S&P: TVN on positive watch

Standard & Poor’s said it placed its B+ long-term corporate credit rating on TVN SA and its B- long-term corporate credit rating and issue ratings on Polish Television Holding BV on Creditwatch with positive implications.

The Creditwatch placement follows Scripps Networks Interactive Inc.'s (BBB/stable) announcement on March 16 that it will acquire N-Vision BV from Canal+ and ITI Group for a cash consideration of €584 million.

N-Vision is the parent company of Polish Television Holding, which owns 52.7% of TVN.

The agency said it understands that Scripps must launch a tender offer for TVN's stock to increase its controlling stake to 66% in accordance with the Polish securities laws. The acquisition is subject to regulatory approval.

S&P lowers Nigeria

Standard & Poor’s said it lowered its long-term foreign and local currency sovereign ratings on the Federal Republic of Nigeria to B+ from BB-. It affirmed the short-term ratings at B.

In addition, the agency said it removed these ratings from Creditwatch, where they were placed with negative implications on Feb. 10. The outlook on the long-term ratings is stable.

At the same time, the agency also said it lowered its long-term national-scale rating on Nigeria to ngA from ngAA-, while affirming the short-term national-scale rating at ngA-1.

Following the fall in crude oil prices in spot and futures markets of about 50% since September, the agency said it revised its oil price assumptions significantly downward for 2015-2018 and this has had an impact on a number of rated oil exporting sovereigns, including Nigeria.

Fitch downgrades Cimento Tupi

Fitch Ratings said it downgraded Cimento Tupi SA's foreign-currency issuer default rating to CCC from B-, local currency issuer default rating to CCC from B-, senior notes due 2018 to CCC/RR4 from B-/RR4 and long-term national rating to CCC(bra) from BB+(bra).

The downgrade reflects the company's inability to deleverage or improve its liquidity position despite solid growth in sales volumes during 2014, Fitch said.

The CCC ratings also reflect the company’s small business position, its high leverage and the volatility of its cash flow generation due to the cyclicality of the cement industry, the agency added.

Moody's downgrades Ghana

Moody's Investors Service said it downgraded Ghana's issuer and senior ratings to B3 from B2. The outlook is negative.

The agency said the key drivers of the rating action are deteriorating debt dynamics as reflected by an increasing debt burden due to large fiscal imbalances and a sharp weakening of the country's national currency, combined with reduced debt affordability stemming from a high cost of funding in the domestic market, and increased government liquidity risks as the government faces large gross borrowing requirements amid more difficult domestic and external funding conditions.

The negative outlook reflects further downside risk to the country's debt dynamics and liquidity pressure in the short term if the country's policies fail to successfully contain its fiscal deficit, stabilize its currency and address current impediments to higher economic growth, Moody’s said.

Moody's might upgrade Chinese enhanced bonds

Moody's Investors Service said it placed on review for upgrade 17 bonds backed by standby letters of credit provided by banks in China and Hong Kong.

The following bonds are affected:

• The $480 million 4.25% credit-enhanced bonds due 2016 issued by Zijin Mining Group Co., Ltd.’s Zijin International Finance Co. Ltd., which are rated A1;

• The $900 million 3.95% credit-enhanced bonds due 2018 issued by Haitong International Securities Group Ltd.’s Haitong International Finance Holdings Ltd., which are rated A1;

• The $500 million 2.5% credit-enhanced bonds due 2017 issued by China Great Wall Asset Management Corp.’s China Great Wall International Holdings Ltd., which are rated A1;

• China Merchants Land Ltd.’s $500 million 4.021% credit-enhanced bonds due 2018, which are rated A2;

• The $500 million 4.25% credit-enhanced bonds due 2019 issued by China Shipping Container Lines Co. Ltd.’s China Shipping Overseas Finance 2013 Ltd., which are rated A1;

• China ZhengTong Auto Services Holdings Ltd.’s $335 million 4.5% credit-enhanced bonds due 2018, which are rated A1;

• The $500 million 3.625% credit-enhanced bonds due 2019 issued by Aluminum Corp. of China Ltd.’s Chinalco Finance Holdings Ltd., which are rated A1;

• Construction International (Hong Kong) Co. Ltd.’s $100 million 3% credit-enhanced bonds due 2017, which are rated A1;

• The $1 billion 4% credit-enhanced bonds due 2022 issued by China Cosco Holdings Co. Ltd.’s Cosco Finance (2011) Ltd., which are rated A1;

