Analysis

The Latest from Credit News


July 8, 2020
Valens Credit Weekly Insights for July 8, 2020
Highlighted Top Ideas: ADNT – Adient plc, IRM – Iron Mountain Incorporated, MTW – The Manitowoc Company, Inc.
July 1, 2020
Valens Credit Weekly Insights for July 1, 2020
Highlighted Top Ideas: AXL – American Axle & Manufacturing Holdings, Inc., GM – General Motors Company, UBER – Uber Technologies, Inc.
June 24, 2020
UBER Valens Credit Analysis – No Traded CDS, Base Case iCDS 64bps, Negative Case iCDS 72bps, 2025 7.500% Bond YTW of 6.904%, iYTW of 0.984%, B2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, Moderate Refinancing Need
No Traded CDS, Base Case iCDS 64bps Negative Case iCDS 72bps, 2025 7.500% Bond YTW of 6.904% iYTW of 0.984%, B2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens Moderate Refinancing Need  
June 17, 2020
Valens Credit Weekly Insights for June 17, 2020
Highlighted Top Ideas: BLDR – Builders FirstSource, Inc., UHS – Universal Health Services, Inc., X – United States Steel Corporation
June 17, 2020
VGR Valens Credit Analysis – No Traded CDS, Base Case iCDS 355bps, Negative Case iCDS 428bps, 2025 6.125% Bond YTW of 6.503%, iYTW of 3.873%, B2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, High Refinancing Need
No Traded CDS, Base Case iCDS 355bps Negative Case iCDS 428bps, 2025 6.125% Bond YTW of 6.503% iYTW of 3.873%, B2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens High Refinancing Need
June 10, 2020
Valens Credit Weekly Insights for June 10, 2020
Highlighted Top Ideas: BZH – Beazer Homes USA, Inc., DAL – Delta Air Lines, Inc., LH – Laboratory Corporation of America Holdings
June 3, 2020
BZH Valens Credit Analysis – CDS 373bps, Base Case iCDS 926bps, Negative Case iCDS 1,798bps, 2025 6.750% Bond YTW of 6.348%, iYTW of 9.608%, B3 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens, High Refinancing Need
CDS 373bps, Base Case iCDS 926bps Negative Case iCDS 1,798bps, 2025 6.750% Bond YTW of 6.348% iYTW of 9.608%, B3 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens High Refinancing Need
June 3, 2020
Valens Credit Weekly Insights for June 3, 2020
Highlighted Top Ideas: MGM – MGM Resorts International, R – Ryder System, Inc., WH – Wyndham Hotels & Resorts, Inc.
May 27, 2020
Valens Credit Weekly Insights for May 27, 2020
Highlighted Top Ideas: FCX – Freeport-McMoRan Inc., GT – The Goodyear Tire & Rubber Company, URI – United Rentals, Inc.
May 20, 2020
URI Valens Credit Analysis – CDS 201bps, Base Case iCDS 172bps, Negative Case iCDS 240bps, 2025 5.500% Bond YTW of 5.021%, iYTW of 2.041%, Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need
CDS 201bps, Base Case iCDS 172bps Negative Case iCDS 240bps, 2025 5.500% Bond YTW of 5.021% iYTW of 2.041%, Ba2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens Low Refinancing Need
May 20, 2020
Valens Credit Weekly Insights for May 20, 2020
Highlighted Top Ideas: HCA – HCA Healthcare, Inc., KBH – KB Home, RAD – Rite Aid Corporation
May 13, 2020
Valens Credit Weekly Insights for May 13, 2020
Highlighted Top Ideas - BSX – Boston Scientific Corporation, LEN – Lennar Corporation, TWTR – Twitter, Inc
May 6, 2020
Valens Credit Weekly Insights for May 06, 2020
Highlighted Top Ideas: DISH – DISH Network Corporation, GPS – The Gap, Inc., GTT – GTT Communications, Inc.
May 1, 2020
GTT Valens Credit Analysis – No Traded CDS, Base Case iCDS 316bps, Negative Case iCDS 555bps, 2027 6.750% Bond YTW of 6.466%, iYTW of 3.736%, B1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need
No Traded CDS, Base Case iCDS 316bps Negative Case iCDS 555bps, 2027 6.750% Bond YTW of 6.466% iYTW of 3.736%, B1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens Low Refinancing Need
April 30, 2020
GPS Valens Credit Analysis – CDS 615bps, Base Case iCDS 186bps, Negative Case iCDS 315bps, 2023 8.375% Cash Bond YTW of 8.374%, iYTW of 2.124%, Ba2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, Moderate Refinancing Need
CDS 615bps, Base Case iCDS 186bps Negative Case iCDS 315bps, 2023 8.375% Cash Bond YTW of 8.374% iYTW of 2.124%, Ba2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens Moderate Refinancing Need
April 29, 2020
Valens Credit Weekly Insights for April 29, 2020
Highlighted Top Ideas: BLDR – Builders FirstSource, Inc., DOOR – Masonite International Corporation, WYND – Wyndham Destinations, Inc.
April 27, 2020
BLDR Valens Credit Analysis – No Traded CDS, Base Case iCDS 316bps, Negative Case iCDS 555bps, 2027 6.750% Bond YTW of 6.466%, iYTW of 3.736%, B1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need
No Traded CDS, Base Case iCDS 316bps Negative Case iCDS 555bps, 2027 6.750% Bond YTW of 6.466% iYTW of 3.736%, B1 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens Low Refinancing Need
April 22, 2020
Valens Credit Weekly Insights for April 22, 2020
Highlighted Top Ideas - CSTM – Constellium SE, OC – Owens Corning , UHS – Universal Health Services, Inc.
April 15, 2020
Valens Credit Weekly Insights for April 15, 2020
Highlighted Top Ideas: AL – Air Lease Corporation, LB – L Brands, Inc., TDG – TransDigm Group Incorporated
April 8, 2020
Valens Credit Weekly Insights for April 8, 2020
Highlighted Top Ideas: ADNT – Adient plc, IRM – Iron Mountain Incorporated, LH – Laboratory Corporation of America Holdings