...In this report, Fitch Ratings outlines some of the typical problems that it has observed with bond covenants for noninvestmentgrade corporate issuers in emerging markets. The report also compares covenant and bond structures across the key emerging market regions of Latin America, AsiaPacific and EMEA (Europe, Middle East and Africa), and illustrates the issues identified by outlining a number of case studies from the agency's rated universe. It should be noted that, compared with covenants in structured finance issues, covenants in corporate bonds typically have no impact on the ratings initially assigned to the issuer (i.e. the Issuer Default Rating, or IDR) or the specific debt instrument, as they are designed to address event and migration risk which are not captured in the ratings. Covenants are generally not designed to prevent events occurring that might be detrimental to the credit profile; rather, to give investors more leverage if such events do take place. The key findings and...
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| Report Type: | Special Report
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| Company(ies): | PT Pakuwon Jati Tbk, MHP S.A., KazakhGold Group Ltd, Gol Linhas Aereas Inteligentes S.A., Ciliandra Perkasa, Pt, Petrol AD, Shimao Property Holdings Ltd, SANLUIS Corporacion, S.A. de C.V., Kazanorgsintez JSC
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| Ticker(s): | 5PET , 0813 , GOLL3 , SANLUIS.A , PWON , KZOS
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| Issuer: | Shimao Property Holdings Limited
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| Free Sample: |
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| Format: | | PDF |  |
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