Fitch downgrades Imagina

Fitch Ratings said it downgraded Invictus Media SAU (Imagina) to CCC- from CCC+. The rating watch negative has been removed.

The agency also lowered Imagina's senior secured to CCC from B- and senior secured second-lien instrument ratings to C from CCC-. The recovery ratings of RR3 on the senior secured rating and RR6 on the second-lien rating are unchanged.

“The downgrade reflects our view that unless additional funding is raised within the next three months, the company will have insufficient liquidity to meet its interest payments and €25 million debt repayments on the amortizing portion of its term debt due in 2H21. We believe that Imagina has hired advisors to assess funding options and commenced discussions with lenders regarding potential restructuring and short-term liquidity,” the agency said in a press release.

Moody's upgrades Bombardier notes

Moody's Investors Service said it upgraded Bombardier Inc.'s senior unsecured notes to Caa2 from Caa3. As part of the same action, Moody's affirmed Bombardier's Caa2 corporate family rating and Caa2-PD probability of default rating. The speculative grade liquidity rating is unchanged at SGL-3, indicating adequate liquidity.

"Bombardier's senior unsecured notes ratings have been upgraded in line with the CFR because of the removal of priority claims following the sale of their transportation segment," said Jamie Koutsoukis, a Moody's analyst, in a press release.

The outlook remains negative.

S&P ups Caleres notes

S&P said it raised Caleres Inc.’s senior unsecured notes to B+ from B and revised the recovery rating on the notes to 4 from 5 as a result of its debt pay-down to date from peak borrowings during the pandemic.

Concurrently, the agency affirmed Caleres’ B+ issuer rating and revised the outlook to stable from negative.

“The stable outlook reflects our expectation that Caleres will continue to improve its operations over the next 12 months, driven by positive top-line and earnings trends at its Famous Footwear segment leading to leverage improving to the mid- to high-3x area over the next year,” S&P said in a press release.

Fitch ups Drax notes to BBB-

Fitch Ratings said it upgraded Drax Finco plc's senior secured notes to BBB- with an RR2 recovery rating from BB+. Drax Corporate Ltd.'s super senior secured revolving credit facility rating has been affirmed at BBB-/RR1. The agency removed the debt ratings from under criteria observation.

“The upgrade of the senior secured instruments and the affirmation of the super senior debt reflect Fitch's application of the agency's updated corporates recovery ratings and instrument ratings criteria to Drax Group's debt ratings. The ratings were placed on UCO following the publication of the updated criteria on April 9, 2021,” the agency said in a press release.

Drax Group Holdings Ltd.'s BB+ long-term issuer default rating is unaffected, Fitch said.

Fitch upgrades Energia notes

Fitch Ratings said it upgraded Energia Group Ltd.'s senior secured notes ratings to BB+ with an RR2 recovery rating from BB/RR3. The agency affirmed Energia Group's super senior secured ratings at BB+/RR1. Fitch removed the debt ratings from under criteria observation.

“The upgrade of the senior secured instruments and the affirmation of the super senior debt reflect Fitch's application of the agency's updated corporates recovery ratings and instrument ratings criteria to Energia Group's debt ratings. The ratings were placed on UCO following the publication of the updated criteria on April 9, 2021,” the agency said in a press release.

Energia Group's BB- long-term issuer default rating is unaffected, the agency said.

DBRS raises Pembina Pipeline

DBRS said it upgraded the issuer rating and senior unsecured notes rating of Pembina Pipeline Corp. to BBB (high) from BBB, the preferred shares rating to Pfd-3 (high) from Pfd-3 and its subordinated notes rating to BBB (low) from BB (high).

“The upgrades reflect (1) Pembina’s operational resiliency and financial flexibility during both the low oil price environment and the Coronavirus Disease (Covid-19) pandemic in 2020 as well as its strong credit metrics and liquidity during this period; and (2) a material reduction in Pembina’s potential exposure to commodity price risk as the company indefinitely suspended the propane dehydrogenation (PDH) plant and polypropylene (PP) upgrading facility (PDH/PP facility),” DBRS said in a press release.

The trend is stable.

Moody's upgrades TKC facilities

Moody's Investors Service said it upgraded the secured ratings on TKC Holdings, Inc.'s planned first-lien revolving credit facility and first-lien term loan to B1 from B2. The company's B3 corporate family rating B3-PD probability of default rating and Caa2 senior unsecured notes ratings remain unchanged.

The upgrade follows a shift in the proposed capital structure, decreasing the proposed term loan to $925 million from $1.125 billion due 2028 and an increase in the unsecured notes to $700 million from $500 million due 2029, Moody’s said.

“As a result, and in accordance with Moody's loss given default for speculative-grade companies methodology, the first-lien facilities are rated two notches above the B3 CFR. The unsecured notes are rated two notches below the CFR at Caa2, reflecting their junior position behind the first-lien debt,” the agency said in a press release.

The outlook is stable.

Fitch puts W. R. Grace on watch

Fitch Ratings said it placed W. R. Grace & Co.’s and W. R. Grace & Co. - Conn's BB+ long-term issuer default ratings on rating watch negative following the announcement of its pending acquisition by Standard Industries Holdings Inc., a privately owned global industrial company. The agency also affirmed W. R. Grace & Co. - Conn's BB+/RR4 unsecured ratings and the BBB-/RR1 ratings on the secured debt.

“The negative watch reflects the uncertainty regarding the final structure of the transaction, including the long-term capital structure and the strength of the linkages between W. R. Grace, their new owners, and other portfolio companies. Fitch anticipates that the transaction will be finalized by year-end, at which point Fitch intends to resolve the rating watch,” the agency said in a press release.

Moody's moves Academy view to positive

Moody's Investors Service said it changed Academy, Ltd.’s outlook to positive from stable.

Concurrently, Moody's affirmed all the company's ratings, including the B1 corporate family rating, B1-PD probability of default rating and B2 ratings on the senior secured term loan and notes. The speculative-grade liquidity rating remains SGL-1.

“The change in outlook to positive from stable reflects Academy's outperformance relative to expectations since the IPO, and the potential for the company to maintain solid credit metrics as demand in the sporting goods category moderates,” the agency said in a press release.

Moody's revises Greif view to stable

Moody's Investors Service said it affirmed Greif, Inc.'s ratings, including the B1 senior unsecured bond ratings, and revised the rating outlook to stable from negative. Moody's also upgraded the speculative grade liquidity rating to SGL-1 from SGL-2.

"The stable outlook reflects Moody's view that earnings and credit metrics will improve in 2021 as the global economy recovers from the coronavirus pandemic and the company continues to pay down debt from free cash flow and the proceeds of the completed timberland sale," said Anastasija Johnson, senior credit officer at Moody's, in a press release.

Moody's pulls American Woodmark ratings

Moody's Investors Service said it withdrew all its American Woodmark Corp.’s ratings, including the company's Ba1 corporate family rating, the Ba2 senior unsecured rating and stable outlook, following the full redemption of its 4 7/8% senior unsecured notes due 2026.

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