* FITCH DOWNGRADES SLOVAKIA TO 'A-'; OUTLOOK STABLE. * FITCH ON SLOVAKIA SAYS DOWNGRADE REFLECTS A DETERIORATION IN PUBLIC FINANCES AND AN UNCLEAR CONSOLIDATION PATH. * FITCH ON SLOVAKIA: GOVERNMENT'S CONSOLIDATION STRATEGY REMAINS UNCERTAIN, DO NOT EXPECT DEBT TO STABILISE OVER NEXT FEW YEARS IN OUR BASELINE SCENARIO.
Ratings agency Moody's on Friday revised its outlook on Nigeria to positive from stable, citing possible reversal of the deterioration in the country's fiscal and external position due to authorities' reform efforts. The agency also affirmed its "Caa1" long-term foreign currency and local currency issuer ratings.
Ratings agency Moody's on Friday revised its outlook on Nigeria to positive from stable, citing possible reversal of the deterioration in the country's fiscal and external position due to authorities' reform efforts. The agency also affirmed its "Caa1" long-term foreign currency and local currency issuer ratings.
FITCH: * FITCH ON U.S. LEVERAGED FINANCE OUTLOOK SAYS DEFAULT RATES TO RISE IN 2024. * FITCH RATINGS' 2024 OUTLOOK FOR U.S. LEVERAGED FINANCE IS DETERIORATING Source text for Eikon: Further company coverage: [ ]
Trading in investment-grade corporate bonds is off to its hottest start to December since at least 2015, according to a report by Bank of America Global Research. Trading volumes have averaged $35 billion a day for the first three trading days of December, according to the report. This is 31% above the average for the same period over the last three years, the report added.
Fitch: * FITCH - AFFIRMS MEXICO AT 'BBB-'; OUTLOOK STABLE. * FITCH SAYS MEXICO'S RATING IS SUPPORTED BY A PRUDENT MACROECONOMIC POLICY FRAMEWORK, STABLE AND ROBUST EXTERNAL FINANCES. * FITCH: ANTICIPATES ELECTION-RELATED SPENDING WILL ALSO ADD TO HIGHER FISCAL DEFICIT NEXT YEAR FOR MEXICO. * FITCH ON MEXICO- ANTICIPATES A MATERIAL INCREASE OF GENERAL GOVERNMENT FISCAL DEFICIT TO 5% OF GDP IN 2024.
* FITCH SAYS 2024 OUTLOOK FOR GLOBAL AIRLINE SECTOR IS NEUTRAL. * FITCH ON GLOBAL AIRLINE SECTOR: EXPECT 2024 TO SEE SUSTAINED POSITIVE TRENDS IN PREMIUM PRODUCTS FOR FULL-SERVICE CARRIERS. * FITCH ON GLOBAL AIRLINE SECTOR SAYS ANTICIPATE DEMAND FOR AIR TRAVEL TO REMAIN SUPPORTIVE IN 2024 Source text for Eikon:
A trust administrated by the Mexican government has bought back around $480 million in bonds issued to finance a partially built Mexico City airport that was later canceled, the trust's operator said late Wednesday.
* FITCH SAYS GLOBAL GAMING OUTLOOK FOR 2024 IS NEUTRAL. * FITCH ON GLOBAL GAMING OUTLOOK SAYS THERE ARE SIGNS THAT REGIONAL GAMING MIGHT BE SLOWING IN SOME MARKETS. * FITCH SAYS NEUTRAL OUTLOOK FOR GLOBAL GAMING IN 2024 REFLECTS A SLIGHT PULLBACK FROM PENT-UP DEMAND SEEN IN U.S., ESPECIALLY IN LAS VEGAS.
