reports
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
Coffee, Croissants & Credit/ABN AMRO behind in its capital ambitions
ABN AMRO (ABNANV) reported a lower net result for the first quarter of the year, with higher impairments offsetting the increase in revenues. Capital ratios weakened. All in all, credit negative. ABN AMRO reported this morning net income of €595m for 1Q18, down 8% YoY. The bank saw its net interest income increase by 5% YoY, while its net fee and commission income instead decreased by 5% YoY. ABN AMRO's capital ratios weakened somewhat. The CET1 ratio was 17.5% in 1Q18, down from 17.7% at the ...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Nadège Tillier
Coffee, Croissants & Credit/UK Retail: Sainsbury to merge with Walmart...
Sainsbury (SBRYLN), currently the UK's second largest grocer by market share (15.8% according to Kantar Worldpanel) plans to buy Walmart's Asda (15.6% market share) in a £7.8bn deal. Sainsbury will pay £2.98bn in cash to Walmart, which will have a 42% stake in the merged entity, but no more than 29.9% of the voting rights. The merged entity will have a market share in the UK larger than that of Tesco (27.6%) and will generate sales of c.£51bn with a network of c.2,800 stores and 330,000 emplo...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Marina Le Blanc
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/Moody's takes action
Moody's has changed its outlook on Iberdrola (IBESM) from positive to stable. The rating is maintained at Baa1. Moody's takes note of the lower profitability performance in 2017. EBITDA declined c.8% due to weaker margins in the UK and in Spain. At the same time, net debt was 12% higher at €32.9bn. FFO/net debt weakened significantly from 18% to 14.5%. Moody's has put its Baa3 rating on RWE (RWE), its Baa2 on Innogy (IGYGY) and E.ON (EOANGR) on review for downgrade following the acquisition...
- Hendrik Wiersma
- Jeroen van den Broek
- Job Veenendaal
- Marina Le Blanc
- Nadège Tillier
- Suvi Platerink Kosonen
Coffee, Croissants & Credit/Snam: YE17 results confirm good trends
Snam (SGRIM) confirmed the gas consumption recovery in Italy with gas demand up 6% compared with 2016. In Italy, Snam manages 32,500 km of gas pipelines, 9 storage sites, 1 LNG terminal and owns a stake in the biggest regasification plant of the country. The group's reported EBITDA came at €2,007m in 2017, up 3.2% compared to 2016 and EBIT at €1,348m (+4.2%).
innogy SE: Discussion of Key Credit Factors
INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 16 January 2018 Update RATINGS innogy SE Domicile Germany Long Term Rating Baa2 Type LT Issuer Rating - Dom Curr Outlook Negative Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Helen Francis 44-20-7772-5422
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