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FIIG Credit Research

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  • AMP Limited Credit Rating Update

    Aug 28, 2019
    On 27 August 2019, rating agency Standard & Poor’s lowered its ratings on AMP Limited and its debt securities. Despite the lower rating, with a prospect for a further downgrade within the next 12 months or so, we remain comfortable with the with the credit profile of the continuing operations.
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  • IMF Bentham Limited – FY19 loss, but recent case wins augur well for FY20

    Aug 26, 2019
    IMF recently released their FY19 results, with the company reporting a net loss after tax of AUD(36.1m). Despite the loss, a number of cases settled around the end of financial year or shortly thereafter, that are expected to be resolved in the coming months, generating revenue in excess of AUD110m.
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  • CML Group Ltd – Strong FY19 results, broadly in line with guidance

    Aug 26, 2019
    CML recently released their FY19 results, with the company reporting an unaudited net profit after tax of AUD8.4m, up 164% on the prior corresponding period.
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  • Adani Abbot Point Terminal FY19 Results

    Aug 23, 2019
    Adani Abbot Point Terminal (AAPT) reported solid results for the full year ended 31 March 2019, increasing the amount of coal handled to 28.8 million tonnes over the course of the year. In FY19, AAPT reported EBITDA of AUD185.5m, slightly lower than FY18. Despite the lower EBITDA, the 12-month cash flow cover ratio reached 2.24x at FYE19 due to lower interest costs. We provide an update on our recommendations on AAPT's AUD notes due 2020 and USD notes due 2022.
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  • Lucas TCS Update August 2019

    Aug 21, 2019
    We provide an update to noteholders on the progression of ongoing discussions with Lucas following our credit update dated 26 June 2019. Our recommendation on Lucas’ notes due 2022 remains unchanged.
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  • ME Update August 2019

    Aug 19, 2019
    Merredin Energy reported 4Q19 and FY19 results were in line with our forecasts, reflecting the predictability of Merredin Energy’s cash flows. Revenues for the quarter and full year came in at AUD2.8m and AUD10.8m, respectively. Merredin Energy reported EBITDA of AUD2.2m in 4Q19 and AUD8.3m for FY19, both marginally ahead of our forecasts. We maintain our recommendation on Merredin Energy’s notes due 2022
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  • Sydney Airport 1H19 Results

    Aug 16, 2019
    On 15 August 2019, SYD reported robust first half results for the period ended 30 June 2019. Revenues for the period were AUD797.1m, a 3.4% increase on the prior corresponding period. EBITDA came in at AUD649.2m, a 4.1% increase on 1H18, primarily underpinned by in a 1.9% increase in international passenger numbers.
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  • Frontier Communication Rating Update

    Aug 15, 2019
    Moody’s downgrade its rating on Frontier Communications. The outlook on the rating remains negative.
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  • Dean Foods Update

    Aug 15, 2019
    On 6 August 2019, Dean Foods Company (Dean Foods, Company) announced soft 2Q19 results. Dean Foods reported accelerated declines in revenue, EBITDA and a net loss. Operational and industry headwinds continue to hamper the Company, which expects to be a net user of cash in FY19. We provide an update of Dean Foods' performance and the Company's prospects moving forward.
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  • Axsesstoday Update

    Aug 09, 2019
    On 9 August 2019, Axsesstoday’s administrators provided an update on the sale process, which is expected to be completed on or before 13 September 2019. The update also provides some indication on the likely return for secured and unsecured creditors.
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  • AMP Performance Update

    Aug 09, 2019
    On 8 August 2019, AMP released its 1H19 results. At the same time, it provided details of its new strategy, as well launching a fully-underwritten capital raising. It also announced the sale of its life insurance operations was to proceed on new terms. Although the overarching strategy is complex and execution risk is high, we believe the announcements yesterday are overall positive for the outlook for AMP’s continuing operations.
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  • IAMGOLD 2Q19 Results

    Aug 08, 2019
    On 7 August 2019, gold mining company, IAMGOLD released its second quarter results. Revenue was down 11% on the corresponding prior period in 2018 due primarily to lower sales volumes. As at 30 June 2019, IAMGOLD continues to remain net debt free.
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  • Oasis Petroleum 2Q19 Results

    Aug 07, 2019
    On 6 August 2019, Oasis Petroleum reported solid quarterly results for the period ended 30 June 2019.
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  • Mackay Sugar Transaction Completion

    Aug 02, 2019
    On 31 July 2019, Mackay Sugar announced that the proposed acquisition of a 70% ownership stake in the company by Nordzucker had been completed.
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  • DirectBond Filter List August Update

    Aug 01, 2019
    The August 2019 update to our DirectBond List including new additions and our current Trading Restrictions list.
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  • The Geo Group Inc. announces 2Q19 results

    Jul 31, 2019
    On 30 July 2019, The Geo Group Inc. (GEO, Company) announced 2Q19 results. Results were relatively strong with growth in revenues, net income and funds from operations (FFO) on the prior comparative period (pcp). The Company reiterated its FY2019 guidance despite political headwinds and several financial institutions withdraw funding for for-profit incarceration and detention facilities.
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  • Mackay Sugar Positive Shareholder Vote

    Jul 30, 2019
    On 29 July 2019, Mackay Sugar's shareholders overwhelmingly voted in favour of the proposed transaction that will see Nordzucker inject up to AUD120m in return to a 70% ownership stake in the company.
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  • Zip Co 4Q19 Update

    Jul 26, 2019
    On 24 July 2019, Zip Co released its 4Q19 quarterly update, with strong positive momentum across the board.
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  • Genworth Financial Mortgage Downgrade

    Jul 26, 2019
    On 25 July 2019, S&P Global Ratings downgraded Genworth Financial Mortgage Insurance, citing he structural decline in the demand for lenders’ mortgage insurance.
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  • Ei Group Proposed Takeover

    Jul 26, 2019
    Ei Group plc announced that it had reached an agreement with Stonegate for the acquisition of the Ei group. While the takeover remains subject to a number of conditions, the announcement has driven the price on the notes closer to par, resulting in the notes trading about GBP5 lower than prior to the announcement. We would expect the price to gradually move toward GBP100 as the takeover becomes more certain.
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