Analysis

The Latest from Credit News


February 12, 2020
Valens Credit Weekly Insights for February 12, 2020
Highlighted Top: HTZ – Hertz Global Holdings, Inc., IRM – Iron Mountain Incorporated, RAD – Rite Aid Corporation
February 5, 2020
Valens Credit Weekly Insights for February 5, 2020
Highlighted Top: AER – AerCap Holdings N.V., BBY – Best Buy Co., Inc., GME – GameStop Corp.
January 29, 2020
Valens Credit Weekly Insights for January 29, 2020
Highlighted Top: ADNT – Adient plc, DNR – Denbury Resources Inc., GTT – GTT Communications, Inc.
January 22, 2020
Valens Credit Weekly Insights for January 22, 2020
Highlighted Top: BZH – Beazer Homes USA, Inc., DISH – DISH Network Corporation, MTW – The Manitowoc Company, Inc.
January 15, 2020
Valens Credit Weekly Insights for January 15, 2020
Highlighted Top: CHK – Chesapeake Energy Corporation, EXPE – Expedia Group, Inc., X – United States Steel Corporation
January 8, 2020
Valens Credit Weekly Insights for January 8, 2020
Highlighted Top: AXL – American Axle & Manufacturing Holdings, Inc., BHC –Bausch Health Companies Inc., CAR – Avis Budget Group, Inc.
December 16, 2019
AMD Valens Credit Analysis – CDS 57bps, Base Case iCDS 47bps, Negative Case iCDS 98bps, 2024 7.000% Bond YTW of 5.136%, iYTW of 2.076%, Ba2 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens, Low Refinancing Need
– CDS 57bps, Base Case iCDS 47bps   – Negative Case iCDS 98bps, 2024 7.000% Bond YTW of 5.136%, iYTW of 2.076%   – Ba2 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens   – Low Refinancing Need
December 11, 2019
Valens Credit Weekly Insights for December 11, 2019

Highlighted Top: MGM – MGM Resorts International, TMUS – T-Mobile US, Inc., WYND – Wyndham Destinations, Inc.

December 11, 2019
RIG Valens Credit Analysis – CDS 828bps, Base Case iCDS 212bps, Negative Case iCDS 346bps, 2024 5.875% Bond YTW of 5.468%, iYTW of 3.788%, B3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, High Refinancing Need

– CDS 828bps, Base Case iCDS 212bps

– Negative Case iCDS 346bps, 2024 5.875% Bond YTW of 5.468%, iYTW of 3.788%

– B3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens

– High Refinancing Need

December 2, 2019
AKS Valens Credit Analysis – CDS 968bps, Base Case iCDS 564bps, Negative Case iCDS 2,412bps, 2025 6.375% Bond YTW of 10.100%, iYTW of 7.270%, B2 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens, Moderate Refinancing Need

– CDS 968bps, Base Case iCDS 564bps

– Negative Case iCDS 2,412bps, 2025 6.375% Bond YTW of 10.100%, iYTW of 7.270%

– B2 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens

– Moderate Refinancing Need

November 20, 2019
Valens Credit Weekly Insights for November 20, 2019

Highlighted Top: CSTM – Constellium SE, GT – The Goodyear Tire & Rubber Company, URI – United Rentals, Inc.

November 13, 2019
Valens Credit Weekly Insights for November 13, 2019

Highlighted Top: AL – Air Lease Corporation, LEN – Lennar Corporation, RAD – Rite Aid Corporation

November 8, 2019
RAD Valens Credit Analysis – CDS 1,312bps, Base Case iCDS 576bps, Negative Case iCDS 1,201bps, 2023 6.125% Bond YTW of 11.160%, iYTW of 7.360%, Caa1 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, High Refinancing Need

– CDS 1,312bps, Base Case iCDS 576bps

– Negative Case iCDS 1,201bps, 2023 6.125% Bond YTW of 11.160%, iYTW of 7.360%

– Caa1 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens

– High Refinancing Need

November 6, 2019
Valens Credit Weekly Insights for November 6, 2019

Highlighted Top: BBY – Best Buy Co., Inc., GME – GameStop Corp., LB – L Brands, Inc.

October 30, 2019
Valens Credit Weekly Insights for October 30, 2019

Highlighted Top: DF – Dean Foods Company, DOOR – Masonite International Corporation, SUM – Summit Materials, Inc.

October 23, 2019
Valens Credit Weekly Insights for October 24, 2019

Highlighted Top: ADNT – Adient plc, AMAG – AMAG Pharmaceuticals, Inc., BZH – Beazer Homes USA, Inc.

October 16, 2019
Valens Credit Weekly Insights for October 16, 2019

Highlighted Top: GM – General Motors Company, MTW – The Manitowoc Company, Inc., X – United States Steel Corporation 

October 10, 2019
Valens Credit Weekly Insights for October 11, 2019

Highlighted Top: AXL– American Axle & Manufacturing Holdings, Inc., UNT – Unit Corporation, RFP – Resolute Forest Products Inc.

October 3, 2019
Valens Credit Weekly Insights for October 3, 2019

Highlighted Top: AER – AerCap Holdings N.V. , CAR – Avis Budget Group, Inc. , CVS – CVS Health Corporation