S&P trims Qatar National Bank view to negative

S&P said it revised its outlook on the long-term rating on Qatar National Bank to negative from stable.

At the same time, S&P affirmed the A+/A-1 long- and short-term counterparty credit ratings.

S&P said the outlook revision reflects S&P’s view that the long-term rating on QNB could be lowered if S&P were to take similar action on the sovereign rating on Qatar.

Moody’s cuts, withdraws Tatfondbank

Moody's Investors Service said it downgraded Tatfondbank's long-term global, local and foreign-currency deposit and senior unsecured debt ratings to C from Caa1.

The C ratings do not carry outlooks.

At the same time, the agency downgraded the bank's baseline credit assessment (BCA) and adjusted BCA to c from caa3. It also affirmed the Not-Prime short-term local and foreign currency deposit ratings.

In addition, Moody's downgraded the long-term counterparty risk assessment to C(cr) from B3(cr) and affirmed the short-term CR assessment of Not-Prime(cr).

The agency will then subsequently withdraw all the bank's ratings following the withdrawal of its banking license by the Central Bank of Russia (CBR).

This action concludes the review for downgrade placed on Tatfondbank's ratings in December 2016 and follows the announcement of the CBR on March 3 that it revoked Tatfondbank's banking license.

Moody’s lifts Future Land view to positive

Moody's Investors Service said it revised the outlook on Future Land Development Holdings Ltd. to positive from stable.

The agency also said it affirmed Future Land's Ba3 corporate family rating and B1 senior unsecured debt rating.

The positive outlook reflects the company’s strong sales execution, growing recurring income and improving credit metrics, Moody’s said.

The company's metrics are stronger than that for most of its Ba3-rated Chinese property peers, the agency said.

In 2016, Future Land achieved contracted sales growth of 104% year-on-year to RMB 65 billion, including its share in joint ventures , surpassing its full-year target of RMB 52 billion, Moody’s explained.

The company also has a long and solid track record of property development in its home market of Changzhou, Jiangsu province, the agency said.

The company made sizable land acquisitions to replenish its land bank in 2016, which was a year with strong presales, Moody’s said.

The agency also said it expects the company will be prudent in its land acquisitions in 2017.

Moody’s revises Argentina to positive

Moody's Investors Service said it changed the outlook on the Government of Argentina's rating to positive from stable and affirmed the issuer rating at B3, senior unsecured ratings at B3 and Ca, senior unsecured shelf and medium-term note program at provisional B3 and provisional Ca, short term ratings at NP and global medium-term note program at provisional NP.

Moody’s said the key drivers of this action are: (a) Argentina's improved policy stance which supports a return to economic growth in 2017; and (b) Moody's expectation that faster economic growth will allow Argentina's government to begin reducing its high fiscal deficit in 2018.

The agency made no changes to the country ceilings. Argentina's foreign currency bond ceiling is unchanged at B2 and the foreign currency deposit ceiling at Caa1. The long term local currency bond and deposit ceilings stay at Ba3. The short-term foreign-currency bank deposit ceiling, the short-term foreign-currency bond ceiling, and the short-term local currency bond and deposit ceilings are all unchanged at NP.

Moody’s revises CIFI view to positive

Moody's Investors Service said it changed the outlook of CIFI Holdings (Group) Co. Ltd. to positive from stable affirmed the Ba3 corporate family rating and the B1 senior unsecured rating on its $400 million bonds due 2020.

"The positive ratings outlook reflects our expectation that CIFI will improve its credit metrics over the next 12-18 months, owing to its strong sales execution and prudent land acquisition strategy," Moody's assistant vice president and analyst Stephanie Lau said in a news release.

Fitch gives Indika positive outlook

Fitch Ratings said it affirmed PT Indika Energy Tbk.'s long-term foreign- and local-currency issuer default ratings at CCC and assigned a positive outlook.

Indika's senior notes due 2018 and 2023 were also affirmed at CCC with a recovery rating of RR4.

Fitch said the positive outlook reflects its expectation of improvement in Indika's cash flows due to higher thermal coal prices. The agency revised its mid-cycle price assumptions for thermal coal on March 2.

Fitch said it believes the higher cash generation has substantially improved the company's ability to refinance its 2018 notes, and the need for any debt restructuring has receded significantly.

Moody’s rates Akbank notes B1 (hyb)

Moody's Investors Service said it assigned a provisional B1 (hyb) long-term foreign-currency subordinated debt rating to Akbank TAS' (long term foreign currency deposit rating of Ba2 with a stable outlook, short term foreign currency deposit rating of NP and BCA of ba2) planned dollar-denominated contractual non-viability Tier 2 bond issuance under its global medium-term note program.

