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Moody’s Talks – Corporate Finance Podcast
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JUNE 2018
Midstream energy companies reshape tax-advantaged MLP structures as spending needs take precedence
June 27th 2018 (6.20mins)
In this episode of Moody’s corporate credit podcast, Steve Wood, Managing Director for global oil and gas in the Corporate Finance Group, and Amol Joshi, a Moody’s oil and gas analyst based in New York, discuss a significant shift now taking place in the US midstream energy sector, the longtime natural home of the tax-advantaged master limited partnership (MLP).

For decades, investors have sought MLPs for their dependable regular distributions. Now the rising cost of equity capital is squeezing the traditional MLP structure, with sponsors increasingly cutting distributions or revising their structures in an effort to improve their ability to fund capital spending more easily. Steve and Amol discuss how MLPs are changing, and why the pipelines, gathering and processing, and storage operators that make up the midstream sector are transforming away from a traditionally dependable source of investment money.​​​​​
JUNE 2018
Liquidity for rated EMEA nonfinancial companies generally resilient to geopolitical risks
June 19th 2018 (5.38mins)
In this episode of Moody's Talks Corporate Finance, Philipp Lotter, Co-Head of EMEA Corporate Finance, and Richard Morawetz, Group Credit Officer in Credit Strategy & Standards, discuss the continued liquidity strength of EMEA non-financial companies. They outline how liquidity weakness is more prevalent deep in speculative grade rating categories of Caa and below; and also how though geopolitical risks have come to the fore in some countries, for example in Russia and Turkey, and with ongoing Brexit uncertainty in the UK, that thus far rated entities in those countries generally exhibit good liquidity.​
JUNE 2018
Credit metrics for oil producers will be slow to improve, even as stronger oil prices take hold
June 11th 2018 (5.26mins)
In this episode of Moody’s corporate credit podcast, Steve Wood, Managing Director for global oil and gas in the Corporate Finance Group, and Sajjad Alam, a Moody’s oil analyst based in New York, discuss the reasons why the moderate recovery in oil prices following the swift price slump of 2015-16 will not be enough to bring a sudden improvement in the credit quality and ratings of the biggest independent oil producers that Moody's rates. 

As a group, E&P companies have proved adept at cutting costs, but as they begin to invest in new production again, their debt loads remain high, and breakeven costs are still more onerous today than in 2013-14, before the crash. 

Steve and Sajjad discuss the fundamental improvement in production and oil prices, as well as the continued stress of leverage, profits and revenue, which are not improving as quickly as they deteriorated during the downturn.​
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