Fitch cuts Agung Podomoro

Fitch Ratings said it downgraded PT Agung Podomoro Land Tbk.'s long-term issuer default rating to B- from B.

Simultaneously, the $300 million notes due 2024 issued by wholly owned subsidiary APL Realty Holdings Pte. Ltd. and guaranteed by Agung Podomoro and several of its subsidiaries, were downgraded to B- from B, while the recovery rating on the notes remains at RR4.

All the ratings were placed on rating watch negative. The agency said the downgrade reflects Fitch's view that the company's cash flows from operations will likely remain negative over the medium term as the agency now expects lower presales than previously estimated due to a likely delay of industrial land sales, and a slower presales recovery after the presidential election in April 2019.

Moody’s lowers KCC

Moody's Investors Service said it downgraded KCC Corp.'s issuer rating to Baa3 from Baa2.

The outlook is negative.

The action concludes the review for downgrade, which Moody's initiated on Sept. 14, 2018, following KCC's announced acquisition of Momentive Performance Materials Inc. (B2 stable).

“The rating downgrade reflects KCC's elevated financial leverage and increased exposure to the cyclical and competitive silicone industry, following its debt-funded acquisition of Momentive,” Sean Hwang, Moody's analyst, said in a news release.

S&P downgrades KCC

S&P said it lowered its long-term issuer credit rating on KCC Corp. to BBB- from BBB and removed the rating from CreditWatch, where it was placed with negative implications on Feb. 15.

The outlook is stable.

“We lowered the rating to reflect our view that KCC's leverage will increase over the next two to three years following the acquisition of Momentive,” S&P said in a news release.

Moody’s might up Jiayuan International

Moody's Investors Service said it placed on review for upgrade Jiayuan International Group Ltd.'s Caa1 corporate family rating and the Caa2 senior unsecured rating on its dollar notes.

The outlook was changed to rating under review from negative.

“The review for upgrade reflects our expectation that Jiayuan's liquidity and operating performance will improve, because of the issuance of USD notes in May 2019 and the proposed acquisition of certain assets from its major shareholder,” Josephine Ho, Moody's vice president and senior analyst, said in a news release.

S&P rates Banco de Credito e Inversiones notes A

S&P said it assigned its A issue-level rating to Banco de Credito e Inversiones' (A/stable/A-1) CHF 175 million senior unsecured medium-term notes due 2024.

“Our ratings reflect BCI's sound competitive position, given its significant presence in the Chilean financial system and its diversified business activities by sector, segment, by location in Chile, and by country,” S&P said in a news release.

Moody’s rates China Huadian notes A2

Moody’s Investors Service said it assigned an A2 senior unsecured rating to the proposed senior guaranteed perpetual securities to be issued by China Huadian Overseas Development Management Co. Ltd. and guaranteed by China Huadian Corp. Ltd. (A2 stable).

The outlook is stable.

The proceeds will be used for investments in overseas projects, refinancing the group's debt and other general corporate purposes.

“The perpetual securities will not have a material impact on CHD's overall credit profile – if they are issued as planned – because the scale of the issuance will be manageable for CHD,” Boris Kan, Moody's vice president and senior credit officer, said in a news release.

Fitch rates EXIM notes BBB+

Fitch Ratings said it assigned an expected rating of BBB+ to Export-Import Bank of Thailand's (EXIM, BBB+/stable) five-year senior notes.

The notes will be issued under the bank's $1.5 billion medium-term note program.

Fitch said it rates the proposed senior notes at the same level as EXIM's long-term foreign-currency issuer default rating of BBB+, as they will constitute the bank's unsecured and unsubordinated obligations.

Fitch rates HSBC Mexico notes A

Fitch Ratings said it assigned HSBC Mexico, SA’s upcoming three-year senior notes an expected long-term rating of A.

“The notes are senior unsecured and rank equally with all of the company's current and future outstanding unsecured debt,” the agency said in a news release.

“The rating assigned to these notes is the same as HSBC Mexico's long-term issuer default ratings (IDRs) of A.”

Fitch rates New Metro notes BB

Fitch Ratings said it assigned Seazen Holdings Co., Ltd.'s (BB/stable) proposed dollar senior notes to be issued by Seazen's indirect wholly owned subsidiary, New Metro Global Ltd., an expected rating of BB.

The proposed notes, which will be unconditionally and irrevocably guaranteed by Seazen, are rated at the same level as Seazen's senior unsecured rating because they will constitute its direct and senior unsecured obligations, the agency said.

