CreditSights

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...