Delphi Automotive's (DLPH) IDRs Affirmed by Fitch; Commentary Offered Jul 27, 2016 12:38PM

Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Delphi Automotive PLC (NYSE: DLPH) and its Delphi Corporation (Delphi) subsidiary at 'BBB'. Fitch has also affirmed DLPH's senior unsecured notes rating at 'BBB', as well as Delphi's unsecured term loan, unsecured revolving credit facility, and senior unsecured notes ratings at 'BBB'. A full list of the ratings is included at the end of this release. Fitch's ratings apply to a $400 million... (continue reading...)


S&P Downgrades Analog Devices (ADI) to 'BBB' Amid Linear Tech Deal Jul 27, 2016 11:05AM

S&P Global Ratings lowered its corporate credit rating to 'BBB' from 'A-' on U.S. semiconductor manufacturer Analog Devices Inc. (Nasdaq: ADI). The outlook is negative.

At the same time, we lowered our rating on ADI's senior unsecured notes to 'BBB' from 'A-'. The short-term rating is unchanged at 'A-2'.

"The rating action reflects the nearly $7.3 billion in incremental debt that ADI will incur to acquire Linear Technology Corp., which will lead to initial pro forma... (continue reading...)


S&P Upgraded Best Buy (BBY) To 'BBB-' From 'BB+'; Outlook Stable Jul 26, 2016 01:45PM
  • We think consumer electronics retailer Best Buy's operating strategies will contribute to better margins, despite potential for quarterly sales volatility given cost reduction and improved merchandising, as competitive dynamics in the consumer electronics markets continue to evolve.
  • Cash flow generation is healthy and liquidity is strong. We believe the company is committed to maintaining investment grade credit metrics even as it returns some capital to shareholders.
  • We... (continue reading...)

S&P Assigns 'BB-' Rating to Cavium (CAVM); Outlook is Stable Jul 26, 2016 11:00AM

S&P Global Ratings said it assigned its 'BB-' corporate credit rating to Cavium Inc. (Nasdaq: CAVM). The outlook is stable.

At the same time, we assigned our 'BB-' issue-level rating and '3' recovery rating to the company's proposed $700 million first-lien term loan due 2023. The '3' recovery rating indicates our expectation for meaningful (50%-70%; upper half of the range) recovery in the event of payment default. The $50 million bridge loan is not rated.

"The rating... (continue reading...)


Outerwall (OUTR) Ratings Placed on Review for Downgrade by Moody's Amid Merger Deal Jul 26, 2016 10:45AM

Moody's Investors Service placed Outerwall Inc.'s (Nasdaq: OUTR) Ba3 Corporate Family rating, Ba3-PD Probability of Default rating and the B1 senior unsecured notes ratings on review for downgrade following the company's announcement that it has entered into an agreement with affiliates of certain funds managed by affiliates of Apollo Global Management, LLC ("Apollo"), pursuant to which Apollo will acquire Outerwall in an all-cash transaction, valued at approximately... (continue reading...)


