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 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 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
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
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
