Morningstar Credit Research

Morningstar Credit Research

With an emphasis on long-term competitive dynamics, future cash flows versus financial commitments, and scenario analysis, Morningstar offers a unique perspective in debt research.

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Latest Reports from Morningstar Credit Research
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NameDate
Teva swallows and is digesting Allergan's generic business.Jan 09, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Good Fair Good Fair Narrow NA -- -- Teva Pharmaceutical Industries Ltd TEVA (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This...
Hologic's cash is set to rise on the blood-screening divestiture.Jan 09, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Fair Fair Fair Narrow Positive -- -- Hologic Inc HOLX (NAS) | BB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit Research...
Leverage remains inflated after Zimmer Biomet's merger in mid-2015.Jan 09, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Good Poor Fair Good Wide Negative -- -- Zimmer Biomet Holdings Inc ZBH (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This...
McDonald's China Sale Makes Strategic Sense, Suggests Compelling 2017-19 Cash Return TargetsJan 09, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Good Poor Good Good Wide NA -- -- McDonald s Corp MCD (NYSE) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit...
Becton Dickinson's credit profile remains stable despite recent deleveraging.Jan 09, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Good Fair Fair Good Narrow Stable -- -- Becton, Dickinson and Co BDX (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This...
Penske's healthy appetite for acquisitions is sated by healthy cash flows.Jan 06, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Poor Poor Poor Narrow Stable -- -- Penske Automotive Group Inc PAG (NYSE) | BB Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This...
Teva Previews Weak Year on Competitive Pressures and Currency HeadwindsJan 06, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Good Fair Good Fair Narrow NA -- -- Teva Pharmaceutical Industries Ltd TEVA (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This...
Nothing Novel About It: OPEC Adds a Twist to the Plot, but the Ending Is UnchangedJan 06, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Fair Poor Fair Narrow Negative -- -- Halliburton Co HAL (NYSE) | BBB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit Research...
Air Products' credit rating benefits from the firm's solid competitive advantage and improved profitability.Jan 06, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Good Good Good Very Good Narrow Positive -- -- Air Products & Chemicals Inc APD (NYSE) | A- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved...
3M boasts a solid credit profile, but intends to increase leverage to return more cash to shareholders over time.Jan 06, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Very Poor Very Poor Good Very Good Wide Negative -- -- #M Co MMM (NYSE) | AA- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved...
Schlumberger's technical leadership and strong customer relationships provide resiliency in down-cycle environments for oilfield services.Jan 06, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Poor Good Good Narrow Stable -- -- Schlumberger Ltd SLB (NYSE) | A+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit Research...
L Brands' rating is well supported by a wide economic moat and modest leverage.Jan 06, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Poor Fair Fair Wide Stable -- -- L Brands Inc LB (NYSE) | BB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit...
Gap Posts Decent Holiday Sales; Shares Fairly ValuedJan 06, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Poor Fair Fair None Negative -- -- Gap Inc GPS (NYSE) | BB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit Research...
Grifols improves margins with buyout of its diagnostics joint venture partner.Jan 05, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Poor Good Good Narrow Stable -- -- Grifols SA GRFS (NAS) | BB+ Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit Research...
Constellation's Momentum Persists and Mexico Tax/Tariff Strategies Appropriate but Shares OvervaluedJan 05, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Poor Fair Good Narrow Stable -- -- Constellation Brands Inc STZ (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit...
Walgreens Reports an In-Line First Quarter; Firm Still in Transition on Several FrontsJan 05, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Very Poor Very Poor Fair Good None Stable -- -- Walgreens Boots Alliance Inc WBA (NAS) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights...
Monsanto credit rating under review (negative) on plan to merge with Bayer.Jan 05, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Good Good Fair Good Wide -- UR- -- Monsanto Co MON (NYSE) | A Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit Research...
Macy's Holiday Sales Disappoint; Lowering Our Fair Value EstimateJan 05, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Fair Poor Fair None Stable -- -- Macy s Inc M (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit...
General Motors Finishes 2016 Strong as Industry Sets a New Full-Year Sales RecordJan 04, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Fair Good Fair None Positive -- -- General Motors Co GM (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit...
Xerox Completes the Spin-Off of Conduent; Lowering Our FVE to $8Jan 04, 2017
...Business Risk* Cash Flow CushionTM* Solvency Score* Distance To Default* Economic MoatTM* Outlook Review Short Term Rating Fair Poor Poor Fair None Negative -- -- Xerox Corp XRX (NYSE) | BBB- Morningstar Corporate Credit Research © Morningstar ####. All Rights Reserved. This Credit Research...