Fitch: * FITCH SAYS GLOBAL AUTO MANUFACTURERS AND SUPPLIERS OUTLOOK IS NEUTRAL FOR 2024. * FITCH ON GLOBAL AUTO MANUFACTURERS AND SUPPLIERS SAYS IT EXPECTS GLOBAL SALES AND PRODUCTION TO RISE ABOUT 4% IN 2024. * FITCH ON GLOBAL AUTO MANUFACTURERS AND SUPPLIERS: FORECASTS LOWER ECONOMIC GROWTH AND HIGHER INTEREST RATES WILL AFFECT OVERALL VEHICLE DEMAND IN 2024.
Fitch: * FITCH: PROLONGED HIGHER INTEREST RATES TO REMAIN MORE OF A BOON FOR U.S. HEALTH INSURERS IN COMING YEAR, ALTHOUGH THAT BENEFIT HAS LIMITED SHELF LIFE. * FITCH: U.S. HEALTH INSURERS CONTINUE NAVIGATING PROS AND CONS OF HIGHER RATES IN 2024. * FITCH: OUTLOOK FOR U.S. HEALTH INSURANCE SECTOR IN 2024 REMAINS NEUTRAL.
Fitch: * FITCH: US MEDIA & ENTERTAINMENT 2024 OUTLOOK IMPROVING DUE TO EXPECTED AD SPEND AND STREAMING LOSS TRENDS. * FITCH ON U.S. MEDIA, BROADCASTING AND ENTERTAINMENT: EXPECTS NEAR TERM UNEVEN SUBSCRIBER GROWTH WHICH MAY BE HAMPERED BY AN ECONOMIC SLOWDOWN Source text for Eikon:
Brazilian airline Gol had its credit ratings downgraded by both S&P and Fitch after hiring a financial advisor to help it conduct a "broad review" to its capital structure as it struggles with high debt.
Moody's negative outlook on China has intensified Beijing's battle with market bears, raising pressure on the government for more forceful measures to prop up sinking stocks and stabilise the yuan as investor confidence deteriorates.
Ratings agency S&P Global Ratings said on Wednesday there have been no changes in its ratings on China, a day after its peer Moody's downgraded its outlook on the country's credit rating to "negative". "We last affirmed our A+ long term ratings on China in June with stable outlook and there has been no changes to that yet," said S&P in an emailed response to queries from Reuters.
Fitch: * FITCH SAYS FED SUPPORT, HIGHER RATES PIVOTAL FOR NORTH AMERICAN ENERGY INFRASTRUCTURE IN 2024. * FITCH SAYS NEW TAX CREDITS, ADDITIONAL FEDERAL FUNDING FROM DOE MAY SPUR NEW WAVE OF ACTIVITY IN NORTH AMERICAN NEW CLEAN TECHNOLOGY SECTORS. * FITCH SAYS 2024 OUTLOOK FOR NORTH AMERICAN ENERGY INFRASTRUCTURE SECTOR IS NEUTRAL Source text for Eikon:
* FITCH: HIGHER INTEREST RATES, OIL PRICES WILL SUPPORT OVERALL SOLID ECONOMIC CONDITIONS FOR MIDDLE EAST BANKS. * FITCH SAYS HIGH OIL PRICES SHOULD KEEP REASONABLE LEVELS OF LIQUIDITY IN MOST GCC BANKING SYSTEMS IN 2024. * FITCH SAYS THE MIDDLE EAST IS OVER-BANKED AND WE EXPECT CONSOLIDATION TO CONTINUE TO CHANGE BANKING LANDSCAPE Source text for Eikon:
Fitch Ratings: * FITCH RATINGS: 'HIGHER FOR LONGER' INTEREST RATES TO CONTINUE WEIGHING ON U.S. BANKS DETERIORATING SECTOR OUTLOOK IN 2024. * FITCH: FALLOUT OVER 'HIGHER FOR LONGER' INTEREST RATES WILL CONTINUE TO PRESSURE LIQUIDITY AND MARGINS FOR U.S. BANKS IN 2024. * FITCH: BALANCE SHEET OPTIMIZATION IN PREPARATION FOR POTENTIAL REGULATORY CHANGES WILL ALSO DRIVE US BANK PERFORMANCE IN 2024.
