krasses English - interessant aber für mich folgendes:
Der Markt schien den Downgrade bereits eingepreist zu haben (siehe auch im Internet die Nachweise über die Zukäufe von Aktien durch bekannte Hedge funds /Asset Managers), jedoch eventuell nicht die Stärke (4 notches/negative outlook).
http://www.smarteranalyst.com/2016/01/29/...oodys-downgrade-earnings/
Deutsche Bank analyst Jorge Beristain reiterated a Hold rating on shares of Freeport-McMoRan, with a price target of $11, after the credit ratings provider Moody’s downgraded Freeport-McMoRan’s credit rating four levels to junk to reflect “a fundamental shift in the operating environment” as copper prices plummet.
Beristain noted, “Moody’s negative outlook reflects uncertainty on ability to execute asset sales (FCX targeti ng $5-10bn) within reasonable timeline in order to reduce Debt. Need to sell assets imminent as access to undrawn $4bn credit facility would cease should leverage exceed 5.9x by 1H16 pushing for debt renegotiation as a result (with $224m in YE15 cash other source of liqui dity), more so post-failure today to reach 6-month export permit in Indonesia (~$7.5m/day in EBITDA). Every 25bps increase on FCX’s term loan ($3bn) and revolver credit facility ($500m), equates to ~$8.75m/year of additional interest costs. While downgrade was expected, the 4- notch cut and negative outlook was worse-than-expected, raising concerns on other 12 DB M&M coverage on Moody’s review list.” |
