S&P lifts DuPont to positive

S&P said it revised the outlook on DuPont Fabros Technology Inc. to positive from stable.

The agency also said it affirmed the BB- corporate credit rating and BB senior unsecured rating on the company's senior unsecured notes.

The recovery rating is 2, indicating 70% to 90% expected default recovery.

DuPont Fabros Technology recently announced plans to redeem the remaining 7 5/8% series B preferred stock with proceeds from the sale of its NJ1 data center, S&P said.

The company has demonstrated strong operating metrics, good leasing activity and broadening net operating income as it delivers and stabilizes development projects, the agency said.

The outlook revision reflects the company's recent de-leveraging of its balance sheet, S&P said, as well as good operating performance and progress signing new leases.

Fitch downgrades Oi

Fitch Ratings said it downgraded Oi SA's long-term foreign- and local-currency issuer default ratings to D from C.

Fitch also said it downgraded the company's national long-term rating and local debentures rating to D(bra) from C(bra).

The agency also said it affirmed the existing ratings for Oi's senior notes.

The downgrades reflect Oi's filing for a request for judicial reorganization with the court of the State of Rio de Janeiro, Fitch explained.

The request also includes Oi's subsidiaries, Oi Movel SA, Telemar Norte Leste SA, Copart 4 Participacoes SA, Copart 5 Participacoes SA, Portgual Telecom International Finance BV and Oi Brasil Holdings Cooperatief UA, the agency said.

Oi, beset by its debt-laden precarious capital structure and consistently negative free cash flow generation in recent years, was seeking to reach an agreement with its creditors for potential debt restructuring, Fitch said.

But the negotiation fell through and the company decided to file for judicial reorganization as an alternative for financial restructuring, the agency said.

Fitch: BOK Financial notes A-

Fitch Ratings said it assigned an A- rating to BOK Financial Corp.'s $150 million 5.375% subordinated debt issuance.

The debt-level ratings detailed below are consistent with the agency’s notching criteria from each of the entities long- and short-term issuer default ratings and viability rating, Fitch said.

The company currently has A and F1 ratings and a viability rating of A, Fitch said.

The agency also said it revised the outlook on the long-term issuer default rating to negative, given the more challenging environment in the largely energy-driven economies of Texas and Oklahoma where the company principally operates.

BOK Financial’s subordinated debt rating is one notch below the company’s viability rating of A due to each instrument's respective non-performance and relative loss-severity risk profile, the agency said.

The ratings on the subordinated debt are primarily sensitive to any change in the company’s viability rating, Fitch said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.