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FIIG Credit Research

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  • Lucas Total Contract Solutions - January 2020

    Jan 23, 2020
    We provide an operational update for Lucas TCS ahead of the release of the company’s 2Q20 results which we expect to receive towards the end of February.
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  • Rockpoint Gas Storage Downgrade

    Jan 21, 2020
    On 17 January 2020, S&P Global Ratings (S&P) downgraded its corporate rating on Rockpoint Gas Storage (Rockpoint, Company) by one notch. As a consequence, S&P also downgraded its issue rating on the Rockpoint's 7.00% notes due 2023. The downgrade primarily reflects implications of revised forecasts which result in Rockpoint’s expected leverage (debt/EBITDA) at or close to 6.0x over the coming two years. The weakness in credit metrics are the result of a number of factors including a dampened market and restrictive access conditions.
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  • Workpac Recommendation initiated

    Jan 14, 2020
    We initiate our recommendation on the WorkPac Trade Receivables Trust No.1 1 Class B notes.
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  • Pioneer Credit update

    Jan 10, 2020
    Pioneer Credit announced in late December 2019 that it had resolved the funding issues that have been hampering its growth during the first half of FY20, providing a path to resumption of trading of its AUD40m notes.
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  • Bushfire update

    Jan 09, 2020
    Given the continued devastating impacts of the bushfires currently affecting the Eastern states of Australia, we are reviewing the impact of the main companies within our coverage in order to estimate any potential near-term pressures.
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  • DirectBond Filter List - January Update

    Jan 06, 2020
    The January 2020 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • 2020 Credit Outlook

    Dec 13, 2019
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  • Liberty Financial Pty Ltd

    Dec 13, 2019
    We revise our recommendation on Liberty’s 5.10% notes due 2020 and 5.10% notes due 2021
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  • StockCo Holdings Pty Ltd - FY19 Results

    Dec 06, 2019
    StockCo reported consolidated NPAT of AUD3.7m in FY19...
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  • DirectBond Filter List - December Update

    Dec 03, 2019
    The December 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • IMF Bentham -- Wivenhoe Case

    Nov 29, 2019
    On 27 November 2019, IMF Bentham (IMF) announced that the Supreme Court of New South Wales will deliver its judgment in relation to the Brisbane Floods Class Action (Wivenhoe Investment) on 29 November 2019. This is one of the large remaining investments on IMF's balance sheet.
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  • Lucas TCS - 1Q19 Update

    Nov 18, 2019
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  • SCT Logistics FY19 results update - November 2019

    Nov 15, 2019
    We initiate our recommendation on SCT Logistics’ 3M BBSW+4.70% notes due 2024 and 6.50% notes due 2024 following the release of the company’s FY19 results
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  • zipMoney Trust 2017-1 – Class B Initial Coverage

    Nov 14, 2019
    The zipMoney Trust 2017-1 (Warehouse, Facility, Pool) is a securitisation facility that comprises unsecured consumer loans originated by Zip Co Limited (ZIP, Company, Group)
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  • Incitec Pivot FY19 Results

    Nov 13, 2019
    On 12 November 2019, international explosives and fertiliser manufacturing company, Incitec Pivot Limited (IPL, Company) announced its full year (FY19) results for the period ending 30 September 2019.
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  • The GEO Group Inc - 3Q19 Results

    Nov 07, 2019
    On 5 November 2019, The GEO Group Inc. (GEO, Company), announced 3Q19 results for the three months ending 30 September 2019.
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  • DirectBond filter list - November 2019

    Nov 01, 2019
    The November 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • Rackspace Hosting nc.

    Oct 31, 2019
    On 29 October 2019, S&P Global Ratings (S&P) downgraded its rating on Rackspace Hosting Inc (Rackspace, Company).S&P cited a number of factors for the downgrade, including increased competition in its Managed Public Cloud segment and declining margins over the next 12 months.
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  • IAMGOLD - Moody’s Downgrade

    Oct 31, 2019
    On 31 October 2019, Moody's Investor Service (Moody's) downgraded the corporate credit rating on IAMGOLD Corp (IAMGOLD). At the same time, Moody's downgraded both the credit rating and recovery estimate on IAMGOLD's notes due 2025. The downgrade primarily reflects operational challenges at IAMGOLD's Westwood (Canada) and Rosebel (Suriname) mines which have resulted in a deterioration of its credit metrics and increase of operating costs.
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  • Sydney Airport - October 2019

    Oct 17, 2019
    We provide an update to our recommendations on Sydney Airport’s CPI+3.76% notes due 2020 and CPI+3.12% notes due 2030. Our credit outlook remains unchanged
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