Fitch rates KB Finansia notes AAA

Fitch Ratings said it assigned AAA(idn) ratings KB Finansia Multi Finance’s Rp 500 billion of 6.2% series A notes due July 2024 and Rp 500 billion of 7.3% series B notes due June 2026.

The agency upgraded KB Finansia’s ratings to AAA(idn) on Sept. 13.

The outlook is stable.

S&P upgrades Bank CenterCredit

S&P said it raised its issuer rating for Bank CenterCredit JSC to BB- from B+.

“BCC's capitalization has strengthened, and we expect the bank will operate with a larger capital buffer. The bank's capital buffers benefited from its improved earnings metrics as well as from a one-off gain of Kazakhstani tenge (KZT) 84 billion (about $182 million) associated with its profitable acquisition of EcoCenterBank in 2022, which was fully retained.

“We anticipate that our risk-adjusted capital (RAC) ratio will remain at 5.8%-6% in 2023-2025 compared with 4.4% in 2021, supported by increased profitability and moderate expected dividends, which the bank may start paying after 2023,” S&P said in a press release.

The outlook is stable.

Moody’s assigns A2 to Masdar notes

Moody’s Investors Service said it assigned an A2 rating to the 10-year $750 million of senior unsecured notes Masdar (Abu Dabhi Future Energy Co. PJSC) plans to sell.

Concurrently, Moody's said it affirmed Masdar's A2 long-term issuer rating and assigned a provisional (P)A2 rating to the company's new $3 billion senior unsecured euro medium-term note program.

The outlook remains stable.

S&P assigns BBB+ to Mexico bond

S&P said it assigned a BBB+ debt rating to Mexico's 8% peso-denominated development bond due May 2035. The amount of the bond has yet to be determined.

The last review for Mexico’s BBB+ local-currency rating was on March 16.

The development bonds align with the government's environmental, social, and governance agenda. Mexico plans to allocate funds equal to the proceeds toward programs in this year's budget that meet the eligibility criteria in its sustainable development goals sovereign bond framework.

The outlook is stable.

S&P gives AES Argentina notes CCC-

S&P said it assigned AES Argentina Generacion SA’s (AAG) planned 9½% notes due 2027 a CCC- rating and affirmed the company’s CCC- issuer rating.

AAG plans to offer the notes in exchange for its $274 million of 7¾% senior unsecured notes due Feb. 2, 2024.

“Given the proposed compensation for creditors to exchange their 2024 notes for the ones with a longer tenor, we don't believe that investors would receive less value than in the 2024 notes' original promise. However, we view the proposed exchange as distressed, rather than opportunistic, because of the current transfer and convertibility (T&C) restrictions in Argentina,” the agency said in a press release.

The outlook is negative.

Fitch gives Astra Sedaya bonds AAA

Fitch Ratings said it gave AAA(idn) ratings to Astra Sedaya Finance’s Rp 527 billion of 5½% series A bonds due July 2024 and Rp 1.973 billion of 6% series B bonds due July 2026.

The agency affirmed the issuer’s AAA(idn) national and BBB global senior unsecured ratings on Sept. 28.

The outlook is stable.

Fitch slices Total Play

Fitch Ratings said it lowered Total Play Telecomunicaciones SAPI de CV’s senior unsecured debt ratings to B+/RR4 from BB-. The agency also downgraded Total Play’s long-term foreign and local currency issuer default ratings to B+ from BB- and placed all the ratings on rating watch negative.

“The downgrades are the result of the company's aggressive YE 2022 capex that was 60% above Fitch expectations and was funded primarily by secured short-term debt. As of March 2023, secured debt represented 48% of the company's total debt. The use of secured short-term debt further limits Total Play's financial flexibility, which is weaker than peers given the default with the cross-border creditors at its related company, TV Azteca,” the agency said in a press release.

The RWN reflects the risks involved in Total Play being able to refinance its debt given current market conditions, Fitch said. Resolving the negative watch could take more than a year.

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