Seazen intends to use the net proceeds to repay some of its existing debt.

Moody’s rates New Metro notes Ba2

Moody’s Investors Service said it assigned a Ba2 senior unsecured rating to the proposed dollar notes to be issued by New Metro Global Ltd., and guaranteed by Seazen Holdings Co., Ltd. (Ba2 stable).

The proceeds of the notes will be used by Seazen mainly to repay its existing debt.

“The proposed notes will provide term funding for Seazen to grow its business, as well as improve its liquidity and debt maturity profile,” Kaven Tsang, Moody's senior vice president, said in a news release.

“The notes will not have a material impact on the company's credit metrics, because Seazen will use the proceeds for refinancing.”

S&P gives BB+ to Parampujya Solar bonds

S&P said it assigned its preliminary BB+ long-term issue rating to a proposed US$500 million senior secured fixed-rate five-year bond by Parampujya Solar Energy Pvt. Ltd. Restricted Group (PSEPL RG).

“Our rating reflects PSEPL RG's moderate to low debt service coverage ratio (DSCR) and predictability of cash flows,” S&P said in a news release.

PSEPL RG comprises three wholly owned subsidiaries of Adani Green Energy Ltd. (AGEL): Adani Green Energy (UP) Ltd., Parampujya Solar Energy Pvt. Ltd., and Prayatna Developers Pvt. Ltd. These entities (collectively referred as PSEPL RG) will be the co-issuers and co-guarantors of the proposed bond.

Moody’s gives Kaisa Group B1

Moody’s Investors Service said it assigned a B1 corporate family rating to Kaisa Group Holdings Ltd. The outlook is stable.

“Kaisa's B1 corporate family rating reflects the company's strong brand and sales execution in the Guangdong-Hong Kong-Macao Bay Area, established track record with higher-margin urban redevelopment projects, and good quality land banks in high-tier cities, such as Shenzhen,” Danny Chan, Moody's assistant vice president and analyst, said in a news release.

“However, the company's rating is constrained by its moderate financial metrics, history of debt restructuring and shares suspension, and high financial costs.”

S&P revises Shandong Ruyi Technology view to negative

S&P said it revised its outlook on Shandong Ruyi Technology Group Co. Ltd. (Ruyi) to negative from stable and affirmed the B long-term issuer credit rating on the company.

S&P also affirmed the B- long-term issue rating on the senior unsecured notes that Ruyi guarantees.

“The negative outlook reflects our view that Ruyi's refinancing risk could heighten over the next 12 months if its operating cash flow stays weak or if its expansion appetite remains aggressive,” S&P said in a news release.

Fitch revises Mobile Telesystems view

Fitch Ratings said it revised the outlook on PJSC Mobile Telesystems' long-term issuer default rating to stable from negative and affirmed the issuer default rating at BB+.

The agency said the actions reflect those on the company’s controlling shareholder, Sistema (BB-/stable).

“The revision of the outlook on Sistema's issuer default rating reflects the decrease in its leverage and easing of liquidity pressures,” the agency said in a news release.

Fitch changes Sistema view

Fitch Ratings said it revised the outlook on Sistema PJSFC's long-term issuer default rating to stable from negative and affirmed the issuer default rating at BB-.

“The revision of the outlook is driven by our expectation that Sistema's leverage at the holding company (holdco) level (defined as net debt-to-dividends and other forms of recurring income) will gradually decline in 2019-2020 after peaking at 4.3x at the end of 2018,” the agency said in a news release.

“The deleveraging will primarily be supported by the stable stream of dividends Sistema receives from its largest asset, PJSC Mobile TeleSystems (MTS; BB+/stable), and by share buyback programmes conducted by MTS, as well as sustainable cash flow contributions from other subsidiaries.”

Moody’s affirms Tata Steel

Moody's Investors Service said it affirmed Tata Steel Ltd.'s Ba2 corporate family rating and the B2 corporate family rating of its wholly owned subsidiary, Tata Steel UK Holdings Ltd.

The outlooks are maintained at stable.

The agency said the action follows Tata Steel's announcement that it has suspended its planned divestment of the European steel operations, housed under Tata Steel UK, into a joint venture with thyssenkrupp AG (Ba2, review for downgrade).

“We view the suspension of Tata Steel's plan to divest its European steel business into a JV with tk as credit negative,” Kaustubh Chaubal, Moody's vice president and senior credit officer, said in a news release

“However, even without the divestment of the relatively weak performing European operations, Tata Steel's consolidated credit profile remains supportive of its Ba2 corporate family rating.”

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