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Jul 25, 2016 12:40PM S&P Affirms Ratings, Outlook on InterContinental Hotels Group (IHG)
Jul 25, 2016 11:51AM Moody's Assigns 'Ba1 Rating to Eagle Materials (EXP)
Jul 25, 2016 11:16AM S&P Lowers Outlook on Ericsson (ERIC) to Negative
Jul 25, 2016 10:00AM S&P Upgrades Healthcare Realty Trust (HR) to 'BBB': Outlook is Stable
Jul 22, 2016 02:40PM S&P Places FirstEnergy (FE) on CreditWatch Negative; Withdraws Allegheny Energy's Rating
Jul 22, 2016 02:07PM S&P Places Joy Global (JOY) Ratings on CreditWatch Positive
Jul 22, 2016 12:52PM Moody's Lifts Outlook on Joy Global (JOY) to Positive; Ratings Affirmed
Jul 21, 2016 03:24PM Moody's Cuts Forbes Energy (FES) to 'Ca'; Outlook Lowered to Negative
Jul 21, 2016 03:00PM Fitch Keeps Anthem (ANTM), Aetna (AET), Cigna (CI), Humana (HUM) Ratings on Watch Amid DOJ Move to Block Deals
Jul 21, 2016 02:22PM S&P Upgrades Unsecured Debt Ratings on American Airlines (AAL) to 'BB-'; Outlook is Stable
Jul 21, 2016 08:47AM S&P Lowers Outlook on Quality Distribution (QLTY) to Negative; Ratings Affirmed
Jul 20, 2016 11:42AM Turkey Cut to BB from BB+ at S&P; Outlook to Negative
Jul 20, 2016 11:26AM S&P Downgrades Walter Investment Management (WAC) to 'B'; Outlook Negtive
Jul 19, 2016 03:47PM Manulife Financial (MFC) Ratings Affirmed by Fitch; Outlook is Stable
Jul 19, 2016 03:06PM S&P Upgrades USG Corp. (USG) to 'BB'; Outlook is Positive
Jul 19, 2016 11:35AM Valero Energy (VLO) Ratings Affirmed by Fitch (VLP)
Jul 19, 2016 10:37AM S&P Upgrades Cenevo, Inc. (CVO) to 'CCC+'; Outlook is Negative
Jul 18, 2016 04:56PM S&P Downgrades Atlas Resource Partners (ARP) to 'D' Amid Deferred Interest Payment
Jul 18, 2016 04:34PM Moody's May Cut Ratings on Turkey to Junk Status (TUR)
Jul 18, 2016 03:13PM S&P Affirms Ratings, Outlook on Steel Dynamics (STLD); Liquidity Assessment Revised to 'Exceptional'
Jul 15, 2016 03:28PM Moody's Upgrades Michaels Cos. (MIK) to 'Ba2'; Outlook is Stable
Jul 15, 2016 02:43PM Fitch Positive on Wells Fargo (WFC) Following Q2 Report; Ratings Affirmed
Jul 15, 2016 11:36AM Fitch Affirms Ratings on Interpublic Group of Cos. (IPG); Outlook Lifted to Positive
Jul 15, 2016 06:43AM S&P Assigns 'B+' Rating to Revlon (REV); Outlook is Negative
Jul 14, 2016 11:20AM Fitch Places AMC Entertainment's (AMC) Long-Term Default Rating on Rating Watch Negative
Jul 13, 2016 03:58PM Moody's Updates Outlook on Telus (TU) to Stable; Unsecured Ratings Affirmed
Jul 13, 2016 02:13PM S&P Assigns 'BB-' Corp. Rating to Valvoline (VVV); Outlook is Positive (ASH)
Jul 13, 2016 12:48PM S&P Downgrades Teva Pharma (TEVA) to 'BBB'; Outlook is Stable (AGN)
Jul 13, 2016 12:36PM Moody's Lowers Outlook on AMC Entertainment (AMC) to Negative; Ratings Affirmed
Jul 13, 2016 11:49AM S&P Places First Niagara Financial Group (FNFG) on CreditWatch Positive
Jul 12, 2016 04:14PM Fitch Affirms Allstate's (ALL) IDR at 'A-'; Outlook is Stable
Jul 12, 2016 04:09PM Progressive Corp. (PGR) Ratings, Outlook Affirmed by Fitch
Jul 12, 2016 02:11PM Moody's Affirms Rating on Kinder Morgan (KMI) Amid SNG Sale
Jul 12, 2016 11:32AM S&P Places AVG Technologies (AVG) Ratings on Watch for Downgrade
Jul 12, 2016 08:47AM Thomson Reuters (TRI) Ratings Affirmed by Fitch Amid Move to Sell IPS Business
Jul 11, 2016 05:21PM S&P Lowers Outlook on Genesee & Wyoming (GWR) to Negative; Ratings Affirmed
Jul 11, 2016 02:59PM Fitch Doesn't Expect Southern Co. (SO) Gas Pipeline JV to Have Impact on Ratings
Jul 8, 2016 02:48PM Moody's Lifts Outlook on Devon Energy (DVN) to Stable; Notes Recent Divestiture Progress
Jul 8, 2016 02:29PM S&P Upgrades Blue Buffalo Pet Products (BUFF) to 'BB-'; Notes Reduction in Sponsor Control
Jul 8, 2016 12:09PM WhiteWave Foods (WWAV) Ratings Placed on CreditWatch Positive by S&P Amid Takeover Deal
Jul 8, 2016 11:46AM Fitch Affirms CIBC's Ratings Amid Move to Acquire PrivateBancorp (PVTB)
Jul 7, 2016 04:50PM Moody's Places Nortek's (NTK) Ratings on Review for Upgrade
Jul 7, 2016 03:15PM S&P Lifts Outlook on BancorpSouth (BXS) to Positive; Ratings Affirmed
Jul 7, 2016 02:08PM Alcoa (AA) Ratings Removed from Watch Evolving by Fitch; Covers ~$14B of Securities, Commitments
Jul 7, 2016 12:03PM S&P Downgrades Puerto Rico's GO Debt to 'D' (AGO) (MBI)
Jul 7, 2016 12:02PM S&P Downgrades Puerto Rico's GO Debt to 'D' (AGO) (MBI)
Jul 7, 2016 11:31AM Packaging Corp.'s (PKG) Acquisition of TimBar Seen as Credit Positive by Moody's
Jul 6, 2016 03:24PM Moody's Downgrades TECO Energy (TE) to 'Baa2' Following Closure of Takeover
Jul 6, 2016 02:59PM S&P Downgrades Hornbeck Offshore Service (HOS) to 'CCC+'; Outlook is Negative
Jul 5, 2016 05:54PM S&P Removes Pershing Square from CreditWatch Negative as Valeant (VRX) Stabilizes
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