The provisional rating assigned to the subordinated debt obligations of Akbank is positioned two notches below the bank's adjusted baseline credit assessment (BCA) of ba2, in line with Moody's standard notching guidance for subordinated debt with loss triggered at the point of non-viability, on a contractual basis.

The provisional rating does not incorporate any uplift from government support.

Fitch rates Akbank notes BB

Fitch Ratings said it assigned an expected rating of BB to Akbank TAS's planned issue of Basel III-compliant tier 2 capital notes.

The bank also has a long-term foreign-currency and local-currency issuer default ratings of BB+, short-term foreign-currency and local-currency issuer default ratings of B, viability rating of BB+ and national long-term rating of AA+(tur).

The notes qualify as tier 2 instruments and contain contractual loss absorption features, which will be triggered at the point of non-viability of the bank, Fitch explained.

The notes have an expected 10-year maturity and a call option after five years, the agency added.

The notes are rated one notch below Akbank's viability rating due to loss severity, Fitch said.

Moody’s rates Bandeirante CFR, debt Ba2/Aa2.br

Moody's America Latina said it assigned a Ba2 global scale rating and an Aa2.br national rating to the proposed R$150 million five-year senior unsecured debentures to be issued by Bandeirante Energia SA.

At the same time, the agency assigned a Ba2/Aa2.br corporate family rating to Bandeirante and withdrew its Ba2/Aa2.br issuer ratings.

The outlook is negative.

The seventh debentures' issuance is part of Bandeirante's liability management strategy and proceeds will be used to refinance existing debt obligations due in 2017 along with other working capital needs.

Moody’s said the Ba2 corporate family rating reflects: (a) The relatively stable and predictable nature of its cash flows derived from a distribution concession that is valid through October 2028; (b) historically strong credit metrics for the rating category, measured by the three-year average CFO pre-W/C to debt ratio of 49% and interest coverage ratio of 4.6 times as from 2014 through 2016; and (c) an evolving regulatory environment with recent evidence of supportive aimed to provide timely relief to the financial risk of electricity distribution companies.

Fitch assigns BB+ to Noble notes

Fitch Ratings said it assigned Noble Group Ltd.’s (BB+/stable) proposed dollar-denominated notes an expected rating of BB+(EXP).

The notes would be issued by Noble, and constitute direct, general, unconditional, unsubordinated and unsecured obligations of the company.

Fitch said Noble's ratio of working capital/total debt, including 50% of its perpetual securities, improved significantly to a healthy 1.36 times at end-2016, from 0.96 times at end-2015.

This was consistent with the agency’s expectations, as the company implemented a number of liquidity-strengthening measures, including the sale of Noble America Energy Solutions (NES) and completion of a rights issue. This ratio is similar to those of investment-grade rated peers.

Fitch rates BoCom notes A

Fitch Ratings said it assigned an expected rating of A(EXP) to Bank of Communications Financial Leasing Co., Ltd.'s (BoCom Leasing; A/stable) proposed senior unsecured dollar-denominated notes to be issued under its medium-term note program.

The issuer under the program will be Azure Nova International Finance Ltd., an offshore special purpose vehicle wholly owned by Bocom Leasing. The program is unconditionally and irrevocably guaranteed by Bocom Leasing.

The program was assigned a final A rating on Oct. 27 and was subsequently affirmed on Feb. 23. The size was increased to $5.5 billion in February from $2 billion to support the company's growth.

The proposed notes will be listed on the Hong Kong Stock Exchange and the proceeds will be used for general corporate purposes. The maturity structure will be finalized upon settlement.

S&P rates China EXIM bonds AA-

S&P said it assigned an AA- long-term issue rating to the senior unsecured bonds that Export-Import Bank of China (China EXIM) proposes to issue.

The bonds will be denominated in U.S. dollars and euros, S&P noted.

The agency also said it a cnAAA long-term Greater China regional credit scale rating to the bonds.

S&P said it equalized the rating with the company’s long-term counterparty credit rating as they are direct, unconditional, unsecured and unsubordinated obligations.

The notes will rank equally without any preference among themselves and at least equally with all other unsecured and unsubordinated public external indebtedness of China EXIM, the agency said.

S&P rates China SCE Property notes B-

S&P said it assigned a B- long-term issue rating and cnB+ long-term Greater China regional scale rating to a proposed issue of dollar-denominated senior unsecured notes by China SCE Property Holdings Ltd.

The rating is one notch lower than the company’s long-term corporate credit rating to reflect structural subordination risk, S&P said.

The proceeds will be used to refinance existing debt and for working capital purposes, the agency said.

The company’s leverage increased slightly in 2016 with its debt-to-EBITDA ratio rising to about 6.5x from 5.8x in 2015, S&P noted.

