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Moody's downgrades Intel's senior unsecured rating

Economic Times

Economic Times · 1y ago

Moody's downgrades Intel's senior unsecured rating

Moody's has downgraded Intel's senior unsecured rating from A3 to BAA1 and changed the outlook to negative, citing concerns about the chipmaker's profitability. The downgrade highlights the pressure on Intel's credit profile in the short term. Moody's expects significantly weaker profitability for Intel in the next 12 to 18 months. Intel's total debt-to-interest, taxes, depreciation, and amortization ratio is expected to approach 7x by the end of 2024 before returning to 4x by 2025. Currently, Intel has a total debt-to-EBITDA ratio of 4.35.

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Moody's downgrades rating on Vedanta Resources' unsecured bonds

Livemint

Livemint · 1y ago

Moody's downgrades rating on Vedanta Resources' unsecured bonds

Moody's has downgraded the rating of senior unsecured bonds issued by Vedanta Resources from Caa3 to Ca. The credit rating agency also downgraded Vedanta Resources' Corporate Family Rating from Caa2 to Caa3. Moody's cited the company's unsustainable capital structure, high financial leverage, weak liquidity, and continued negative cash flow as reasons for the downgrade. They believe Vedanta will still face liquidity issues and the default risk remains high. Last week, Vedanta received bondholders' approval to restructure four series of bonds.

Moody’s upgrades Tata Motors’ ratings to Ba1, outlook remains positive

Money Control

Money Control · 1y ago

Moody’s upgrades Tata Motors’ ratings to Ba1, outlook remains positive

Moody's has upgraded Tata Motors' corporate family rating (CFR) by two notches to Ba1 from Ba3, with a positive outlook. The rating agency cited the automaker's revenue growth, improving profitability, and debt reduction as reasons for the upgrade. Moody's also upgraded Tata Motors' senior unsecured instruments' ratings to Ba1 from Ba3. The rating action takes into account Tata Motors' sound governance practices, strong demand in key geographies and business segments, and cost rationalization efforts. Moody's expects sustained improvement in Tata Motors' automotive operations, including its subsidiary Jaguar Land Rover Automotive Plc.

Moody's downgrades Vedanta as bond restructuring gets investor nod

Livemint

Livemint · 1y ago

Moody's downgrades Vedanta as bond restructuring gets investor nod

Moody's has downgraded the credit rating of Vedanta Resources Ltd (VRL) as the company proceeds with its bond restructuring exercise. The corporate family rating was lowered to Caa3 and the rating of the company's bonds to Ca. The restructuring involves delaying the maturity of some outstanding bond series, aiming to reduce immediate debt load and provide a longer repayment cycle. However, Moody's analysts believe that the company will still face liquidity issues in the next 24 months, and S&P analysts warn of possible downgrades following the restructuring.

Moody’s Downgrades Debt on Pimco Office Buildings to Lowest Junk

Livemint

Livemint · 1y ago

Moody’s Downgrades Debt on Pimco Office Buildings to Lowest Junk

Moody's Ratings has downgraded bonds backed by office buildings owned by a Pacific Investment Management Co. affiliate to their lowest ratings due to tenant vacancies and expected interest-payment shortfalls. The $484.7 million commercial mortgage-backed security represents the senior debt in a $1.72 billion portfolio of seven buildings in major US cities. Office prices in the US have been falling, particularly in central business districts, and the delinquency rate on office CMBS is rising. The office portfolio's owner, Columbia Property Trust, defaulted on the debt earlier this year.

S&P Global downgrades Intel's credit rating on slow recovery, management changes

Economic Times

Economic Times · 8m ago

S&P Global downgrades Intel's credit rating on slow recovery, management changes

S&P Global Ratings has downgraded Intel Corp's credit rating from 'BBB+' to 'BBB' due to slow business recovery and uncertainty following management changes. The chipmaking company's revenue for the first nine months of the year was below expectations. The departure of CEO Pat Gelsinger, who played a critical role in Intel's integrated manufacturing strategy, adds more uncertainty to the company's turnaround plan. However, S&P Global kept its company outlook stable, expecting growth after a modest recovery next year.

No immediate upgrade of India's sovereign rating: Moody’s

YourStory

YourStory · 6m ago

No immediate upgrade of India's sovereign rating: Moody’s

Moody's Ratings has decided not to upgrade India's sovereign rating immediately, despite the government's prudent fiscal management and projected deficit reduction in the Budget. India's current rating of "Baa3" with a stable outlook reflects concerns over its debt burden and debt servicing costs. While Moody's acknowledges India's fiscal and inflation control strides, further reduction in debt burden and enhanced revenue measures are essential for a rating upgrade. Despite challenges, India retains a favorable growth outlook among G20 economies.

Moody's affirms Baa3 rating on three Adani Energy Solutions units

Economic Times

Economic Times · 1m ago

Moody's affirms Baa3 rating on three Adani Energy Solutions units

Moody's has affirmed a Baa3 credit rating for three Adani Energy Solutions Ltd entities, maintaining a negative outlook due to governance risks associated with legal issues involving senior Adani executives. The affected entities are Adani Transmission Step-One Ltd, Adani Transmission Restricted Group 1, and Adani Electricity Mumbai Ltd. Despite governance uncertainties, there have been no significant operational disruptions reported for FY25, and the entities continue to have access to liquidity and funding.

Care Ratings downgrades SP Group entity's debt

Livemint

Livemint · 1y ago

Care Ratings downgrades SP Group entity's debt

Shapoorji Pallonji group's financing plans have suffered a setback as Care Ratings downgraded the credit rating of subsidiary Goswami Infratech Pvt. Ltd's (GIPL) non-convertible debentures (NCDs). The NCDs, issued last year, saw their rating downgraded from Care BBB- to Care BB with a negative outlook. The downgrade is due to the NCDs not being backed by cash flow and being dependent on timely refinancing and support from promoter entities. The SP group has breached covenants on the bonds twice this year and has sought an extension for meeting certain covenants.

Intel's credit rating downgraded by Fitch on demand challenges - The Economic Times

Economic Times

Economic Times · 23d ago

Intel's credit rating downgraded by Fitch on demand challenges - The Economic Times

Fitch Ratings downgraded Intel's credit rating from BBB-plus to BBB with a negative outlook, citing challenges in maintaining product demand due to competition from companies like NXP Semiconductors, Broadcom, and AMD. Intel faces weak credit metrics, needing stronger markets and successful product launches to reclaim previous ratings. Despite a solid liquidity profile with significant cash reserves, Intel's market competition in PCs and servers, alongside the need to reduce debt, poses significant hurdles.

OYO executives meet SEBI to speed up IPO approval: Report

Inshorts · 1y ago

OYO executives meet SEBI to speed up IPO approval: Report

OYO's senior executives recently met SEBI officials to speed up its IPO approval process, The Economic Times reported. The executives reportedly informed SEBI about a partial pre-payment of $200 million of its outstanding Term Loan B and the positive outlook of Moody's and Fitch. OYO indicated that market conditions are conducive for an IPO, the report said.

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