穆迪-全球-信贷市场-当前事件的信贷影响-20171221-20页

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1、21DECEMBER2017NEWS&ANALYSISExchanges15»LondonStockExchangeGroup’sshareholdersvotetoretainCorporates2chairman,acreditpositive»Campbell’splannedacquisitionofSnyder’s-LanceisSovereigns16creditnegative»Argentina’snewpensionlawadvancesgovernment’s»Hershey’splannedacquisitionofAmplifySnackBrandsisrefo

2、rmeffortscreditnegative»TotalSystemServices’plannedacquisitionofCayanisUSPublicFinance17creditnegative»Smallincreaseinhousingallowanceiscreditnegativefor»Boeing’sfailuretowinDeltaAirLines’narrowbodyplaneordermilitaryhousingiscreditnegative»IncreasedroyaltyratewillpressureSiriusXM’smargins,aRECEN

3、TLYINCREDITOUTLOOKcreditnegative»ArticlesinLastMonday’sCreditOutlook19»SibanyeGoldLimited’sproposedacquisitionofLonminiscreditpositive»GotoLastMonday’sCreditOutlookBanks9»CzechbankswillbenefitfromincreaseincountercyclicalcapitalbufferThisisourlastissueuntilMonday,8January.»SaudiArabia’sbankswill

4、benefitfromgovernment’sprivate-sectorstimulusHappyholidaystoall!»HaitongInternational’splantoacquireaffiliate’sUKandUSassetsiscreditpositive»DaishiBank’smergerplanclearsantitrustreview,acreditpositiveMOODYS.COMNEWS&ANALYSISCreditimplicationsofcurrenteventsCorporatesCampbell’splannedacquisitionof

5、Snyder’s-LanceiscreditnegativeBrianC.Weddington,CFAVicePresident-SeniorCreditOfficerOnMonday,CampbellSoupCompany(A3reviewfordowngrade)saidthatithadagreedtoacquire+1.212.553.1678Snyder’s-LanceInc.forabout$6.1billionincash,including$1.1billionofexistingSnyder’s-Lancedebt.brian.weddington@moodys.co

6、mAlthoughstrategicallysound,theplannedacquisitioniscreditnegativebecauseitwillleadtoasharpincreaseindebtandleverage.Aftertheannouncementoftheplannedtransaction,weplacedCampbell’sA3seniorunsecuredratingunderreviewfordowngrade.Weaffirmedthecompany'sPrime-2short-termrating,reflectingourexpectationt

7、hatanyresultingdowngradeisunlikelytoexceedtwonotches.Campbellexpectstocompletetheacquisitionbythesecondquarterof2018,financingthedealwith$6.2billionofnewunsecureddebt.Uponclosing,weexpectadjusteddebt/EBITDAtosurgetoabout5.0x