its impact on credit ratings. The discussion will focus on the conclusions of April’s Global Copper Conference in Santiago de Chile, and on the recent rating actions Fitch has taken in the sector.

 

Listen Now

Webinar

Chinese Auto Market Slowdown and Its Effect on Global Carmakers’ Ratings

Date: 05/09/2019
Time: 4pm HKT

 

Fitch Ratings cordially invite you to a live webcast on the Automotive sector. The discussion will focus on the recently published analysis studying several scenarios of a Chinese market slowdown on the profitability and ratings of carmakers in Europe, Japan, Korea and the US.
 

Register Now

Fitch Group and the LSTA Bring Transparency to Loan Market with New Content

Fitch Group and the Loan Syndications and Trading Association (LSTA) today announced that Fitch Group's leveraged loan expertise will now be available to LSTA members alongside the LSTA's other resources.

Unpacking Chinese Engineering and Construction Firms’ PPP Investments

Fitch Ratings found Engineering & Construction companies among the most active investors of China’s public-private-partnership (PPP) projects. Debt funding, liquidity gaps and accounting distortions highlight the risks they are facing.

Webinar on Demand

The Coming Storm: 'BBB' Corporates in a Potential Downturn

Now Available On-Demand

Fitch Ratings recently published a report, The Coming Storm: BBB Corporates in a Potential Downturn. This webinar will outline the issues and conclusions discussed in the report. The report will be available on the platform the day of the event. Please join our analysts as we discuss the findings.

Speakers:
Katherine Falconi. Group Credit Officer, US
Frederic Gits, Group Credit Officer, EMEA
Megan Neuberger – MD, Head of Healthcare Group, US
Alex Griffiths – MD, Head of Corporate Ratings, EMEA

 

Listen Now

Webinar

Corporate Mega Borrowers Webinar Series

With corporate debt in the mid-investment grade a growing topic in 2019, we invite you to a series of webcasts discussing the key financial metrics, forecast assumptions and rating sensitivities for the Consumer and Technology, Media& Telecom sectors. This follows the publication of our report titled Mega Borrowers: Forecast Snapshots for Mid to Low Investment-Grade Issuers.

Consumer: Listen Now
Technology Media & Telecom: Listen Now

 

PPP Accounting Understates Risks in Chinese E&C Companies

Active participation in PPP investments requires substantial debt funding and increases the liquidity risks of some of these companies, but their reported debt and cash flow accounts may not fairly reflect the associated risks due to their accounting choices.

 

Related Press Releases and Reports:
Unpacking Chinese Engineering and Construction Firms' PPP Investments
China's PPP Rules to Cool Infrastructure Investment
PPP Counterparty Risks in the Spotlight

European High Yield Index

Issuers Returned to European High Yield Market in 1Q19

Refinancing-related high yield (HY) bond issuance in the 'BB' category returned to the European market in the first quarter of 2019, followed by issuance in the 'B' category. Issuance was supported by secondary market recovery thanks to shifts in US and European monetary policy. The continuing momentum is likely to prompt 'CCC' issuance to come back in the second quarter.

Strong Credit Profile, IP Enables Disney to Take DTC Share

Strong investment-grade credit profiles and highly-acclaimed intellectual property (IP) supporting direct-to-consumer (DTC) streaming may enable companies such as Walt Disney (A/Stable)/Twenty-First Century Fox (A/Stable) to take market share from both Netflix and traditional cable operators. Offering compelling prices and abundant high-quality content to quickly ramp subscriber growth may also further support ratings over the long term.

CNBC

Crown Resorts' assets would be 'positive' for Wynn: Fitch Ratings

Colin Mansfield of Fitch Ratings says the acquisition of Crown Resorts' assets would give Wynn Resorts "a strong foothold right off the bat" in Australia.

Webinar on Demand

Mexico Corporates After AMLO’s First 100 Days

Now Available On-Demand

Fitch Ratings hosted a webcast with Alberto Moreno and Sergio Rodriguez, in Fitch Ratings’ Latin America Corporate Ratings Group, to discuss the credit factors affecting Mexican corporates.

