At the beginning of 2020, the European collateralized loan obligation (CLO) market was facing several challenges, including credit deterioration, difficult arbitrage conditions, and asset scarcity. By contrast, 56% had their rating placed on CreditWatch negative, which our CLO credit analysis treats as a one-notch downgrade. S&P has established policies and procedures to maintain the confidentiality of certain non-public information received in connection with each analytical process. For example, let's consider a 'AAA' rated CLO tranche, with 38.5% credit enhancement, and an assumed portfolio default rate of 65% in a 'AAA' stress (the scenario default rate; SDR). If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. CLO investor concerns were typically over corporate credit deterioration and leverage ratios, expected recoveries, and loose documentation. We believe measures to contain COVID-19 have pushed the global economy into recession and could hurt employment levels and housing markets (see our macroeconomic and credit updates here: www.spglobal.com/ratings.
Some government authorities estimate the pandemic will peak between June and August, and we are using this assumption in assessing the economic and credit implications. Business of the company VUE INTERNATIONAL BIDCO PLC by SIC and NACE code is "64209 - Activities of other holding companies not elsewhere classified". h��[o��G�wA�3�}8h����]/HR�h`�-�*b+� ��۾)KrbY�]ɴtHdr���7Cr�]���X�֨���Q%V>YE�T�A����E�둑R��_`���2^1r���L"Ÿ͞�Bp��AUe���%\&e��=�L�R��qP*@���t�0ʑ��W�x�lR�X��)�nF� ym��:x�G�4�@�t&$�Q�3 of its German cinema exhibition operation (“Cinestar”) to Vue International Bidco plc (the “Transaction”). The Group previously announced the sale of Cinestar subject to German Federal Cartel Office (“ FCO”) approval on 22 October 2018.
25517.04 28/07/2017 Proof 9 25517.04 28/07/2017 Proof 9 Annual Report and Accounts for the 52 weeks ended 1 April 2017 www.victoriaplc.com stock code: VCP Victoria Annual Report 2017 Proof 9.indd 3 01/08/2017 17:34:07 However, the sudden economic stop caused by the spread of COVID-19 and related containment measures will lead to a global recession, in S&P Global Ratings' view. In general, when a CLO has 2.5% of excess 'CCC' category rated assets (the amount above the 'CCC' threshold, which is typically 7.5%), this equates to a reduction in the overcollateralization cushion of 0.75%, when using 70% as market value for the 'CCC' excess assets [2.5 x (1-70%)].
h�bbd``b`���A+�`���O���&Y�D�o��` � Vue International is one of the world's leading cinema operators, managing the most respected brands in major European markets and Taiwan, spanning ten countries, 228 sites and 1,997 screens. View summary of company credit check, director search and other financial reports Second, there could also be a breach of the portfolio's documented 'CCC' limit, which could ultimately lead to a breach of coverage ratios. In aggregate, the universe of European CLOs that we rate is generally well-diversified by issuer, country, and sector, with more than 600 issuers across 27 countries and 60 Global Industry Classification Standard (GICS) industries (see table 3). m��v�0�!�������غ��6����0��1����,d�W2h��iv��A�`E�ԮBƫG��Ų��rPe��VzO�A�A�e���:Sf��1����a���)�a�' �"���-�>�������k* ���.��ֳ�$��d1iu�h���R�'=V��M��=�����N^R�Iz��+�~������μ?bK���]�S�S�+ YG���>[]�W�N�. That said, CLOs benefit from structural features such excess spread, tranching, and the deferability of coupon payments on the mezzanine and junior notes. You're one step closer to unlocking our suite of comprehensive and robust tools. Nevertheless, the impact of the COVID-19 disruption will not be uniform across all industries. VUE INTERNATIONAL BIDCO PLC - Free company information from Companies House including registered office address, filing history, accounts, annual return, officers, charges, business activity
At this time we are unable to offer free trials or product demonstrations directly to students. As the situation evolves, we will update our assumptions and estimates accordingly. COVID-19 related disruption will affect economic activity in the first half of the year, with a particularly severe hit in the second quarter as near-lockdown measures adopted across Europe dampen the real economy. The Content should not be relied on and is not a substitute for the skill, judgment and experience of the user, its management, employees, advisors and/or clients when making investment and other business decisions.
An increase in corporate default rates could have a similar, albeit more pronounced effect, as even junior 'B-' rated CLO tranches tend to have 6.5%-7.5% credit enhancement and are deferrable in nature.
In our view, this will likely mean a surge in defaults, with the speculative-grade corporate default rate potentially increasing to the high single digits in Europe over the next six to 12 months from a base case of 2.3%. If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ. U���,G�f� %-�.��x>� �Tc}LwR��)#ҭ��3,h�9�Ne�9[���s� +��pLg�� �9+�X�Ya)z�4���-'. Q�4 It also indicates the percentage of exposure amount for that country that has been affected by a COVID-19 related rating action out of the total country exposure. �����*�ᇅ�.��A(+QĂ�zw�_ܴ��EW�� �7�Y�)��D����� �|���Q��[���;b��^����s�����h�{��5��� z
Please contact your professors, library, or administrative staff to receive your student login. 7�B�a�OuM�N֪)��>��1 /����e��ў��a郅"~A����F�Q�K�#P�y9�W!�_���G#�텥��-q�`p���$(I��;�y)6�;C
endstream endobj startxref 0 %%EOF 23126 0 obj <>/Metadata 709 0 R/OpenAction 23136 0 R/PageLayout /SinglePage/PageMode /UseNone/Pages 917 0 R/StructTreeRoot 942 0 R/Type /Catalog>> endobj 23127 0 obj <> endobj 23154 0 obj <> stream However, an extended period of stress may put downward pressure on our CLO ratings, initially affecting speculative-grade tranches. S&P assumes no obligation to update the Content following publication in any form or format. 1x��K� ��� Additional information about our ratings fees is available at www.standardandpoors.com/usratingsfees. The company has been in business for 7 years and 4 months. To reprint, translate, or use the data or information other than as provided herein, contact S&P Global Ratings, Client Services, 55 Water Street, New York, NY 10041; (1) 212-438-7280 or by e-mail to: [email protected].
