S&P cuts Deutsche Bahn

S&P said it downgraded Deutsche Bahn AG to AA- from AA and the rating on its €2 billion hybrid to BBB- from BBB.

“The downgrade reflect S&P Global Ratings’ forecasts that Covid-19-related disruption will reduce DB’s rail passenger volumes in the German rail network by up to 35% in 2020, and recovery could take two years,” said S&P in a press release.

The outlook is negative.

S&P rates Thaioil Treasury notes BBB+

S&P said it assigned its BBB+ long-term issue rating to the up to $1 billion of senior unsecured notes proposed by Thaioil Treasury Center Co. Ltd.

TTC is a 99.99%-owned financing subsidiary of Thai Oil PCL, which S&P rates BBB+

“We equalize the issue rating on the proposed notes with our issuer credit rating on Thai Oil given that the company fully, irrevocably, and unconditionally guarantees the notes,” S&P said in a press release.

Proceeds will be used to help fund Thai Oil’s investment in its Clean Fuel Project.

Moody’s assigns Thai Oil notes Baa2

Moody’s Investors Service said it assigned a Baa2 rating to the proposed guaranteed senior unsecured dollar-denominated notes to be issued by Thaioil Treasury Center Co. Ltd. and guaranteed by parent Thai Oil PCL, which Moody’s rates Baa2.

“Thai Oil’s Baa2 senior unsecured rating reflects its position as Thailand’s largest and most complex refiner, stable operations supported by its close business integration with PTT PCL (Baa1 stable), and its track record of maintaining strong liquidity,” said Jacintha Poh, a Moody’s vice president and senior credit officer, in a press release.

The outlook is negative.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.