CreditSights: Top Articles Read (May #) ResCap Exchange Offer: Living To Fight Another Day (at Bondholder Expense) ResCap: Exchange Underway; Bondholder Options Limited Bank of America: Countrywide Debt, Credit Support Fuzziness ...

AIG - Appetite for Super Senior Destruction First quarter losses bring cumulative losses on AIGFP super senior CDS portfolio to over $## billion We believe that recent losses have increased pressure for a management shake-up or potential...

CreditSights: Weekend Reader (May #) Our Weekend Reader is a compilation of all CreditSights articles published from May # - May #. The Weekend Reader is divided into Strategy, BondScore, Corporate Developments, Spreadsheets, Emerging...

Housing Weekly Monitor: April Performance Homebuilder performance has benefited from the rapid repricing of risk in April following the Bear Stearns bail-out in mid-March and Federal proposals to aid struggling homeowners.  However,...

El Paso #Q: Leverage down to #.#x. FFO Coverage up to #.#x El Paso posted a very impressive increase in credit metrics even if the boost was mostly expected Debt/EBITDA fell from #.#x at year-end to #.#x while FFO coverage increased...

Euro Markets Weekend Reader (May ##) Our Euro Markets Weekend Reader is a compilation of all CreditSights articles published to the Euro Markets page from ## May - ## May. The Weekend Reader is divided into European Finance, European...

R.H. Donnelley Undertakes Liquidity Repair R.H. Donnelley is undertaking a potentially expensive refinancing of the Dex Media West loans to address the large liquidity issues that it might otherwise face in #### The group will seek...

Trump Entertainment: #Q## Results - Quarter Disappoints, Hopes Pinned To Taj Tower Net revenue for the firm was down #% y-o-y to $### million in the quarter, while adjusted EBITDA declined ##% ($## million) to $## million.  The usual...

Earnings Note: Weingarten Realty #Q## - To Develop or Not to Develop Weingarten Realty reported FFO in-line with the consensus estimate. Results were driven by the impact of completions from new development, continued strong growth...

AbitibiBowater #Q##: Signals of a Turnaround But Still Miles to Go We discuss ABH's #Q## earnings in the context of improved pricing for newsprint, mechanical papers and pulp in North America. Liquidity still remains at the forefront...

April Retail Sales: Consumers Allergic to Shopping? Bloomberg Same Store Sales Composite Index, turned in a #.#% gain in April - coming off a -#.#% decline in March and a positive February performance (+#.#%). Sales also edged higher...

Illinois Tool Works: Strategic M&A Continues for Diversifieds Much like its peers in the diversified industrials space, ITW jumped on the strategic M&A bandwagon and announced the acquisition of Enodis for $#.# billion. Very strong...

Virgin Media #Q## - Stabilization Remains the Name of the Game Virgin Media reported its lowest churn in four years at just #.#% in #Q##, delivering on Berkett's key promise. However, we remain somewhat skeptical about the actual value...

Kroger #Q## Tearsheet KR's customer service strategy and dedication to top-line growth continues to be successful in the intensely competitive supermarket industry. Although underlying gross margin has eroded on pricing strategies,...

Deutsche Telekom #Q##: Scanning the M&A Horizon DTAG reported solid #Q## results, with the impact of regulatory termination rate cuts and a strong Euro mitigating some positive momentum in the underlying business. T-Mobile US continues...

Norske Skog #Q##: Crushed by Euro Newsprint and Input Costs We discuss Norske's #Q## earnings in the context of price erosion for European newsprint and rampant input cost inflation in all geographic markets. We focus on relative value...

Cenveo #Q##: Operating and M&A Outlook Getting Cloudier We review #Q## earnings for CVO with an emphasis on M&A, operating fundamentals and the company's loan covenants. We review operational challenges currently facing the envelopes,...

ATK #Q##: Well Positioned, With or Without MDA ATK reported top line growth driven by strong end market demand. At the same time margins are expanding on higher volume, improved operating performance and lower pension expense thanks...

Community Health Systems #Q## Tearsheet Community Health Systems Inc.'s (CYH) leverage increased significantly post its Triad acquisition is July ####. Total debt/LTM Adjusted EBITDA for #Q## was #.# times (x), up from #.#x in #Q##.The...

Commerzbank #Q## Tearsheet A strong turnaround since ####/## is reflected in a steady improvement in underlying earnings. Although profitability has been depressed by credit market write-downs, its exposure to sub-prime and structured...

Vattenfall FY## Tearsheet Vattenfall is the leading Nordic utility and is owned ###% by the Swedish state. The company has committed to a rating in the A range and it currently has a good degree of financial flexibility (estmated at...

Cooper Tire: #Q## – Speed Bumps Along the Way CTB's weaker-than-expected quarterly results were already pre-warned and driven by softer demand in the...

Vattenfall #Q## Tearsheet Vattenfall is the leading Nordic utility and is owned ###% by the Swedish state. The company has committed to a rating in the A range and it currently has a good degree of financial flexibility (estmated at...

Holcim Q###: A Mixed Quarter, but Credit Ratios Remains Strong Holcim kicked off the quarterly Earnings Season for the European Building Materials Sector by reporting a fall in Operating Profit for the first time in three years, as...

