Paramount cut to junk at S&P; that may ease acquisition, Wells Fargo says [Seeking Alpha]
Moody's Corporation (MCO)
Last moody's corporation earnings: 4/30 07:00 am
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Source: Seeking Alpha
actually make an acquisition of the company easier, by freeing up obligations to repay debt. S&P cut Paramount to BB+ from BBB- due to degraded credit metrics from accelerating declines in linear media, and the ongoing shift toward a less certain (and hotly competitive) streaming model. The firm expects free operating cash flow-to-debt will remain below 10%, and that adjusted leverage will stay above 3.5x beyond 2025. "We are not experts on debt terms," Wells Fargo's Steven Cahall writes, "but we believe that most of PARA's debt instruments have language that means if one rating agency moves to [high-yield], which S&P has just done we believe, then it negates change of control provisions." "This means if anyone makes a bid for PARA they will not need to repay and reissue the debt," substantially reducing risk, he continues. Paramount ( PARA PARAA ) has a market capitalization just under $8B, but with net debt of about $11.4B. Apollo ( NYSE: APO ) has an bid for Paramount's stu
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MCO
News
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- Fitch downgrades Boeing's outlook to ‘negative' on production, cashflow challenges [CNBC]CNBC
- Fitch downgrades Boeing's outlook to 'negative' on production, cashflow challenges [Reuters]Reuters
- Fitch downgrades Boeing's outlook to 'negative' on production, cashflow challenges [Yahoo! Finance]Yahoo! Finance
- Moody's assigns Aaa rating to Bank of Åland Plc's CBA Covered Bond Program and all the currently outstanding Covered Bonds under the Program [Yahoo! Finance]Yahoo! Finance
MCO
Earnings
- 2/14/24 - Miss
MCO
Sec Filings
- 4/19/24 - Form 8-K
- 4/2/24 - Form 3
- 4/2/24 - Form 4
- MCO's page on the SEC website