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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessCAPITAL GOODS: Rolls-Royce (ROLLS Baa3[P]/BBB-[P]/BBB-[P]): Moody’s Upgrade
Moody’s is the last of the 3 main agencies to upgrade to IG, as we expected post results https://marketnews.com/capital-goods-rolls-royce-rolls-ba1-p-bbb-p-bbb-p-tighter-post-results.
Spreads now sit in line with low triple Industrial averages (chart). Further upgrades appear likely in the next 12-18 months.
- Moody’s upgraded Rolls-Royce to Baa3 outlook positive late yesterday.
- They see £2.4-2.5bn 2025 adj. operating profit, slightly ahead of consensus.
- They expect stable FCF for 2025, with analysts expecting a 12% drop.
- Future upgrades are possible if performance meets or exceeds guidance, FCF remains strong, and liquidity is maintained at £5-7bn. Leverage will need to be sustainably below 2.5x; currently at 1.9x and seen at 2x at FY25.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.