Jan Friederich, Head of Middle East and African Sovereign Ratings, explains the key drivers behind the decision to revise the outlook on South Africa to Negative and affirm the rating at ‘BB ’ in a conversation with Stephen Schwartz, Senior Director, Sovereign Ratings.
Related: New Rules to Limit Chinese Corporates' Offshore Issuance The shift in the direction of global monetary policy in the last six months has been more broad-based across geographies than in any period since 2009, with more than a third of central banks covered in the Bank for International Settlements' (BIS) database having eased policy in the past six months.
Trade Protectionism: Read the latest research and insight from Fitch Ratings analysts on Trade Protectionism and its effect on global markets. together with its subsidiaries and affiliates (collectively, “Fitch”) is committed to conducting its business with integrity, transparency and in compliance with the laws of the countries in which it operates.
SSAB's funding is focused on supporting the Group’s strategy and covering the needs for financing within the framework of the Group's financial policy.
The funding is primarily executed through the parent company.
That means that the company has to pay back the money borrowed within a very short period of time.
However, most companies who are using commercial paper regularly will just issue new commercial paper to raise the money to retire maturing paper.In order to minimize the refinancing risk, the objective is that the debt should have an even maturity profile.Short-term funding is primarily obtained through the commercial paper markets in Sweden and Finland.Brexit: Read our latest commentary on the UK preparing to leave the European Union. Should you wish to provide a comment please access the web form.Economics - Forecasts, analysis, and macro research, led by Chief Economist Brian Coulton ESG Risk - ESG research and insight Fitch Wire - Timely, thought-provoking analysis Inside Credit - Weekly recap of research and commentary Interest Rates - Commentary on the evolving interest rate environment Outlooks - Read featured 2019 Outlook Reports Ratings - Latest ratings across all sectors Short-Term Credit - Our enhanced short-term credit analysis Trade Protectionism - Cross-sector commentary on the growing impact of escalating trade tensions A global leader in financial information services with operations in more than 30 countries. Access to the eurozone's reserve currency status and a likely reduction of the share of public sector debt denominated in foreign currency (FC) would have a direct positive impact on the output of our SRM.The Chinese regulator's recent changes in rules for offshore bond issuance by homebuilders and LGFVs are likely to keep Chinese corporate annual issuance flat in 2019, and will effectively cap it at this level in 2020.Total capital expenditure, including acquisitions, was SEK 1,867 (865) million.Net debt at June 30, 2019 was SEK 11,809 (11,881) million. SSAB’s funding is conducted primarily through the bank market and existing note and commercial paper programs.SSAB has a strong and supportive bank group providing committed back-stop facilities to secure the short-term funding and liquidity needs.In order to secure access to competitively priced funding in the relevant markets, SSAB strives to be transparent and informative toward the investor community.