• The $800 million 2.75% credit-enhanced bonds due 2016 issued by China State Shipbuilding Corp.’s CSSC Capital 2013 Ltd., which are rated A1;

• The €500 million 1.7% credit-enhanced bonds due 2018 issued by China State Shipbuilding’s CSSC Capital 2015 Ltd., which are rated A1;

• The $500 million 3.625% credit-enhanced bonds due 2019 issued by Guotai Junan International Holdings Ltd.’s Guotai Junan Financial Holdings (BVI) Ltd., which are rated A1;

• Hainan Airlines (Hong Kong) Co., Ltd.’s $500 million 3.625% credit-enhanced bonds due 2020, which are rated A1;

• The $400 million 3.625% credit-enhanced bonds due 2019 issued by Huatai Securities Co., Ltd.’s Huatai International Finance I Ltd., which are rated A1;

• MCC Holding (Hong Kong) Corp. Ltd.’s $500 million 2.625% credit-enhanced bonds due 2017, which are rated A1;

• Tewoo (H.K.) Ltd.’s $400 million 2.875% credit-enhanced bonds due 2017, which are rated A1; and

• Zhuhai Da Heng Qin Investment Co., Ltd.’s RMB 1.5 billion 4.75 % credit-enhanced bonds due 2017, which are rated Baa1.

The agency said the main drivers for the review are the updates to its banking and credit substitution methodologies. More specifically, the actions follow the change to using a counterparty risk assessment rather than the senior unsecured debt rating for banks that act as standby letter-of-credit providers.

Fitch downgrades Ukreximbank, Oschadbank

Fitch Ratings said it downgraded State Export-Import Bank of Ukraine’s and State Savings Bank of Ukraine’s long-term foreign-currency issuer default ratings and foreign-currency senior debt ratings to CC from CCC and affirmed the banks' long-term local-currency issuer default ratings at CCC, short-term foreign-currency issuer default ratings at C and national long-term ratings at AA-(ukr) as well as affirmed Ukreximbank’s subordinated debt at C. The outlook is stable.

The downgrade follows the announcement by Ukraine's Ministry of Finance on the sovereign's external debt restructuring, in which the ministry indicated that the external debt of Ukreximbank and Oschadbank, alongside that of certain other quasi-sovereign entities, "will be included in the debt operations.” The downgrade reflects Fitch's view that defaults by both banks on their external debt obligations now appear probable given the announcement and the government's full ownership of the banks.

The affirmation of the banks' long-term local-currency issuer default ratings reflects the fact that their local currency-denominated liabilities would not be affected by any restructuring process, the agency said.

S&P lifts Hungary

Standard & Poor’s said it raised its long-term foreign and local currency sovereign credit ratings on Hungary to BB+ from BB and affirmed the short-term foreign and local currency sovereign credit ratings at B.

The agency said it also raised the long-term issuer credit rating on the National Bank of Hungary (Magyar Nemzeti Bank) to BB+ from BB.

The outlook on both is stable.

The upgrade reflects its view that Hungary is less vulnerable to external shocks, that its growth and fiscal prospects are improving, and that a series of recent policy adjustments have benefited the sovereign's monetary flexibility and reduced the risk of future balance sheet recessions similar to those which occurred between 2008 and 2013, the agency said.

Moody's upgrades Paraguay

Moody's Investors Service said it upgraded Paraguay's government bond rating and issuer rating to Ba1 from Ba2 and changed the outlook to stable from positive. The long-term foreign-currency bond ceiling was changed to Baa3 from Ba1. The long-term local-currency bond ceiling remains unchanged at Baa3.

The agency said its decision to upgrade Paraguay's rating was driven by the following: the implementation of the package of reforms approved in 2013 is strengthening the fiscal framework and boosting infrastructure investment, efforts to diversify the economy are producing positive results and the country is experiencing improved governance and institutional strength.

The stable outlook reflects the agency’s expectation that the government will continue to implement the various laws approved in late 2013 and maintain fiscal prudence while expanding infrastructure investment over the medium term.

Fitch revises Los Portales to negative

Fitch Ratings said it affirmed Los Portales SA's local- and foreign-currency long-term issuer default ratings at B+ and revised the outlook to negative from stable.

The negative outlook reflects Los Portales’ weaker-than-expected liquidity position, which is a result of the company's inability to complete its debt refinancing during 2014, the agency said

The ratings factor in Los Portales' business position, stable margins, moderate leverage and position as the main land developer in Peru, Moody’s said.

The agency said the ratings also reflect Los Portales' weak liquidity position and limited business diversification.

