Ratings
VIDEO: Interview with Michael Dunning, Head of Corporate Ratings, EMEA, Fitch Ratings
Bonds & Loans spoke with Michael Dunning, Regional Head of Analytics Group in EMEA Region for Fitch, about the success of Russia's macro outlook for 2017, the success of the banking sector clean-up and the prospects of the rouble.
22 Mar 2017
The Worst Has Passed for Brazil’s Credit Cycle
Latin America Structured Finance Advisors, in conjunction with our partners in Brazil, used analysis of the buckets for aging bad loans to verify the findings of the rating agencies with an analysis of bad loans in 49 credit portfolios of Brazilian ABS. We found that most of the bad loans have reached 180 days past due and the percentage of delinquent loans in the earliest aging buckets have…
22 Feb 2017
Basel III Could Drive Banking Sector Credit Rush in South Africa
With about ZAR72bn in senior unsecured bank debt maturing in 2017 and new Basel III requirements being phased in January 2018, analysts are forecasting an uptick in senior and subordinated issuance in South Africa through 2017 – a welcome change from relatively subdued volumes seen last year.
17 Feb 2017
The Rating Agencies and Brazilian Society
Brazil’s economic team has set itself the goal of reclaiming Brazil’s investment grade rating. Some believe, however, that the government should not give so much importance to the rating agencies. After all, they failed to predict the global crisis of the previous decade.
3 Feb 2017
In Indonesia’s JP Morgan, Hints of Turkey, Brazil Retribution for Unfavourable Forecasts Persist
As the risk of emerging market capital outflows continues to increases, EM government have become more sensitive to unfavourable reports by international institutions.
10 Jan 2017
BRAZIL: Sharpening the Instruments to Break the Vicious Circle
No crisis lasts forever. But the present one in Brazil is testing the patience of everyone. GDP has contracted now for seven straight quarters, after a 2014 that was largely lethargic in terms of output. Nor is there any discussion of an inflection point to a cyclical upturn in activity. The only thing on the horizon is economic stabilisation.
21 Dec 2016
Silverado Asset-Backed Securities: Lessons for Investors
Why would Latin America Structured Finance Advisors (LASFA) write an article that airs the dirty laundry for the Brazilian Asset-backed Security market (ABS market or ABS) when it is currently seeking investors for this market? Because many foreign investors are lured by the high interest rates offered in Brazil’s local credit markets and this is a discussion that any investor needs to consider…
14 Dec 2016
Ratings Boost for Elazig Hospital as Project Finance Rises in Turkey
Moody’s Baa2 rating for the €288mn Euro-denominated bond to finance a state-of-the-art hospital campus in Elazig reaffirms the success of Turkey’s healthcare development program funded through PPPs over the last decade, and could set the stage for a project finance surge in the country.
7 Dec 2016
South African Fundamentals Boost to Credit Despite Expected Downgrade
South Africa’s expected downgrade is unlikely to significantly rock the markets as they are likely to have pre-empted the rating agencies’ decision, factoring in a likely downgrade. Nevertheless, there will be some short-term volatility, but relatively strong fundamentals, low liabilities and a tentatively improving rand mean that the country’s debt could be a worthwhile buy when the downgrade…
9 Nov 2016
Turkey: Life After Downgrade
Life after the downgrade of Turkey’s sovereign credit rating has demonstrated that not everything is lost. Investors did not overreact in selling Turkish assets, as was the case in Russia and Brazil.
27 Oct 2016