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Credit Ratings

BA

Moody's has placed Boeing's ratings under review for a potential downgrade due to concerns over a prolonged strike affecting its commercial airplanes business recovery. Despite this, Boeing's 737 Max production increased to nearly 30 per month in July and August.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2024 | 4:34 pm

BA

Fitch Ratings has warned that a prolonged strike at Boeing could increase the risk of a credit downgrade due to operational and financial impacts. An extended strike may force Boeing to seek new liquidity sources to meet cash targets. Boeing's negative outlook also reflects operational and certification risks for its 2026-2027 production goals.

Portfolio Pulse from Benzinga Newsdesk

September 13, 2024 | 4:33 pm

NOC

Northrop Grumman's executive stated that the company is content with its current leverage and credit ratings, indicating no immediate plans to alter them.

Portfolio Pulse from Benzinga Newsdesk

September 12, 2024 | 4:51 pm

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The European Central Bank (ECB) has cut key interest rates by 25 basis points, aligning with expectations as inflation cools. The new rates are 3.50% for the deposit facility, 3.65% for the refinancing rate, and 3.90% for the marginal lending rate. Inflation is expected to rise later this year but should trend downward towards the ECB's target by the second half of 2024. Economic growth forecasts have been slightly adjusted downward due to weaker domestic demand.

Portfolio Pulse from Vandana Singh

September 12, 2024 | 12:44 pm

SAVE

Spirit Airlines has modified its card processing agreement with U.S. Bank National Association, extending the refinancing deadline for its senior secured notes to October 21, 2024. The agreement also includes a potential term extension until December 31, 2025, pending refinancing.

Portfolio Pulse from Benzinga Newsdesk

September 10, 2024 | 8:15 pm

GS

Goldman Sachs is facing significant financial challenges due to lax credit card lending practices, particularly with the General Motors card business. The bank disclosed a $400 million pre-tax loss as it attempts to exit its Main Street lending operations.

Portfolio Pulse from Benzinga Newsdesk

September 10, 2024 | 3:16 pm

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The Biden administration's moratorium on reporting late student loan payments ends soon, potentially impacting the credit ratings of 9.7 million borrowers. This could affect their ability to secure loans and rental agreements. The end of this provision has influenced the stock prices of student loan servicers and related ETFs.

Portfolio Pulse from Michael Juliano

September 09, 2024 | 6:52 pm

BBGI

Beasley Broadcast Group's unit, Beasley Mezzanine Holdings, has initiated an exchange offer, a new notes offer, a tender offer, and consent solicitations related to its existing notes. This move is likely aimed at restructuring debt or improving financial terms.

Portfolio Pulse from Nabaparna Bhattacharya

September 06, 2024 | 11:16 am

MTW

Manitowoc has announced a $300 million private offering of 9.25% senior secured notes due in 2031. The proceeds will be used to redeem existing 9.00% notes due in 2026 and to increase the company's credit facility.

Portfolio Pulse from Benzinga Newsdesk

September 05, 2024 | 8:03 pm

QSR

Restaurant Brands International (QSR) has priced $500M in 5.625% First Lien Senior Secured Notes due 2029 to redeem its 2025 debt. The move is expected to be neutral to net leverage and accretive to interest expense.

Portfolio Pulse from Benzinga Newsdesk

September 04, 2024 | 7:35 am