Analysis

The Latest from Credit News


May 2, 2019
Valens Credit Weekly Insights for May 1, 2019

Highlighted Top Ideas AER – AerCap Holdings N.V., JCP – J. C. Penney Company, Inc., UIS – Unisys Corporation

April 30, 2019
AMD Valens Credit Analysis – CDS 93bps, Base Case iCDS 66bps, Negative Case iCDS 126bps, 2024 7.000% Bond YTW of 3.119%, iYTW of 3.079%, Ba3 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens, Low Refinancing Need
CDS 93bps, Base Case iCDS 66bps
–Negative Case iCDS 126bps, 2024 7.000% Bond YTW of 3.119%, iYTW of 3.079%
–Ba3 Rating from Moody’s, IG3+ (equivalent to A1) Rating from Valens
–Low Refinancing Need
April 26, 2019
AER Valens Credit Analysis – CDS 84bps, Base Case iCDS 258bps, Negative Case iCDS 368bps, 2024 4.875% Bond YTW of 3.825%, iYTW of 4.995%, BBB- Rating from S&P, HY2 (equivalent to B) Rating from Valens, High Refinancing Need
CDS 84bps, Base Case iCDS 258bps
–Negative Case iCDS 368bps, 2024 4.875% Bond YTW of 3.825%, iYTW of 4.995%
–BBB- Rating from S&P, HY2 (equivalent to B) Rating from Valens
–High Refinancing Need
April 25, 2019
Valens Credit Weekly Insights for April 24, 2019

Highlighted Top Ideas BZH – Beazer Homes USA, Inc., DF – Dean Foods Company, DNR – Denbury Resources Inc.

April 18, 2019
Valens Credit Weekly Insights for April 17, 2019

Highlighted Top Ideas AVP – Avon Products, Inc., DISH – DISH Network Corporation, TWTR – Twitter, Inc. Other Recent OC – Owens Corning, AMKR – Amkor Technology, Inc.

April 17, 2019
BZH Valens Credit Analysis – CDS 394bps, Base Case iCDS 644bps, Negative Case iCDS 857bps, 2025 6.750% Bond YTW of 7.763%, iYTW of 8.853%, B3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, High Refinancing Need
CDS 394bps, Base Case iCDS 644bps
Negative Case iCDS 857bps, 2025 6.750% Bond YTW of 7.763%, iYTW of 8.853%
B3 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
High Refinancing Need
April 10, 2019
Valens Credit Weekly Insights for April 10, 2019

Highlighted Top Ideas AN – AutoNation, Inc., CVI – CVR Energy, Inc., RIG – Transocean Ltd., Other Recent Analyses MGM – MGM Resorts International, WYND – Wyndham Destinations, Inc.

April 4, 2019
Valens Credit Weekly Insights for April 3, 2019

Highlighted Top Ideas AMAG – AMAG Pharmaceuticals, Inc. DBD – Diebold Nixdorf, Incorporated HCA – HCA Healthcare, Inc. Other Recent Analyses ADNT – Adient plc RYI – Ryerson Holding Corporation

March 28, 2019
Valens Credit Weekly Insights for March 27, 2019

Highlighted Top Ideas BLDR – Builders FirstSource, Inc. DAL – Delta Air Lines, Inc. R – Ryder System, Inc. Other Recent Analyses CHK– Chesapeake Energy Corporation CYH– Community Health Systems, Inc.

March 26, 2019
ADNT Valens Credit Analysis – No Traded CDS, Base Case iCDS 267bps, Negative Case iCDS 942bps, 2024 3.500% Bond YTW of 9.430%, iYTW of 2.780%, B2 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens, Moderate Refinancing Need
No Traded CDS, Base Case iCDS 267bps
Negative Case iCDS 942bps, 2024 3.500% Bond YTW of 9.430%, iYTW of 2.780%
B2 Rating from Moody’s, HY1 (equivalent to Ba2) Rating from Valens
Moderate Refinancing Need
March 21, 2019
Valens Credit Weekly Insights for March 20, 2019

Highlighted Top Ideas BHC – Bausch Health Companies Inc. GT – The Goodyear Tire & Rubber Company TMUS – T-Mobile US, Inc. Other Recent Analyses TDG – TransDigm Group Incorporated CCI – Crown Castle International Corp.

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

Highlighted Top Ideas EXPE – Expedia Group, Inc. 4 AXL – American Axle & Manufacturing Holdings, Inc. 5 X – United States Steel Corporation Other Recent Analyses UVV – Universal Corporation MTW – The Manitowoc Company, Inc.

March 7, 2019
Valens Credit Weekly Insights for March 6, 2019

Highlighted Top Ideas GM – General Motors Company MTOR – Meritor, Inc. WRK – WestRock Company Other Recent Analyses GME – GameStop Corp. NAV – Navistar International Corporation

February 27, 2019
Valens Credit Weekly Insights for February 27, 2019

Highlighted Top Ideas LEN – Lennar Corporation KBH – KB Home. YRCW – YRC Worldwide Inc. Other Recent Analyses URI – United Rentals, Inc.    

February 21, 2019
Valens Credit Weekly Insights for February 20, 2019

Highlighted Top Ideas AKS – AK Steel Holding Corporation FCX – Freeport-McMoRan Inc. UHS – Universal Health Services, Inc. Other Recent Analyses GPS – The Gap, Inc. LB – L Brands, Inc. BHC – Bausch Health Companies Inc.

February 14, 2019
Valens Credit Weekly Insights for February 13, 2019

Highlighted Top Ideas AL – Air Lease Corporation HTZ – Hertz Global Holdings, Inc. UNT – Unit Corporation Other Recent Analyses CVS – CVS Health Corporation

February 14, 2019
AKS Valens Credit Analysis – CDS 783bps, Base Case iCDS 304bps, Negative Case iCDS 524bps, 2023 7.500% Bond YTW of 6.998%, iYTW of 5.878%, B2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens, Moderate Refinancing Need
CDS 783bps, Base Case iCDS 304bps
Negative Case iCDS 524bps, 2023 7.500% Bond YTW of 6.998%, iYTW of 5.878%
B2 Rating from Moody’s, XO (equivalent to Baa3) Rating from Valens
Moderate Refinancing Need
February 7, 2019
Valens Credit Weekly Insights for February 6, 2019

Highlighted Top Ideas CAR – Avis Budget Group, Inc. CSTM – Constellium N.V. DOOR – Masonite International Corporation Other Recent Analyses HL – Hecla Mining Company

January 31, 2019
Valens Credit Weekly Insights for January 30, 2019

Highlighted Top Ideas DF – Dean Foods Company SUM – Summit Materials, Inc. TCG:GBR – Thomas Cook Group plc Other Recent Analyses RAD – Rite Aid Corporation DNR – Denbury Resources Inc.

January 25, 2019
TCG:BGR Valens Credit Analysis – CDS 1,129bps, Base Case iCDS 726bps, Negative Case iCDS 1,091bps, 2023 3.875% Bond YTW of 12.45%, iYTW of 6.85%, B2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens, Low Refinancing Need
–CDS 1,129bps, Base Case iCDS 726bps
–Negative Case iCDS 1,091bps, 2023 3.875% Bond YTW of 12.45%, iYTW of 6.85%
– B2 Rating from Moody’s, IG4 (equivalent to Baa2) Rating from Valens
– Low Refinancing Need