Its revenues grew steadily by 17% in 2016 to RMB 12.5 billion, but the gross margin declined to 25% due to a number of low-margin projects in smaller cities, which were sold at discount before 2015, the agency said.

Moody’s rates Escelsa CFR, debt Ba2/Aa1.br

Moody's America Latina said it assigned a Ba2 global scale rating and an Aa1.br national rating to the proposed R$190 million five-year senior unsecured debentures to be issued by Escelsa (Espirito Santo Centrais Eletricas SA).

At the same time, the agency assigned a Ba2/Aa1.br corporate family rating to Escelsa and withdrew its Ba2/Aa2.br issuer ratings.

The outlook is negative.

The fifth debenture issue is part of Escelsa's liability management strategy and proceeds from the transaction will be used to refinance existing debt obligations due in 2017 along with other working capital needs.

Moody’s said the Ba2 corporate family rating reflects: (a) The relatively stable and predictable nature of its cash flows derived from a distribution concession that is valid through July 2025; (b) historically strong credit metrics for the rating category, by the three-year average CFO pre-W/C to debt ratio of 39.3% and interest coverage ratio of 3.8 times from 2014 through 2016; and (c) an evolving regulatory environment with recent evidence of supportive aimed to provide timely relief to the financial risk of electricity distribution companies.

Moody’s rates Noble notes B2

Moody's Investors Service said it assigned a B2 rating to the dollar-denominated senior unsecured notes to be issued by Noble Group Ltd.

The outlook remains negative.

The rating reflects Noble Group's large scale and product and geographic diversity, tempered by weak and volatile cash flow and pressure on liquidity, Moody’s said.

The proposed notes are credit positive because the proceeds will be used to refinance existing short-term debt and secure longer term funding, thereby partly alleviating pressure on its liquidity, the agency explained.

Moody's said it expects Noble's adjusted net debt-to-EBITDA ratio to trend down in 2017 toward 7x from about 7.6x in 2016 on moderately improving earnings.

This level of leverage remains weak for the B2 rating category, the agency said.

The sustainability of profitability and cash flow for the company also remains uncertain, given the unfavorable operating environment and the loss of profits and cash flow contribution resulting from the sale of the Noble Americas Energy Solutions business, Moody’s added.

S&P rates Noble Group notes B

S&P said it assigned a B long-term issue rating and cnB+ long-term Greater China regional scale rating to the proposed dollar-denominated fixed-rate notes to be issued by Noble Group Ltd.

The proceeds will be used to refinance existing debt and for general corporate purposes, the agency said.

The notes constitute direct, general, unconditional, unsubordinated and unsecured obligations of Noble and will at all times rank pari passu and without any preference among themselves, S&P said.

Notable terms include an option to redeem up to 40% of the principal amount of the notes with proceeds from one or more equity offerings, which include public offerings and private placements at any time before 2020, the agency noted.

The company also may redeem the notes in whole, but not in part, from 2020, S&P said.

There are no financial covenants applicable to the notes. There is a negative pledge that Noble will not pledge its assets for any present or future indebtedness in the form of bonds, debentures, notes or other investment securities, the agency said.

The company’s underlying profitability remained weak and is below expectations, largely due to liquidity constraints on operations, S&P said.

The negative outlook reflects the refinancing risks of the company's short-term facilities, the agency said, and potentially weaker financial performance and cash flow generation due to a reduction in credit lines and counterparty support.

Moody’s: China SCE notes B2

Moody's Investors Service said it assigned a B2 senior unsecured rating to the dollar-denominated notes proposed by China SCE Property Holdings Ltd.

The outlook is stable.

The proceeds will be used for refinancing certain portions of its existing indebtedness and for working capital purposes, Moody’s said.

The proposed notes will improve China SCE's liquidity profile, lengthen its debt maturity profile and reduce its funding costs, the agency said.

The proposed notes also will have a limited impact on the company's leverage because part of the proceeds will be used to refinance its existing debt, Moody’s said.

The agency said it expects that China SCE's interest coverage, as measured by an adjusted EBIT-to-interest ratio, will rise to about 3x over the next 12 to 18 months compared with 2.7x in 2016.

Moody’s rates China Eximbank

Moody's Investors Service said it assigned an Aa3 rating to the dollar-denominated and euro- denominated senior unsecured bonds to be issued by the Export-Import Bank of China (China EXIM). The outlook is negative.

The Aa3 rating is the same as the ratings on the bank’s other senior unsecured debt, Moody’s said, and reflects the structure of the proposed issuance.

The bonds will constitute the bank's direct, unconditional, unsubordinated and unsecured obligations, the agency added, and will at all times rank pari passu among themselves and at least pari passu with all other existing and future unsubordinated and unsecured debt of the bank.

China Eximbank is a policy bank wholly owned by the Chinese government, Moody’s noted.

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