Analysis

The Latest from Credit News


October 21, 2020
X – CDS 1,108bps, Base Case iCDS 204bps, Negative Case iCDS 557bps, 2025 12.000% Bond YTW of 8.578%, iYTW of 2.358%, Caa1 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, High Refinancing Need
CDS 1,108bps, Base Case iCDS 204bps Negative Case iCDS 557bps, 2025 12.000% Bond YTW of 8.578% iYTW of 2.358%, Caa1 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens High Refinancing Need
October 21, 2020
Valens Credit Weekly Insights for October 21, 2020
Highlighted Top Ideas: ADNT – Adient plc, LB – L Brands, Inc., TDG – TransDigm Group Incorporated
October 15, 2020
TDG Valens Credit Analysis – CDS 352bps, Base Case iCDS 215bps, Negative Case iCDS 269bps, 2025 8.000% Bond YTW of 4.393%, iYTW of 2.493%, B+ Rating from S&P, XO- (equivalent to BB+) Rating from Valens, High Refinancing Need
CDS 352bps, Base Case iCDS 215bps Negative Case iCDS 269bps, 2025 8.000% Bond YTW of 4.393% iYTW of 2.493%, B+ Rating from S&P, XO- (equivalent to BB+) Rating from Valens High Refinancing Need
October 14, 2020
Valens Credit Weekly Insights for October 14, 2020
Highlighted Top Ideas: AXL – American Axle & Manufacturing Holdings, Inc., EXPE – Expedia Group, Inc., MTW – The Manitowoc Company, Inc.
October 7, 2020
Valens Credit Weekly Insights for October 7, 2020
Highlighted Top Ideas: BLDR – Builders FirstSource, Inc., CVS – CVS Health Corporation, UBER – Uber Technologies, Inc.
September 30, 2020
Valens Credit Weekly Insights for September 30, 2020
Highlighted Top Ideas: CVI – CVR Energy, Inc., GT – The Goodyear Tire & Rubber Company, MGM – MGM Resorts International
September 23, 2020
Valens Credit Weekly Insights for September 23, 2020
Highlighted Top Ideas: CAR – Avis Budget Group, Inc., USM – United States Cellular Corporation, WH – Wyndham Hotels & Resorts, Inc.
September 16, 2020
Valens Credit Weekly Insights for September 16, 2020
Highlighted Top: GM – General Motors Company, Inc., UHS – Universal Health Services, Inc., WYND – Wyndham Destinations, Inc.
September 10, 2020
UHS Valens Credit Analysis – CDS 68bps, Base Case iCDS 120bps, Negative Case iCDS 284bps, 2026 5.000% Cash Bond YTW of 4.115%, iYTW of 1.505%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need
CDS 68bps, Base Case iCDS 120bps Negative Case iCDS 284bps, 2026 5.000% Cash Bond YTW of 4.115% iYTW of 1.505%, Ba1 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens Low Refinancing Need
September 9, 2020
Valens Credit Weekly Insights for September 9, 2020
Highlighted Top: AN – AutoNation, Inc., DBD – Diebold Nixdorf, Incorporated, URI – United Rentals, Inc.
September 2, 2020
Valens Credit Weekly Insights for September 2, 2020
Highlighted Top Ideas: AMD – Advanced Micro Devices, Inc., HCA – HCA Healthcare, Inc., R – Ryder System, Inc.
August 26, 2020
Valens Credit Weekly Insights for August 27, 2020
Highlighted Top: AER – AerCap Holdings N.V., FCX – Freeport-McMoRan Inc., OC – Owens Corning
August 19, 2020
Valens Credit Weekly Insights for August 19, 2020
Highlighted Top Ideas: CSTM – Constellium SE, KBH – KB Home, RAD – Rite Aid Corporation
August 12, 2020
Valens Credit Weekly Insights for August 12, 2020
Highlighted Top Ideas: GPS – The Gap, Inc., LEN – Lennar Corporation, WK – Workiva Inc.
August 5, 2020
Valens Credit Weekly Insights for August 5, 2020
Highlighted Top Ideas: ASGN – ASGN Incorporated, ENR – TEnergizer Holdings, Inc., GHC – Graham Holdings Company
August 3, 2020
ENR – No Traded CDS, Base Case iCDS 258bps, Negative Case iCDS 506bps, 2026 4.625% Bond YTW of 3.906%, iYTW of 2.226%, B1 Rating from Moody’s, XO- (equivalent to Ba1) Rating from Valens, Moderate Refinancing Need
No Traded CDS, Base Case iCDS 258bps Negative Case iCDS 506bps, 2026 4.625% Bond YTW of 3.906% iYTW of 2.226%, B1 Rating from Moody’s, XO- (equivalent to Ba1) Rating from Valens Moderate Refinancing Need
July 29, 2020
Valens Credit Weekly Insights for July 29, 2020
Highlighted Top Ideas: DISH – DISH Network Corporation, MDP – Meredith Corporation, WH – Wyndham Hotels & Resorts, Inc.
July 22, 2020
DISH Valens Credit Analysis – CDS 450bps, Base Case iCDS 113bps, Negative Case iCDS 174bps, 2024 5.875% Bond YTW of 5.674%, iYTW of 1.414%, Ba3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, High Refinancing Need
CDS 450bps, Base Case iCDS 113bps Negative Case iCDS 174bps, 2024 5.875% Bond YTW of 5.674% iYTW of 1.414%, Ba3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens High Refinancing Need
July 22, 2020
Valens Credit Weekly Insights for July 22, 2020
Highlighted Top Ideas: BHC – Bausch Health Companies Inc., BSX – Boston Scientific Corporation, DOOR – Masonite International Corporation
July 15, 2020
Valens Credit Weekly Insights for July 15, 2020
Highlighted Top Ideas: LB – L Brands, Inc., TDG – TransDigm Group Incorporated, WYND – Wyndham Destinations, Inc.