China's major state-owned banks were busy buying the yuan in currency markets on Tuesday to prevent it from weakening too much, two sources with knowledge of the matter said, with buying intensifying after rating agency Moody's cut China's outlook to negative in the afternoon.
Ratings agency Moody's slapped a downgrade warning on China's credit rating on Tuesday, saying costs to bail out local governments and state firms and control its property crisis would weigh on the world's No. 2 economy.
Ratings agency Moody's on Tuesday cut its outlook on China's government credit ratings to negative from stable, citing lower medium-term economic growth and ongoing downsizing of the property sector. Moody's affirmed China's A1 long-term local and foreign-currency issuer ratings and said it expects the country's annual GDP growth to be 4.0% in 2024 and 2025.
Avalonbay Communities Inc (AVB): * AVALONBAY COMMUNITIES, INC. PRICES $400 MILLION SENIOR NOTES OFFERING. * SAYS PRICED AN UNDERWRITTEN PUBLIC OFFERING OF $400 MILLION OF 5.300% SENIOR UNSECURED NOTES DUE 2033 Source text for Eikon: Further company coverage:
* FITCH RATINGS: EMERGING EUROPE FINANCE AND LEASING COMPANIES' OUTLOOK NEUTRAL IN 2024. * FITCH ON FLC IN EMERGING EUROPE:IN 2024 TURKISH FLCS TO BENEFIT FROM TURKIYE'S MORE PREDICTABLE ECONOMIC POLICY,SLOWING BUT STILL VERY HIGH INFLATION. * FITCH ON FLCS IN EMERGING EUROPE - EXPECT LESSORS IN KAZAKHSTAN TO BENEFIT FROM GRADUAL DECLINE OF POLICY RATE AND INFLATION IN 2024 Source text for Eikon:
Enova International Inc (ENVA): * ENOVA ANNOUNCES PRIVATE OFFERING OF $400.0 MILLION OF SENIOR NOTES DUE 2028. * ENOVA (ENVA) - ON DEC 4, 2023, CO ISSUED NOTICE OF CONDITIONAL FULL REDEMPTION TO HOLDERS OF OUTSTANDING 8.500% SENIOR NOTES DUE 2024 Source text for Eikon: Further company coverage:
Nextera Energy Inc (NEE/PN): * NEXTERA ENERGY PARTNERS (NEP), LP ANNOUNCES THE OFFERING OF $750 MILLION IN AGGREGATE PRINCIPAL AMOUNT OF SENIOR UNSECURED NOTES. * NEXTERA ENERGY PARTNERS LP (NEP) - PRIVATE OFFERING OF $750 MILLION SENIOR UNSECURED NOTES DUE 2029 BY ITS UNIT. * NEXTERA ENERGY PARTNERS LP (NEP) - NEP OPCO WILL ADD NET PROCEEDS FROM SALE OF NOTES TO ITS GENERAL FUNDS.
Sluggish global growth, a higher risk of borrowers defaulting on loans and pressure on profitability mean that banks face a negative outlook in 2024, credit rating agency Moody's said on Monday.
