Streetbeat News

Credit Ratings

INSE

Inspired Entertainment, Inc. (NASDAQ:INSE) has announced that it requires additional time to complete its Q3 2023 financial statements and to restate certain previously issued financial statements. The company identified accounting errors related to the capitalization of software development costs. The Audit Committee has determined that the company's consolidated financial statements for periods commencing January 1, 2021, should no longer be relied upon and should be restated. The company's management has concluded that additional material weaknesses exist in the company's internal control over financial reporting.

Portfolio Pulse from Benzinga Newsdesk

November 08, 2023 | 11:02 pm

SPY

Fed's Cook has stated that the household sector appears 'quite resilient' in terms of debt, although there are emerging signs of stress for those with weak credit. The banking sector remains 'sound and resilient overall', and acute stresses have abated.

Portfolio Pulse from Benzinga Newsdesk

November 06, 2023 | 4:05 pm

USDP

USD Partners LP (USDP) has announced a second waiver extension agreement with its lenders and administrative agent under its existing credit agreement. This extends the forbearance period from November 3, 2023, to November 17, 2023. The lenders have agreed to continue to forbear from exercising any rights or remedies arising from certain events of default until the new expiration date.

Portfolio Pulse from Benzinga Newsdesk

November 02, 2023 | 9:48 pm

JPM

TIP

JPMorgan Chase & Co CEO Jamie Dimon has commented on the potential impact of rate hikes and quantitative tightening on the economy. He believes that inflation is stickier than people think and there is a higher chance of rates going up. He also sees potential for a double whammy for borrowers, as credit spreads may also rise. The Fed hikes and the quantitative tightening have affected home sales but not home prices, as well as auto sales and credit card loans. Over time, it will affect businesses at the refinance and floating rates. The iShares TIPS Bond ETF ended Wednesday’s session up 0.87% at $103.24.

Portfolio Pulse from Shanthi Rexaline

November 02, 2023 | 7:46 am

SPY

DoubleLine Capital's Jeffrey Gundlach predicts a bond rally and believes that interest rates should fall as we move into a recession in early 2024. He also states that either interest rates or the deficit need to come down, but neither are likely to do so.

Portfolio Pulse from Benzinga Newsdesk

November 01, 2023 | 7:32 pm

LUMN

Lumen Technologies has entered a transaction support agreement with a group of creditors holding over $7B of its outstanding debt. The creditors have also committed to provide $1.2B of financing to the company through new long-term debt.

Portfolio Pulse from Benzinga Newsdesk

October 31, 2023 | 9:07 pm

S&P Global Ratings has upgraded Ford Motor Co's credit rating to investment grade, despite disappointing Q3 results and uncertainty due to a recent workers' union strike. Ford's CEO, Jim Farley, expressed pride in the team and highlighted the company's strong balance sheet. Despite a Q3 earnings miss and a $1.3 billion EBIT loss in its EV segment, S&P is optimistic about Ford's future, expecting cost reductions to offset higher labor costs and losses in its Model e segment. Ford shares are down 16.4% year-to-date.

Portfolio Pulse from Anan Ashraf

October 31, 2023 | 9:08 am

PYPL

UPST

Fintech and payments stocks, including PYPL, SQ, and UPST, are trading lower, possibly in sympathy with Worldline SA, which has cut its financial outlook.

Portfolio Pulse from Benzinga Newsdesk

October 25, 2023 | 4:33 pm

AAL

ALK

DAL

JBLU

LUV

SAVE

SPY

UAL

Major US airports are preparing for renewed traffic growth as the pandemic challenges in the aviation sector dissipate. Capital programs are advancing to serve the anticipated rising travel demand, but with high costs ahead. Debt will continue to lead funding sources, though federal grants are also supportive. Fitch Ratings does not anticipate the increase in debt to drive credit pressures for most airports.

Portfolio Pulse from Benzinga Newsdesk

October 25, 2023 | 2:55 pm

AXP

American Express (AXP) reports strong credit metrics for the current quarter, with net write-off and delinquency rates for total Card Member loans and receivables below pre-pandemic levels.

Portfolio Pulse from Bill Haddad

October 20, 2023 | 11:05 am