UAA – Base Case CDS 225bps, Base Case iCDS 145bps, Negative Case iCDS 210bps, 2026 3.250% Bond YTW of 6.357%, iYTW of 6.143%, Ba2 Rating from Moody’s, IG4+ (equivalent to Baa1) Rating from Valens, Low Refinancing Need

September 18, 2023

  • Credit markets are now accurately stating UAA’s credit risk with a YTW of 6.357% relative to an Intrinsic YTW of 6.143%, while CDS markets are overstating UAA’s credit risk with a CDS of 225bps relative to an Intrinsic CDS of 145bps. Furthermore, Moody’s is overstating UAA’s fundamental credit risk with its Ba2 credit rating four notches below Valens’ IG4+ (Baa1) credit rating.

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