Hannon Armstrong Sustainable
Infrastructure Capital Inc (HASI): * HASI ANNOUNCES PROPOSED PRIVATE OFFERING OF $500 MILLION GREEN SENIOR UNSECURED NOTES TO INVEST IN NEAR-TERM OPPORTUNITIES AT ATTRACTIVE YIELDS. * Hannon Armstrong Sustainable
Infrastructure Capital Inc (HASI) - PRIVATE OFFERING OF $500 MILLION GREEN SENIOR UNSECURED NOTES DUE 2027 BY ITS UNITS Source text for Eikon: Further company coverage:
Fitch: * FITCH RATINGS: ITALIAN NON-LIFE INSURANCE SECTOR OUTLOOK IMPROVING; LIFE INSURANCE SECTOR NEUTRAL. * FITCH: ITALIAN NON-LIFE INSURANCE SECTOR WILL BENEFIT FROM HIGHER TARIFFS IN 2024 WHILE LIFE SECTOR WILL CONTINUE TO BE AFFECTED BY HIGH INTEREST RATES Source text for Eikon:
* FITCH: 2024 SECTOR OUTLOOK FOR BRAZILIAN ASSET MANAGERS IS NEUTRAL. * FITCH: BRAZILIAN ASSET MANAGERS AUM EXPECTED TO GROW IN 2024, BENEFITING FROM LOWER, INTEREST RATES AND APPROVAL OF ECONOMIC REFORMS Source text for Eikon:
Fitch: * FITCH SAYS U.S. DIVERSIFIED INDUSTRIALS AND CAPITAL GOODS COMPANIES OUTLOOK NEUTRAL FOR 2024. * FITCH: RECENT STRENGTH IN US DIVERSIFIED INDUSTRIALS & CAPITAL GOODS COS' FINANCIAL PERFORMANCE COULD MODERATE IN 2024 IF ECONOMIC CONDITIONS WEAKEN.
Risky bank bonds that cratered during the implosion of Credit Suisse rallied hard in November, as the market found new energy, climbing around 4% in the best month since January.
Crown Holdings Inc (CCK): * CROWN HOLDINGS, INC. ANNOUNCES PRICING OF SENIOR NOTES. * Crown Holdings Inc (CCK)- HAS PRICED AN OFFERING OF EUR 500 MILLION PRINCIPAL AMOUNT OF 4.750% SENIOR UNSECURED NOTES DUE 2029 Source text for Eikon: Further company coverage:
Fitch: * FITCH SHIFTS SECTOR OUTLOOK FOR US MORTGAGE INSURERS TO 'NEUTRAL' IN 2024. * FITCH ON US MORTGAGE INSURERS SAYS NATIONAL HOME PRICES WILL REMAIN GENERALLY STABLE IN 2024. * FITCH ON US MORTGAGE INSURERS SAYS IT EXPECT UNEMPLOYMENT TO RISE MODESTLY NEXT YEAR, WHICH WILL LIKELY LEAD TO EQUIVALENT RISE IN BORROWER DEFAULTS.
* FITCH RATINGS: EMEA UTILITIES' SECTOR OUTLOOK CHANGED TO NEUTRAL IN 2024 FROM IMPROVING IN 2023. * FITCH: DO NOT BELIEVE EU ENERGY MARKET REFORM, WHICH COULD BE FORMALLY APPROVED IN 2024, WILL LEAD TO MATERIAL CHANGES FOR EMEA UTILITIES' SECTOR. * FITCH ON EMEA UTILITIES' SECTOR: PROFITS FROM SUPPLY OPERATIONS SHOULD GRADUALLY RECOVER IN 2024.
Genesis Energy LP (GEL): * GENESIS ENERGY, L.P. ANNOUNCES PUBLIC OFFERING OF SENIOR NOTES. * Genesis Energy LP (GEL) - START OF REGISTERED, UNDERWRITTEN PUBLIC OFFERING OF $550 MILLION IN AGGREGATE PRINCIPAL AMOUNT OF SENIOR UNSECURED NOTES DUE 2029. * Genesis Energy LP (GEL) - NOTES WILL BE CO-ISSUED WITH UNIT, GENESIS ENERGY FINANCE CORPORATION Source text for Eikon: Further company coverage:
Crown Holdings Inc (CCK): * CROWN HOLDINGS (CCK): INTENDS TO OFFER SENIOR UNSECURED NOTES IN AMOUNT OF EUR400 MILLION THAT WILL BE ISSUED BY CROWN EUROPEAN HOLDINGS S.A. * CROWN HOLDINGS (CCK)- TO USE PORTION OF PROCEEDS FROM OFFERING FOR PARTIAL REPAYMENT OF INDEBTEDNESS UNDER SENIOR SECURED TERM LOAN CREDIT FACILITIES Further company coverage:
F&G Annuities & Life Inc (FG): * F&G ANNUITIES & LIFE PRICES SENIOR UNSECURED NOTES OFFERING. * F&G ANNUITIES & LIFE INC-PRICED A PUBLIC OFFERING OF $345 MILLION OF ITS 7.95% SENIOR NOTES DUE 2053 Source text for Eikon: Further company coverage:
Fitch: * FITCH: NORTH AMERICAN STEEL RATINGS SUPPORTED BY IMPROVED OPERATIONAL PROFILES. * FITCH: EXPECTS NORTH AMERICAN STEEL DEMAND TO GROW MODESTLY IN 2024. * FITCH ON NORTH AMERICAN STEEL COMPANIES SAYS EXPECTS CONTINUED RECOVERY IN U.S. VEHICLE SALES DRIVEN BY PENT UP DEMAND AS SUPPLY CHAIN BOTTLENECKS EASE.
