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Dufry (now Avolta) (DUFNSW; Ba2/BB; S) 1Q Earnings Call

CONSUMER CYCLICALS
Credit BulletsBulletHomepagemarkets-real-timeCredit

Its noted in the call this afternoon receiving 2 notch upgrades from Moody's and 3 from S&P within a year is evidence of its BS discipline & growth - obviously some of this was on the rebound in travel/organic play but regardless it won't see much protest from credit investors - 3.375% 28s have tightened in -150bps over a year while the 31s that priced with a 20-25bp NIC early last month has traded it away in full. As we mentioned this morning we think the bar for positive rating action from here is high & hence unlikely to see another upgrade in near-term. Our screen cheap on the 28s is unch (on carry & roll); its moved another +0.3pts/-11bps in today.


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Its noted in the call this afternoon receiving 2 notch upgrades from Moody's and 3 from S&P within a year is evidence of its BS discipline & growth - obviously some of this was on the rebound in travel/organic play but regardless it won't see much protest from credit investors - 3.375% 28s have tightened in -150bps over a year while the 31s that priced with a 20-25bp NIC early last month has traded it away in full. As we mentioned this morning we think the bar for positive rating action from here is high & hence unlikely to see another upgrade in near-term. Our screen cheap on the 28s is unch (on carry & roll); its moved another +0.3pts/-11bps in today.


Keep reading...Show less