穆迪-全球-信贷市场-当前事宜的信贷影响

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1、19OCTOBER2017NEWS&ANALYSISRECENTLYINCREDITOUTLOOKCorporates2»ArticlesinLastMonday’sCreditOutlook19»Aramark’sPlannedAcquisitionsofAvendraandAmeriPrideAre»GotoLastMonday’sCreditOutlookStrategicallySoundbutCreditNegative»ResearchNowandSurveySampling’sProposedMergerIsCreditPositive»GKN’sProfit

2、WarningIsCreditNegativeClickhereforWeeklyMarketOutlook,oursisterpublicationcontaining»LodhaDevelopers’RefinancingofLondonProjectsIsMoody’sAnalytics’reviewofmarketactivity,financialpredictions,andCreditPositivethedatesofupcomingeconomicreleases.»JapanRetailFund’sRepurchaseofInvestmentUnitsI

3、sCreditNegativeInfrastructure9»ForPacificGas&Electric,CaliforniaWildfiresPoseCredit-NegativeRegulatoryandLegalChallenges»Vistra’sCoalPlantClosuresAreCreditPositiveforGeneratorsBanks11»USandEuropeanCommissionAgreementonUnclearedSwapMarginRequirementsIsCreditPositive»CanadaReinforcesMortgage

4、UnderwritingGuideline,aCreditPositiveforBanksClearingHouses15»ClearingHousesPassUSRegulator’sLiquidityTest,aCreditPositiveSecuritization17»RMBS’LowExposuretoAreasAffectedbyCaliforniaWildfiresMitigatesCredit-NegativeEffectsMOODYS.COMNEWS&ANALYSISCreditimplicationsofcurrenteventsCorporatesAr

5、amark’sPlannedAcquisitionsofAvendraandAmeriPrideAreStrategicallySoundEdmondDeForestVicePresident-SeniorCreditOfficerbutCreditNegative+1.212.553.3661OnMonday,AramarkServices,Inc.(Ba2negative)saidthatithadagreedtoacquiregrouppurchasingedmond.deforest@moodys.comorganization(GPO)AvendraLtd.(un

6、rated)for$1.35billionanduniformservicesproviderAmeriPrideServicesInc.(unrated)for$1billion.Theplannedacquisitions,whichAramarkexpectstoclosebytheendoftheyear,arestrategicallysoundbutcreditnegativebecausetheywillbewhollyfundedwithdebt.Followingtheannouncementoftheacquisitions,wechangedArama

7、rk’sratingsoutlooktonegativefromstable.Aramarkintendstoissue$2.35billionofdebtonorbeforecompletingtheacquisitions,whichwillincreasetotaldebtoutstandingbynearly50%andraiseadjustedproformadebt/EBITDAtoabove5x(includingEBITDAof$70millionfromAmeriPrideand$80millio