By Reuters Staff
(Adds comment from analyst in paragraph 3)
April 29 (Reuters) - Ratings agency Moody’s Investors Service on Thursday confirmed Mexico’s credit rating, saying the country had contained a deterioration in its finances, and forecast a gradual recovery from the economic shock of the coronavirus pandemic.
Moody’s kept Mexico’s long-term foreign currency and local currency issuer ratings at “Baa1” but also maintained a “negative” outlook citing concerns about growth and investment, plus support for state oil firm Petroleos Mexicanos (Pemex).
Moody’s analyst Ariane Ortiz-Bollin later told Mexican radio show Formula Financiera that for now, it was hard to see conditions that would allow Mexico to improve its rating.
April 29, 2021
Refinancing risk associated with US dollar debt over next 18 months also appears manageable
Moody’s Investors Service on Thursday said sustained weakening of the Indian rupee against the dollar will be credit negative for rated Indian companies that generate revenue in rupees but rely heavily on US-dollar debt to fund operations and thus have significant dollar-based costs.
However, the global credit rating agency expects that the negative credit implications will be limited.
The observation comes in the backdrop of the Indian rupee closing around 74.66 against the US dollar on April 27, 2021, or about 3 per cent lower than levels in mid-March. The rupee has fallen over 15 per cent since January 2018, Moody’s said in a note.
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Moody s downgrades Coca-Cola European Partners after Amatil deal
Wed, 21st Apr 2021 22:01
(Alliance News) - Moody s Investors Service on Monday downgraded Coca-Cola European Partners PLC s long-term issuer rating and the senior unsecured debt instrument ratings to Baa1 from A3.
The credit ratings agency also affirmed the Prime-2 short-term rating of the largest independent bottler by revenue in the Coca-Cola Co system.
The outlook has been changed to stable from ratings under review.
Moody s said the downgrade follows the acquisition of Sydney-based bottling peer Coca-Cola Amatil Ltd.
CCEP is paying AUD13.50, about GBP7.59, per share in cash for the 69% of Amatil owned by independent shareholders. CCEP will then buy the remaining 31% held by US brand owner Coca-Cola Co for a lower price. The deal valued Amatil at AUD9.77 billion, about GBP5.40 billion.
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