 

Listen Now

 

Auto Sector Downturn Unlikely to Impact U.S. CLOs

A slowdown in global auto demand is unlikely to have an impact on U.S. CLOs through their auto-related exposure. U.S. broadly syndicated loan (BSL) collateralized loan obligations (CLOs) under Fitch's surveillance are underweighted in their exposure to the auto sector compared to the broader market. 
 

Impact of 737 MAX Grounding in Asia May Worsen in 2Q

 The impact on airline operations and airfares in Asia from the grounding of Boeing 737 Max jets has been largely muted so far, but could worsen from 2Q19 due to a seasonal pick-up in travel demand. Delays in the delivery of 737 Max planes, in case the re-certification process for the jet is prolonged, could allow some airlines to improve their balance sheets.

Fitch Ratings Names Mervyn Tang Head of ESG Research

Based in Hong Kong, Mr. Tang will oversee a newly formed research team which will primarily focus on thematic and cross sector ESG research using both internal and external datasets.

Rating Action

Fitch Publishes Saudi Aramco's 'A+' First-Time IDR, Outlook Stable

Saudi Aramco is the world's largest oil producer and the national oil company of Saudi Arabia (A+/Stable). Its standalone profile corresponds to a rating of 'AA+', which sits at the upper boundary of the Fitch rating spectrum for oil and gas companies, and reflects the company's high production, vast reserves, low production costs and very conservative financial profile.

Fitch Launches New Criteria for Short-Term Ratings

Our enhanced short-term credit analysis offers a more appropriate reflection of a company’s near term credit risk. The proposed criteria improves transparency into the attribution of short-term ratings, and ensures the short-term rating scale provides increased value to investors.

rating action

Fitch Places Lippo Karawaci on Rating Watch Positive Pending Rights Issue

The RWP follows the announcement on 12 March 2019 of a USD730 million rights issue that will be completed by end-June 2019 and an asset-disposal plan of USD280 million to be completed in 2H19.

Boeing 737 MAX Issue Could Have Broad Aviation Credit Effects

The Boeing 737 MAX could be a concern throughout the aviation credit sector for much of 2019. It is premature to take credit ratings actions at this time, as final conclusions about the Ethiopian Airlines and Lion Air crashes are not yet known, and there are many scenarios that could play out. Most concerning would be a harsh scenario including a systemic issue with the aircraft leading to lengthy groundings, material delivery delays, significant order cancelations and negative public sentiment toward the MAX. 

2019 Latin American Corporates Spotlight: Credit Benchmark Series

Jay Djemal, Head of Credit Research for Latin America Corporates, gives an overview of Fitch’s series of Spotlights that benchmark nine major issuers from Latin America against their main developed market peers.

Credit Outlook 2019

Hong Kong Credit Outlook Event 2019

Kalai Pillay, Head of North Asia Industrials, Fitch Ratings discusses China property market outlook in 2019 at the Credit Outlook Conference in Hong Kong.

 

Ying Wang, Head of APAC Energy & Utilities and China Corporate Research, Fitch Ratings discusses the trend of corporate deleveraging in China and the role of SOEs in China's economy at the conference.

 

Some highlights including:

  • Overview on Asia Pacific Corporates Outlook
  • China Property Market Outlook in 2019
  • Trend of Deleveraging in China
  • The role of SOEs in China economy going forward
  • Trade Tension Impacts Hardware Sector and the Related Subsectors in 2019
  • Salient Risk for APAC in 2019
  • The Challenges and Opportunities for LGFVs and its Transformation in 2019

View more

Rating Action

Fitch Publishes Abu Dhabi National Oil Company's 'AA' First-Time IDR

ADNOC is the national oil company of the Emirate of Abu Dhabi and is one of the largest oil producers globally. On a standalone basis ADNOC's rating corresponds to 'AA+' and reflects the company's high upstream output coupled with low production costs, significant reserves, downstream integration and a conservative financial profile. The Outlook is stable. 

Italian Telecoms – Further Challenges Ahead

Following the publication of the Italian Telecoms Special Report, Fitch Ratings discussed the key themes in this report and answered questions. Listen on demand

If Home Prices Drop, Will U.S. Local Government Revenues Follow?

