穆迪-信贷-credit outlook：news ＆ analysis-20170814-moody’s

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1、14AUGUST2017NEWS&ANALYSISRECENTLYINCREDITOUTLOOKCorporates2»ArticlesinLastThursday’sCreditOutlook19»Vantiv’sPlannedAcquisitionofWorldpayIsCreditNegative»GotoLastThursday’sCreditOutlook»AirMedical’sAcquisitionofAMRWouldBeCreditNegative»EnvisionHealthcare’sPlannedSaleofMedicalTransp

2、ortationUnitIsCreditPositive»WithAcquisition,ConstellationAddsAnotherCraftBeertoClickhereforWeeklyMarketOutlook,oursisterpublicationcontainingItsKegMoody’sAnalytics’reviewofmarketactivity,financialpredictions,and»CMPC’sIdlingofBrazilianProductionFacilityWillDelaythedatesofupcoming

3、economicreleases.Deleveraging»SGL’sAssetSaleandDebtPaydownAreCreditPositive»Omantel’sAcquisitionofStakeinZainGroupIsCreditPositiveInfrastructure10»ConsolidatedEdison’sEquityIssuanceIsCreditPositive»ConstructionDelaysatCameronLNGAreCreditNegativeBanks13»Honduras’NewCredit-CardLawIs

4、CreditNegativeforBanks»BancoSantander’sSaleofProblematicRealEstateIsCreditPositiveUSPublicFinance16»ExtensionofMedicaidWaiverIsCreditPositiveforFloridaSafety-NetHospitalsSecuritization17»InvitationHomes-StarwoodWaypointHomesMergerWouldBenefitBothFirms’SFRSecuritizationsMOODYS.COMN

5、EWS&ANALYSISCreditimplicationsofcurrenteventsCorporatesVantiv’sPlannedAcquisitionofWorldpayIsCreditNegativeStephenSohnVicePresident-SeniorCreditOfficerLastWednesday,VantivLLC(Ba2stable)saidthatithadagreedtoacquireWorldpayGroupplc(Ba2stable)+1.212.553.2965forabout$12billioninenterp

6、risevalue,including$2billioninnetdebt.Theplannedtransaction,whichstephen.sohn@moodys.comVantivexpectstocloseinthefirstquarterof2018,iscreditnegativebecauseitwillincreaseleverage.But,theacquisitionisstrategicallysoundbecauseitwillenhancethecompany’sglobalscaleandimprovegeographican

7、dend-marketdiversity.Moreover,Vantivhasatrackrecordofreducingleverageafteracquisitions,sotheresultingerosioninthecompany’screditmetricsislikelytoberelativelyshort-lived.Uponcompletionoftheacquisition,Vantiv’sadjusteddebt/EBITDAwillinitiallybehighfortheBa2ratingcategoryatmorethan5x

8、(withoutsynergies),upfrom3.6xfort