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Concurrently, Moody's also placed on review for upgrade the Ba3 CFR, Ba3-PD probability of default and Ba3 senior secured ratings of HFOTCO, a wholly owned subsidiary of SEMGroup. The transaction was approved by the board of directors of both Energy Transfer and SEMGroup and is expected to close by late 2019 or early 2020, subject to obtaining regulatory approvals, SemGroup shareholder approval and other customary closing conditions.
- Upgraded to Baa1 from Baa2, the covered bonds issued by Eurobank Ergasias S.A. (CR assessment B1 (cr)), under its Mortgage Covered Bonds 1 programme. - Upgraded to Baa3 from Ba1, the covered bonds issued by Eurobank Ergasias S.A., under its Mortgage Covered Bonds 2 programme. - Upgraded to Baa1 from Baa3, the covered bonds issued by National Bank of Greece S.A. (CR assessment B1 (cr)), under its Mortgage Covered Bonds 2 programme.
Moody's Investors Service (Moody's) has today changed the outlook to positive from stable on the Caa1 long-term deposit ratings of Alpha Bank AE, Eurobank Ergasias S.A. (Eurobank) and National Bank of Greece S.A. (NBG). The long-term counterparty risk assessments (CRA) of Eurobank Ergasias S.A. and National Bank of Greece S.A. have also been upgraded to B1(cr) from B2(cr), while all other ratings of the three banks have been affirmed including their baseline credit assessments (BCA) of caa1.
Moody's Investors Service ("Moody's") downgraded PES Holdings, LLC (PES) Corporate Family Rating (CFR) to Ca from B2, Probability of Default Rating (PDR) to Ca-PD from B2-PD, its Tranche A first lien term loan facility to Caa1 from Ba2, and its Tranche B and Tranche C of its first lien term loan facility to Ca from B2. "The downgrade and the negative outlook reflect the ongoing uncertainty behind the company's future prospects and our expectation of weak collateral coverage for PES's debt after the massive fire incident on June 21," said Arvinder Saluja, Moody's Vice President.
Moody's Investors Service ("Moody's") assigned a B1 rating to BCP Renaissance Parent L.L.C.'s (BCP Renaissance) proposed $65 million senior secured Term Loan B due November 2024. BCP Renaissance's existing ratings including its B1 Corporate Family Rating (CFR), the B1 rating on its existing Term Loan B and its B1-PD Probability of Default Rating (PDR) are not affected by this rating assignment. The proposed $65 million Term Loan B is rated B1, equivalent to the B1 Corporate Family Rating (CFR), as the Term Loan B is the only debt in BCP Renaissance's capital structure.
Moody's Investors Service ("Moody's") announced today that the implementation of the proposed amendments to certain transaction documents will not, in and of itself and at this time, result in a reduction or withdrawal of the current Baa3 rating of the mortgage covered bonds issued by National Bank of Greece S.A. (NBG, counterparty risk assessment B2(cr)) under its Mortgage Covered Bonds 2 programme.
Rating Action: Moody's upgrades the ratings of six Greek mortgage covered bonds. Global Credit Research- 06 Mar 2019. Actions follow rating action on Greek banks and the Greek sovereign rating.
Moody's Investors Service (Moody's) has today upgraded the long-term deposit ratings of National Bank of Greece S.A., Alpha Bank AE and Eurobank Ergasias S.A. to Caa1 from Caa2, affirmed Piraeus Bank S.A.'s and Pancretan Cooperative Bank Ltd's long-term deposit rating at Caa2, and also affirmed Attica Bank S.A.'s long-term deposit rating at Caa3. The rating agency has also upgraded the long-term counterparty risk assessments (CRA) of Piraeus Bank S.A., National Bank of Greece S.A., Alpha Bank AE and Eurobank Ergasias S.A. to B2(cr) from B3(cr), upgraded the CRA of Attica Bank S.A. to B3(cr) from Caa1(cr), and affirmed the CRA of Pancretan Cooperative Bank Ltd at B3(cr).
Moody's Investors Service ("Moody's") assigned a first time rating of Baa2 to Midwest Connector Capital Company LLC's (Midwest Connector) proposed issuance of $2.5 billion of senior notes. Midwest Connector is a special purpose entity formed solely for the purpose of issuing the proposed notes. The notes will be jointly and severally guaranteed by Dakota Access, LLC (DAPL) and Energy Transfer Crude Oil Company, LLC (ETCOC), the respective owners of the DAPL and ETCOC pipeline assets which together comprise the Dakota Access crude oil pipeline system (Dakota Access).
The B1 Corporate Family Rating (CFR), the B1-PD Probability of Default Rating (PDR) and stable outlook are not affected by this action. The notes will be fully and unconditionally guaranteed by USAC's material domestic subsidiaries and are co-issued by USA Compression Finance Corp.
Moody's Investors Service ("Moody's") has announced today that the proposed structural amendments to the National Bank of Greece S.A. ("NBG", deposits Caa2 positive, adjusted BCA caa2, counterparty risk assessment B3(cr)) Global Mortgage Covered Bond (Programme I) would not, in and of themselves and as of this time, result in the downgrade or withdrawal of the Ba2 ratings on the covered bonds issued by NBG under Programme I. Moody's has determined that the amendments, in and of themselves and at this time, will not result in the downgrade or withdrawal of the ratings assigned to the bonds issued by NBG under its Covered Bond Programme I. Moody's opinion addresses only the credit impact associated with the proposed amendments, and Moody's is not expressing any opinion as to whether the amendments have, or could have, other non-credit related effects that may have a detrimental impact on the interests of bondholders and/or counterparties.
The Insider Monkey team has completed processing the quarterly 13F filings for the September quarter submitted by the hedge funds and other money managers included in our extensive database. Most hedge fund investors endured a torrid quarter, which certainly propelled them to adjust their equity holdings so as to maintain the desired risk profile. As […]