S&P places Coca-Cola Icecek on watch

S&P said it put Coca-Cola Icecek AS’ BBB- issuer and senior unsecured ratings on CreditWatch with negative implications.

The agency said it equalizes the issuer’s ratings with its parent company Anadolu Efes Biracilik ve Malt Sanayii AS, which it placed on CreditWatch with negative implications.

CCI’s creditworthiness is vulnerable to the high likelihood of a downgrade of AEFES, S&P noted.

S&P said it aims to resolve the negative watch over the next three months.

Moody's assigns Aa2 to Kepco notes

Moody's Investors Service said it assigned Aa2 ratings to Korea Electric Power Corp.’s (Kepco) planned senior unsecured U.S. dollar notes. The notes will be issued under Kepco's $3 billion global medium-term note program, which is rated (P)Aa2.

"The Aa2 ratings primarily reflect Moody's assessment of a very high likelihood of extraordinary support for Kepco from the Korean government (Aa2 stable), given the company's essential public policy role and strategic importance, and the government's low tolerance for the reputational and contagion risks that would result from a default," said Mic Kang, a Moody's vice president and senior credit officer, in a press release.

The issuer plans to use all or part of the proceeds to fund or refinance the development and operations of projects associated with renewable energy, clean transportation and energy efficiency.

The outlook is stable.

S&P rates Kepco notes AA

S&P said it rated Korea Electric Power Corp.’s (Kepco) planned U.S. dollar-denominated senior unsecured notes AA. The notes will be drawn from Kepco's $3 billion global medium-term note program.

“The AA rating and stable outlook on Kepco reflect those on Korea (AA/stable/A-1+) because we equalize the ratings on Kepco with those on the sovereign. We equalize the rating on the notes with the issuer credit rating on Kepco due to limited subordination risks. We expect the company will maintain its public status to carry out the Korean government's electricity policy,” S&P said in a press release.

The company plans to use the proceeds for green projects as defined in its sustainable framework.

Fitch rates CBA covered bonds AAA

Fitch Ratings said it rated Commonwealth Bank of Australia's $1.75 billion of series 90 mortgage covered bonds due 2025 AAA.

The bonds are rated four notches above the bank's issuer rating at the highest end of the rating scale. This is from a maximum achievable uplift of seven notches, consisting of a resolution uplift of zero notches, a payment continuity uplift of six notches and a recovery uplift of one notch, the agency said.

The outlook is stable.

DBRS stabilizes Banco Comercial trend

DBRS said it changed Banco Comercial Portugues, SA’s trend to stable from negative and confirmed its ratings, including the BBB (low) long-term issuer rating.

“The change of the trend to stable from negative reflects DBRS Morningstar’s view that the impact from Covid-19 has been less pronounced than initially anticipated. Asset quality deterioration has been contained, while core revenues have begun to normalize in both the domestic and international businesses. Despite that, the growing uncertainty resulting from high and persistent inflationary pressures, and the potential impact from the war in Ukraine pose risks to earnings and credit risk in the medium term,” the agency said in a press release.

Moody’s stabilizes Co-operative view

Moody’s Investors Service said it revised its outlook for the Co-operative Bank Finance plc to stable from positive and affirmed its B1 senior unsecured rating.

The change in outlook is concurrent with the upgrade of the issuer’s parent, the Co-operative Bank plc’s long-term deposit rating to Ba2 from Ba3 and its stand-alone base credit assessment to ba3 from b1. The agency cited the parent’s improving profitability, supported by rising interest rates and robust volumes.

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