Despite recent investor concern, Fitch Ratings does not expect that local governments will be exposed to large revenue declines if home prices drop, according to a new report

Fitch Named Best Rating Agency in APAC in Record 5 Categories

Fitch has won the Credit Rating Agency of the Year (2018) awards for the corporate, investment-grade, public-finance, project-finance and sovereign categories. It is the agency's first award for the investment-grade category, and the fourth consecutive win for public finance.
 

ABS-CBN

ABS-CBN: Philippines Telecoms Sector

Janice Chong, Director in Fitch Ratings’ APAC Technology team, speaks to ABS-CBN on the credit ratings outlook for Philippine telcos, including the challenges and prospects for the rollout of 5G, the next generation wireless standard.

Surge in 'BBB' US Corp. Debt May Not Yield More Fallen Angels

The significant rise in low investment-grade US corporate debt may not equate to greater fallen angel risk in the next downturn,. Some of the rise is due to M&A accompanied by EBITDA growth and some is attributed to rising stars and issuers maintaining low investment-grade ratings through the current cycle, while prudently taking advantage of lower borrowing costs.

Rating Action

Fitch Upgrades Yanzhou Coal to 'BB-'; Outlook Stable

The upgrade was driven by improvement in the consolidated credit profile of Yanzhou's immediate parent, Yankuang Group., Ltd., as its Fitch-defined cash flow from operations (CFO) has turned positive since 2017 and its FFO adjusted net leverage has declined.

Webinar

Global Metals & Mining 2019 Outlook

Listen on demand to our webcast on the 2019 Outlook for the Global Metals & Mining sector, in partnership with CRU Group. The discussion focused on the current topics of trade wars, sanctions and environmental policies, and their subsequent impact on credit markets and commodity prices. Listen Now

Webinar on Demand

Utilities' Carbon Dioxide - Rising Cost Item for European Utilities

Fitch Ratings hosted a live webcast on utility companies’ CO2 cost exposure. The presentation addressed the current CO2 pricing environment, the relative exposure of companies and countries in Europe, and the potential credit rating implications for Fitch's portfolio.
Listen on Demand

2019 Outlook - Leveraged Finance Roundtable

Michael Paladino, Head of US Leveraged Finance, discusses the outlook for leveraged loans and high yield bonds in 2019 with Lyuba Petrova and Eric Rosenthal of the Leveraged Finance team and Jessica Reiss from Covenant Review.

 

ESG Risk

Introducing ESG Relevance Scores

The new ESG Relevance Scores transparently and consistently display both the relevance and materiality of ESG elements to the rating decision. Using a standardized and transparent scoring system, Fitch is introducing ESG Relevance Scores across all asset classes, starting with over 1,500 non-financial corporate ratings.

Learn more about our ESG ratings and research

Video

Introducing Fitch Ratings ESG Relevance Scores

A two-minute walkthrough of Fitch’s new ESG Relevance Scores for corporate issuers from Richard Hunter, global head of corporate ratings.

Bloomberg Interview: Fitch’s Asia-Pacific 2019 Corporates Sector Outlook

Matt Jamieson, Head of APAC Corporate Research at Fitch Ratings, discusses the impact of trade tensions and rising interest rates on APAC corporate ratings, and the prospects for Chinese homebuilders, basic materials and industrial companies. He speaks on "Bloomberg Markets: Asia" with Yvonne Man and Rishaad Salamat.

2019 Outlook - Aviation Roundtable

Kevin Duignan, Head of Financial Institutions, discusses the outlook for aviation across corporates, financial institutions, and structured finance with Craig Fraser, Nathan Flanders, and Hylton Heard.

Special Report

Italian Credit Ratings' Sovereign Links Vary by Sector

Italian banking and insurance are the sectors whose ratings would be most affected in the event of hypothetical Italian sovereign stress scenarios, Fitch Ratings says in a new report. Ratings of non-financial corporate issuers would typically be less affected.

Experience Credit Outlooks 2019

Our annual Credit Outlooks are now available. We're producing reports, video, webinars, and commentary across all sectors and regions to give you in-depth insight into credit in 2019 and beyond.

Corporate Ratings Navigator

Navigator is a graphical peer comparison tool covering 50 sectors across all regions
 

Navigator Interactive is an interactive version of the Navigator comparison tool, available online and offline

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