Resources

APP – Base Case iCDS 13bps, Negative Case iCDS 17bps, 2031 5.375% Bond YTW of 4.854%, iYTW of 3.825%, Baa3 Rating from Moody’s, IG2+ (equivalent to Aa1) Rating from Valens, Low Refinancing Need

March 27, 2026

  • Credit markets are overstating APP’s credit risk with a YTW of 4.854% relative to an Intrinsic YTW of 3.825% and an Intrinsic CDS of 13bps. Meanwhile, Moody’s is grossly overstating APP’s fundamental credit risk with its Baa3 credit rating eight notches below Valens’ IG2+ (Aa1) credit rating.

  • Incentives Dictate Behavior™ analysis highlights mostly negative signals for credit holders. That said, as a positive, most members of management are material owners of APP equity relative to their annual compensation, indicating they may be aligned with shareholders to pursue long-term value creation for the company.

You don’t have access to the Valens Research Premium Application.

To get access to our best content including the highly regarded Conviction Long List and Market Phase Cycle macro newsletter, please contact our Client Relations Team at 630-841-0683 or email client.relations@valens-research.com.

Please fill out the fields below so that our client relations team can contact you

Or contact our Client Relationship Team at 630-841-0683

Please leave us your contact details so we can reach out to you as soon as we can.