����)��u�^�)C[�e�~RKk8θmm�{\i�9����0��2�|�'����CX �( ���g���#F� Most of the other metrics we capture showed stable performance. Vue International Bidco PLC provides entertainment services. eM2�l}�R���.傏-X�{G9���rO�{�����C��%dec�b�{��l��*��;�����Q]0� �yS���nX�� Emanuele Tamburrano, London (44) 20-7176-3825; Marta Stojanova, London + 44 20 7176 0476; The European CLO market, like most other sectors, is not completely resistant to the effects of the COVID-19 pandemic, which we expect to continue for several months. On 22 October 2018, the sale of the German inema exhibitionc operation to Vue International Bidco plc, subject to Federal Cartel Office “FCO”) approval, was announced.
In spite of these concerns, CLO issuance started strongly, with several new transactions and senior note spreads dipping to a 20 month low.
Though oil at less than $35 per barrel will alleviate the variable cost component of issuers in the chemicals sector, this is likely to be more than offset by top-line contraction and high fixed cost component. S&P Global Ratings acknowledges a high degree of uncertainty about the rate of spread and peak of the coronavirus outbreak. %PDF-1.5 %���� At the same time, a repricing-up of new loans can increase the CLO's weighted-average spread (WAS), which can be used to cure coverage breaches.
S&P’s opinions, analyses and rating acknowledgment decisions (described below) are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security. S&P PARTIES DISCLAIM ANY AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, FREEDOM FROM BUGS, SOFTWARE ERRORS OR DEFECTS, THAT THE CONTENT’S FUNCTIONING WILL BE UNINTERRUPTED OR THAT THE CONTENT WILL OPERATE WITH ANY SOFTWARE OR HARDWARE CONFIGURATION. The directors present their Strategic Report of Vue International Bidco plc (“the Company”) and its subsidiaries (together “the Group”) for the year ended 30 November 2017. Recent oil price shocks add yet another dimension in assessing vulnerabilities. ۳��3�l`�e��K�T}��VŢ�����V=V�?� �=��5�ٯz�E8p� ,�!|�J`gy��5�Qm'���8EBN0��K���d\����~����y�$UfAr����Д��g�:9k��9�l���Q����Vٹ��(�i|/6 �|�K,�lV(�d�NaFz"c��@} S&P Parties disclaim any duty whatsoever arising out of the assignment, withdrawal or suspension of an acknowledgment as well as any liability for any damage alleged to have been suffered on account thereof. The specific effect on individual transactions will depend on the structure and portfolio, as well as the collateral manager's role. %PDF-1.6 %���� These companies are most likely to lack the financial flexibility to weather a crisis hitting both their top-line revenue and financing costs. The Content is provided on an “as is” basis.
If we consider a 'AAA' rated tranche, with 38.5% credit enhancement, and a 'BBB' rated tranche, with 15% credit enhancement, the increase of defaulted assets to 5% (with a 38% recovery rate for 'AAA' rated notes and 55% for 'BBB') is unlikely to cause a downgrade to the senior note and it may lead to a one notch downgrade for the mezzanine tranche, based on our credit and cash flow model. Considering the speculative-grade corporate rating actions that we have taken since the emergence of COVID-19, several of the affected credits are not present in the portfolios of any European CLOs that we rate. In the short term, we do not expect rated European CLO transactions to experience significant downgrades.
There may also be isolated insolvency cases with limited recovery prospects where emergence as a going concern may not be feasible, particularly for smaller issuers. Thank you for your interest in S&P Global Market Intelligence! The sharp decline in global demand will reduce corporate cash flow generation across industries, placing pressure on working capital needs, available cash, and revolving facilities, as well as companies' ability to remain operational.
"Ҁa��7>D�[�#�y�(\�dXWSC��3�;N�ԃ��3K+s{��c�9�6�;H� ��-۲4r��5Px� Companies rated 'B-' and below will likely suffer most from financing needs and rapid rating transitions. Industries reliant on consumer discretionary spending (e.g., travel and high-end retail) and cross-border supply chains (e.g., auto, electronics, and chemicals) are particularly exposed to COVID-19 related risks and will see increased pressure on revenue and earnings (see "Global Credit Conditions: COVID-19's Darkening Shadow," published March 3, 2020). K6���L��Q���A�>���2_k��> ʖ���#H��6&X�"Q#� *s�Q�Ȑ0�q.�F|�����w��L��"^ϕd.��dM�%�$��6C�������x0���/���q(sc�[�ȍS�MׁO;��*�e||����^�I��Ԙ�nX�g�cFYv�~���@����|���� ho]>�)�{�����B��@�+7x)ht6�!�� �K��.�9�Jnߔa-E�4w\��.
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