Leonardo’s Post

Positive rating momentum continued last week although upgrades and downgrades were more balanced. Most rating actions were on speculative-grade issuers. There were four defaults last week (zero the week before), mostly by U.S. issuers. We also downgraded a Mexican financial institution, Operadora de Servicios Mega, S.A. de C.V. SOFOM, E.R., to 'SD' (selective default) on a missed interest payment. We added this year’s 22nd rising star, U.K.-based aircraft lessor Macquarie AirFinance Holdings Ltd. Rising stars have doubled fallen angels so far in 2024. Make decisions with conviction with #ThisWeekInCredit: https://okt.to/kFDlbY

Extremely interesting research from CFA Institute Research and Policy Center on #finfluencers across the US and Europe. Highlights the challenge for active #assetmanagement - active funds do not get the airtime. Research also makes good points on engaging, unregulated individuals guiding #GenZ investors. Well done, Serena Espeute, for your work on this!

S&P Global Ratings raised its long-term foreign and local currency sovereign credit ratings on Albania to 'BB-' from 'B ' and affirmed its 'B' short-term foreign and local currency sovereign credit ratings. The outlook is stable. https://lnkd.in/ebpYmx_Y

Our most recent note on ICG Enterprise Trust PLC considers several factors impacting the discount, some of which are specific to the trust and others across the whole PE sector.   We highlight how ICGT's position, portfolio and strategy mean it is uniquely well positioned in the current environment. The focus on defensive growth and leveraging synergies from the wider ICG group presents an improved risk/reward opportunity for investors as ICGT focuses on delivering resilient, risk-adjusted returns.   We believe ICGT's current NAV to be "real" and conservative, and resilient to challenges going forward, as we have covered in our previous notes. We also look at how PE managers aim to achieve unchanged target returns in a higher rate environment. ICGT and PE managers have not changed long-term target returns for short-term interest rate noise. Read the full report here - https://lnkd.in/eySFZdH2 * We highlight the relevant business risks in the note. #privateequity #investing #investmentmanagement

𝐒&𝐏 𝐂𝐫𝐞𝐝𝐢𝐭𝐬 𝐉𝐨𝐫𝐝𝐚𝐧’𝐬 𝐑𝐞𝐟𝐨𝐫𝐦𝐬 𝐰𝐢𝐭𝐡 𝐅𝐢𝐫𝐬𝐭 𝐑𝐚𝐭𝐢𝐧𝐠 𝐔𝐩𝐠𝐫𝐚𝐝𝐞 𝐢𝐧 21 𝐘𝐞𝐚𝐫𝐬! Since 2019, Jordan’s successive reforms in widening the tax base and enhancing the business environment have led S&P to upgrade its credit rating to BB- for the first time in over two decades. This upgrade reflects Jordan’s strengthened macroeconomic fundamentals and a promising outlook for debt reduction and sustained growth. 🎉👏

ICG Enterprise Trust PLC has delivered EBITDA growth, owing to the continued strength of the operating companies in the portfolio.    A theoretical ICGT company, held since 2010, would have 9.4x its starting EBITDA, against a whole UK market average which has slightly more than doubled over the period.    ICGT's defensive growth strategy has been proven to work, coupled with leveraging synergies from being part of ICG.    Read the report in full to learn more about ICGT's long-term outlook.  * We highlight the relevant business risks in the note. https://lnkd.in/e2CtBN7h #capitalmarkets #privatequity #investmentportfolio

Today, we released our #Q1 Financial Results. Allianz had a very good start into the year. Our operating profit grew to 4.0 billion euros and shareholders’ core net income increased by 16 percent to 2.5 billion euros. “These strong results demonstrate the quality of our fundamentals, the value of consistency in the execution of our strategy, and the advantage of the broad talents and skillsets that are represented across our organization,” said Allianz CEO Oliver Bäte. We confirm our full-year operating profit outlook of 14.8 billion euros /- 1 billion euros. Please find detailed results here: https://lnkd.in/d2KYBe6s #FinancialResults #AllianzFinancialResults #Allianz

We are pleased to share that Allianz Group has had a strong start to the year, with operating profit rising to €4 billion, a 6.8% increase. Our shareholders’ core net income also saw a significant rise, up 15.7% to €2.5 billion, and we've maintained a robust Solvency II capitalization ratio at 203%. Oliver Bäte, CEO of Allianz SE, comments on the results: "These strong results demonstrate the quality of our fundamentals, the value of consistency in the execution of our strategy, and the advantage of the broad talents and skillsets that are represented across our organization." For more insights into our financial performance, visit our detailed results page: bit.ly/3UQ1Fd8 #allianz #allianzgreece #allianzq1 #allianzq1results #financialresults

Mauritius has soared up the Global Financial Centres Index (GFCI 35) ranks, solidifying its position as a premier financial destination on the global stage! #Mauritius #GFCI35 #FinancialCentre #GlobalRecognition #InvestmentOpportunities

🌟 Had an engaging session with some insightful presentations and key takeaways at the Rating Advisory Update hosted by Fitch Ratings. Here are some highlights: Refinancing Wave on the Horizon: The presentation shed light on the emerging "Refinancing Wave," which is poised to drive an up-tick in issuance, with projections suggesting an acceleration heading into 2025. New GRE Criteria Implementation: Discussed the implementation of new criteria for Government Related Entities (GRE), leading to some entities being placed under rating watch. Main changes include revisions in notching guideline tables, modifications in the support score framework, and a reframing of the strength of linkage and incentive-to-support key risk factors. Expanding Fitch's Reach: A number of new entities have chosen Fitch as their 2 and 3 rating provider this year. Overall, it was a great session and always good to catch-up with the Fitch team, former colleagues and fellow rating advisors afterwards. #EYratingadvisory #EYCDA