DBRS has announced:
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So press releases about credit rating changes are behind a pay-wall now. Well, fuck them. They’re already paid by the issuer. And if I can’t republish the gist of the rationale here, then I don’t want it.
So all the news of the rationale behind the downgrade that is available to the general public is:
Click for BigHowever, it’s not too hard to figure out the reasons: TCL recorded another loss in 2013 as a result of asset impairment – last year’s loss was due to unusual adjustments to income taxes, asset impairment and a restructuring charge. According to Standard & Poors in March 2013:
The stable outlook reflects Standard & Poor’s expectation that Transcontinental’s financial policy will be moderate, operating performance will be satisfactory despite secular pressures, free cash flow will be healthy, and credit measures will be managed in line with our expectations in the medium term, including adjusted debt to EBITDA in the 2x area. We could lower the ratings if Transcontinental’s operating performance deteriorates, if it does not achieve our revenue targets, if margins decline, or if debt leverage exceeds 2.5x. Given challenging industry conditions, Standard & Poor’s is not contemplating raising the ratings in the next year. However, we could raise the ratings on Transcontinental in the medium term if the company improves its market position in growing sectors, while strengthening its operating performance and credit protection measures on a sustainable basis.
This entry was posted on Wednesday, February 5th, 2014 at 7:19 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed.
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DBRS Downgrades TCL.PR.D to Pfd-3(low)
DBRS has announced:
So press releases about credit rating changes are behind a pay-wall now. Well, fuck them. They’re already paid by the issuer. And if I can’t republish the gist of the rationale here, then I don’t want it.
So all the news of the rationale behind the downgrade that is available to the general public is:
Click for Big
However, it’s not too hard to figure out the reasons: TCL recorded another loss in 2013 as a result of asset impairment – last year’s loss was due to unusual adjustments to income taxes, asset impairment and a restructuring charge. According to Standard & Poors in March 2013:
This entry was posted on Wednesday, February 5th, 2014 at 7:19 pm and is filed under Issue Comments. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.