Highlights
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16 Sep 2014
- Chinese property developers can expect stronger results in H2 2014
Revenue recognition and EBITDA for rated Chinese property developers should rise in the rest of the year, as they deliver an increased number of housing projects. At the same time, liquidity should rise along with higher contracted sales and faster cash collection. But certain financial measures, primarily profitability and leverage, will likely be weaker for all of 2014… Full Report
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2 Sep 2014
- Japanese non-financial corporates' capex to slow, as cash holdings rise
Capital expenditure growth will slow to 7.9% in fiscal 2014 and to 1.3% in 2015 from the recent high of 12.3% in 2012; resulting in a gradual fall in leverage, and a modest strengthening of corporate credit profiles. At the same time, companies will continue to accumulate cash from operations and reduce interest costs by refinancing. Press Release l Full Report
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28 Aug 2014
- High-yield bonds: Indonesian property developers provide strong covenant packages
The covenant quality score of 1.83 for bonds issued by Moody's-rated high-yield Indonesian property developers between January 2011 and July 2014 is stronger than the 2.47 average for Asian high-yield companies and the 3.34 global average. In Moody's five-point scale a score of 1.0 denotes the strongest level of investor protections and 5.0 the weakest. Press Release l Full Report
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