Fitch: * FITCH SAYS NORTH AMERICAN AND EUROPEAN SECURITIES FIRMS OUTLOOK REMAINS NEUTRAL FOR 2024. * FITCH: EXPECTS NORTH AMERICAN AND EUROPEAN SECURITIES FIRMS TO EXPERIENCE RELATIVELY STABLE PROFITABILITY IN 2024 Source text for Eikon:
* FITCH: EXPECTS A NEUTRAL SECTOR OUTLOOK FOR EMEA UTILITIES IN 2024, FROM IMPROVING IN 2023. * FITCH ON EMEA UTILITIES FORECAST: ELECTRICITY PRICES WILL FOLLOW A DECREASING TREND IN 2024 COMPARED TO PREVIOUS TWO YEARS. * FITCH: EXPECTS DETERIORATING SECTOR OUTLOOK FOR UK WATER NETWORKS IN 2024.
Realty Income Corp (O): * REALTY INCOME PRICES ?750 MILLION DUAL-TRANCHE OFFERING OF STERLING-DENOMINATED SENIOR UNSECURED NOTES. * PRICING OF A PUBLIC OFFERING OF ?300 MILLION OF 5.750% SENIOR UNSECURED NOTES DUE DECEMBER 5, 2031. * PRICING OF A PUBLIC OFFERING OF ?450 MILLION OF 6.000% SENIOR UNSECURED NOTES DUE DECEMBER 5, 2039 Source text for Eikon: Further company coverage:
* New ECB-approved ratings agency Scope is first from euro zone. * Analyst says firm has native appreciation of euro crisis tools. * Italy and France's debt trajectories remain a concern -Scope. * Says Dutch far-right election win could impact AAA longer-term. By Marc Jones.
Scope, Europe's first ECB-approved credit ratings agency, promises to put more weight on the euro zone's improved ability to navigate crises although it has concerns about Italy and France and warns the Dutch election result could trouble its coveted triple-A grade.
* New ECB-approved ratings agency Scope is first from euro zone. * Analyst says firm has native appreciation of euro crisis tools. * Italy and France's debt trajectories remain a concern - Scope. * Says Dutch far-right election win could impact AAA longer-term. By Marc Jones.
Moody's- * MOODY'S SAYS AFFIRMS IRAQ'S CAA1 RATINGS, MAINTAINS STABLE OUTLOOK. * MOODY'S: RATING REFLECTS IRAQ'S FISCAL & EXTERNAL DEPENDENCE ON HYDROCARBONS, RESULTING IN SIGNIFICANT EXPOSURE TO OIL PRICE VOLATILITY & CARBON TRANSITION RISKS. * MOODY'S: ESCALATION OF ISRAEL-HAMAS CONFLICT THAT BRINGS IN IRAN AND US, WOULD HAVE MATERIAL IMPLICATIONS FOR IRAQ, THROUGH MANY TRANSMISSION CHANNELS.
Ratings agency Moody's on Friday upgraded its outlook on the Czech Republic to "stable" from "negative", citing significant reduction in risks related to the country's dependence on Russian gas supply.
In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.
Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.
Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.
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