Moody's Ratings (Moody's) affirmed the Baa3 senior unsecured notes ratings of News Corporation (News Corp), a global, diversified media and information services company. At the same time, we changed the outlook to positive from stable. The outlook change to positive reflects News Corp's continued ...
Moody's Ratings (Moody's) upgraded News Corporation's ("News Corp" or "the Company") senior unsecured notes ratings to Baa3 from Ba1. As the company is now investment grade, we have withdrawn the Company's Ba1 Corporate Family Rating (CFR), Ba1-PD probability of default rating (PDR), and SGL-1 specu...
Moody's Ratings affirmed all credit ratings for News Corporation ("News Corp" or "the Company") including the Ba1 Corporate Family Rating (CFR), Ba1-PD Probability of Default Rating (PDR), and Ba1 senior unsecured notes. The speculative grade liquidity rating is unchanged at SGL-1. The outlook was c...
Moody's Ratings affirmed all credit ratings for News Corporation ("News Corp" or "the Company") including the Ba1 Corporate Family Rating (CFR), Ba1-PD Probability of Default Rating (PDR), and Ba1 senior unsecured notes. The speculative grade liquidity rating is unchanged at SGL-1. The outlook was c...
In this weekend update, we analyze the FCC’s letter to DISH about its build-out commitments and what happens next; a court ordering the FCC to do a broadcast ownership proceeding just as the line of television broadcast networks for sale gets longer; signs of hope and struggles for mobile wireless carriers yearning for more mid-band spectrum while TMUS makes progress on its 2.5GHz licenses; and lots of activity in the courts on tech, with SCOTUS taking up the challenge to the Texas and Florida s...
Moody's Investors Service (Moody's) affirmed all credit ratings for News Corporation ("News Corp" or "the Company") including the Ba1 Corporate Family Rating (CFR), Ba1-PD Probability of Default Rating (PDR), and Ba1 senior unsecured notes. The speculative grade liquidity rating is unchanged at SGL-...
Upgrading Communications, Downgrading Staples In our January 10th Compass, we discussed that a break above 3910 on the S&P 500 would signal a tradable rally, with 4100-4165 our target, which is the top-end of our expected 2023 trading range. We believe equities are still in the midst of a rally/short squeeze, but that the rally is likely to fizzle in the 4100-4165 area. Upgrading Communications to Market Weight. We have been underweight Communications (XLC, EWCO) since November of 2021, a peri...
Credit markets are only slightly overstating credit risk, with a cash bond YTW of 5.987% relative to an Intrinsic YTW of 5.247% and an Intrinsic CDS of 150bps. Furthermore, Moody's is overstating NWSA's fundamental credit risk with its Ba1 credit rating three notches below Valens' IG4+ (Baa1) credit rating.
Credit markets are materially overstating credit risk, with a cash bond YTW of 6.779% relative to an Intrinsic YTW of 5.019% and an Intrinsic CDS of 118bps. Furthermore, Moody's is overstating NWSA's fundamental credit risk with its Ba1 credit rating three notches below Valens' IG4+ (Baa1) credit rating. Incentives Dictate Behavior™ analysis highlights positive signals for credit holders. NWSA's compensation metrics should generally drive management to focus on all three value drivers: margins,...
Announcement: Moody's says News Corp's ratings unaffected by new Term Loan A and Revolving Credit Facility. Global Credit Research- 30 Mar 2022. New York, March 30, 2022-- Moody's Investors Service says News Corporation's Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, Ba1 senior unsecured notes ratings, SGL-1 Speculative Grade Liquidity Rating and positive outlook are unchanged by the proposed issuance of a new 5- year, $500 million unsecured Term Loan A and...
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