Autos and Manufacturing: #H April Short Interest Report

Hovnanian Enterprises: Desperately Seeking Capital Two days after reporting preliminary results for fiscal #Q## which highlighted huge impairment charges, Hovnanian announced an offering of new common shares. HOV estimated that the...

The US Loan Pipeline Weekly Update - Inflating a Leaking Balloon? The estimated loan pipeline was $#.# billion higher than the previous week. It is unclear if the move is the result of an existing deal being reworked, a new committed...

Earnings Note: Georgia Gulf #Q## - Fire Sale Compliance The extreme winter weather conditions in Canada and Northeast US compounded the already challenging market conditions (slack demand and cost inflation), as first-quarter results...

Earnings Note: CSN #Q## - Strength Continues First-quarter sales increased ##% YoY to BRL#.## billion, while adjusted EBITDA climbed ##% to BRL#.## billion.  The top-line was driven by an ##% jump in steel revenue to BRL#.## billion...

Earnings Note: Rhodia #Q## - FX and Energy Problems From a broad perspective, the company continued to see healthy organic growth, as both volumes (+#%) and prices (+#%) improved, although the growth in volumes/prices has moderated...

DTV's Nose Under The Leverage Tent? DirecTV U.S. will issue up to $#.# billion in debt in order to finance a renewed share repurchase program of $# billion, which is well below what the company can afford at its current debt ratings...

Tesoro #Q## Bombs: Beaten But Not Broke Tesoro (TSO; Ba#/BB+) posted its second straight quarterly loss, reporting a recurring #Q## loss of $### million, or $#.##/share, coming in below the consensus loss estimate of $#.##/share and...

PNM Resources #Q##: Large Losses At Electric, FCP and EnergyCo Cause Agency Response Earnings were lower due to trading & hedging losses, the effects of its recent rate case and outages at its fossil fleet The company is not releasing...

Earnings Note: Delhaize Group #Q## - Profits Temporarily Out of Stock DEG reported a #.#% decline in total sales to €#.# billion and a #.#% decrease in adjusted EBITDA to €### million in #Q##. The sluggish results were...

R.R. Donnelley #Q##: Shareholder Enhancement and Event Risk Trump Weak Fundamentals We discuss R.R. Donnelley's #Q## earnings with an emphasis on operating fundamentals, shareholder enhancement and event risk. We consider M&A opportunities...

France Telecom #Q## - Striving to be Consolidation's Early Bird FTE reported strong quarterly results for the third successive quarter, with revenues and EBITDA both up YoY on the back of improved performance in the group's more mature...

Embraer #Q##: Pushing Through the Turbulence After struggling last year with the ramp up in production of EMBRAER ### family of regional jets and other supplier issues, Embraer comes back strong with revenues up ##% and operating income...

BCE #Q##: Expects LBO to Close Before the End of #Q## BCE reported its Q#:## results, which we believe were solid overall, featuring excellent wireline results and somewhat mixed wireless results.   The wireline results are characterized...

Bell Aliant #Q##: Key Takeaways Bell Aliant reported Q#:## results, which we believe were mixed. While the overall reported revenue showed YoY growth, organic telecom revenue declined because data growth was not enough to offset the decline...

Tribune Co. #Q## Tearsheet Tribune's privatization heavily burdened a company facing a cyclical downturn in the real estate economy on top of secular loss of advertising revenue to the internet.In order to meet the early bank loan maturities,...

Williams #Q## Tearsheet WMB boasts a steadily increasing credit profile and a management team with a strong commitment to credit quality. The November closing of the power book sale, and ~$#.# billion of imputed debt, led to expected...

D.R. Horton: Fiscal #Q## Results - Discounting and Clearing Inventories D.R. Horton announced a staggering $#.## billion net loss ($#.## per share) from operations during its fiscal #Q## as earnings were hit by # large charges. After...

Sprint Nextel: One Step Forward to Unlock Value Sprint Nextel, Clearwire, Intel, Google, Comcast, Time Warner Cable, Bright House reached an agreement to create a new Clearwire, with Sprint contributing its WiMAX assets and the cable...

Credit Crisis Conference: Monolines - Permanent Fix or Temporary Respite? Thank you for the introduction. I have prepared a presentation on what I hope you will find an interesting and timely topic. For the purposes of time, several...

Credit Crisis Conference: Managing Through the U.S. Mortgage Minefields U.S. Financials subject to worst fundamental pressures since the early ####s and in many ways not since the Great Depression Still the capital strength of  banks...

Credit Crisis Conference: Housing Update #### - The Year of Building Dangerously The Homebuilders research team would like to share the text from its presentation at the CreditSights Subprime Crisis Conference held on Thursday, May...

Credit Crisis Conference: European Banks: Credit Crisis Meets Basel II

MGM Mirage: #Q## Results - Two Better than One? MGM Mirage reported first quarter net revenue of $#.## billion, down #% YoY, and adjusted EBITDA of $### million, down ##%.   While there were several noise items in the numbers (Monte...

Earnings Note: Sara Lee #Q## - Filling, Not Satisfying Third-quarter sales were up ##.#% YoY to $#.## billion on improved price/mix (+#.#%), higher unit volumes (+#.#%), and favorable currency (+#.#%). Adjusting for currency effects,...

Cisco FY #Q##: Solid Results, Cautious Outlook Cisco reported solid FY #Q## earnings with revenue slightly exceeding previous company guidance. The company reiterated its long term revenue growth goal of ##-##% per year. The overall message...