Moody's: PDG's debt reduction is positive

Moody's America Latina commented that PDG Realty SA Empreendimentos e Participacoes' plan to raise up to R$500 million of fresh equity from current shareholders and new investors is credit positive because it will materially improve PDG's cash balance position to address about R$2.2 billion of corporate debt coming due from now through mid-2016 in a period of challenging refinancing conditions and weak fundamentals for the Brazilian homebuilding market.

The company’s B3 rating and negative outlook are unchanged.

Moody's revises Suzano view to positive

Moody's Investors Service said it changed Suzano Papel e Celulose SA's outlook to positive from stable and affirmed the company's Ba2 global scale corporate family rating and the Ba2 rating of the $650 million notes due 2021 issued by Suzano Trading Ltd.

In addition, Moody's America Latina assigned an Aa2.br national scale rating to the company and Ba2 global scale and Aa2.br national scale ratings to its R$74.9 million CCI due 2024.

The agency said the change in outlook reflects its expectations of improvement in credit metrics from 2015 onwards, with higher margins as a consequence of a relatively high share of pulp in total sales mix, positive free cash flow generation, debt reduction and enhanced interest coverage.

Suzano's Ba2 ratings incorporate the company's position as a low-cost producer of bleached eucalyptus kraft pulp and paper and its comfortable liquidity profile, Moody’s said.

Constraining the ratings are the volatile nature of the pulp industry, the agency said.

S&P gives Beijing Capital notes BBB

Standard & Poor's said that it had assigned its BBB long-term corporate credit rating to Beijing Capital Group Co. Ltd.

The outlook is stable.

The agency said it also assigned its cnA long-term Greater China regional-scale rating to the company.

At the same time, the agency said it assigned its BBB long-term issue rating and cnA Greater China regional scale rating to the dollar-denominated senior unsecured notes issued by Beijing Capital Polaris Investment Co. Ltd.

"The rating on Beijing Capital reflects the company's established market position in its water treatment and property development businesses, diversified business lines, good financial flexibility, and strong government support," S&P credit analyst Matthew Kong said.

"The company's high-growth strategy, aggressive investment appetite, execution risk in business expansion and highly leveraged financial position temper these strengths."

Moody's assigns rates Beijing Capital notes Baa2

Moody's Investors Service said it assigned a first-time Baa2 issuer rating to Beijing Capital Group Co. Ltd. and a provisional Baa2 senior rating to the bonds to be issued by Beijing Capital Polaris Investment Co. Ltd. and guaranteed by Beijing Capital Group. The outlook is stable.

The proceeds from the notes will be used for general corporate purposes including paying back existing debt.

The agency said the Baa2 issuer rating incorporates Beijing Capital Group's baseline credit assessment of ba2 and a three-notch uplift based on the expectation of a high level of support from the Beijing Municipal Government.

The ba2 baseline credit assessment considers Beijing Capital Group's diversified business portfolio with four major businesses subject to different industry cyclicality, thus limiting its risk exposure to any individual business segment; strong and stable source of income from its water and infrastructure segments, which provides a buffer against volatility in its real estate business, and diversified funding channels and good access to domestic funding, Moody’s said.

Beijing Capital Group's baseline credit assessment is constrained by its high debt leverage, which has exceeded 10 times over the past two to three years, the agency added.

Fitch rates Beijing Capital notes BBB

Fitch Ratings said it published Beijing Capital Group Co. Ltd.'s long-term foreign-currency issuer default rating of BBB with a stable outlook and senior rating of BBB and assigned a BBB expected rating to its proposed dollar senior notes.

The agency said that Beijing Capital's ratings benefit from a two-notch uplift that reflects its moderately strong operational and strategic linkage with the Beijing municipal government and that the company’s standalone BB+ ratings are derived from the weighted average credit profiles of its three key business divisions: infrastructure, environment protection and real estate.

Fitch rates Ecuador bonds B

Fitch Ratings said it assigned a B rating to Ecuador's $750 million 10½% global bonds due 2020. The proceeds will be used to finance government programs and infrastructure projects.

S&P gives Ocean Whale notes AA-

Standard & Poor's said it assigned a preliminary AA- rating to the $200 million of capped floating-rate secured notes due in 2018 that are to be issued by Ocean Whale Funding Ltd.

The transaction employs a structure with only one dollar-denominated loan to support one class of dollar-denominated notes. The key dependency of the rating is the Export-Import Bank of China as the guarantor to the facility agreement collateralizing this transaction, the agency noted.

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