Thursday, April 14, 2005
Debt Markets Roil
Emerging market debt spreads "blew out" as the high risk market seems to be making a turn. Reuters, "The rush of new issuers hit what economists and analysts have said is a risk-weary market and sent spreads 15 basis points (bps) wider to 389 bps, according to the benchmark JPMorgan Emerging Markets Bond Index Plus."
And another big firm loses it's credit rating. "Fitch Ratings downgraded Kerr-McGee's senior unsecured debt Thursday to a non-investment, 'B,' or junk rating from a rating of 'BBB." In a statement explaining the downgrade, the agency noted that the buyback plan would increase Kerr-McGee debt to $7.2 billion from $3.2 billion."
"Fitch questions Kerr-McGee's long-term strategy and future expectations regarding reserve bookings, production, capital expenditures and debt reduction," the agency said."
And another big firm loses it's credit rating. "Fitch Ratings downgraded Kerr-McGee's senior unsecured debt Thursday to a non-investment, 'B,' or junk rating from a rating of 'BBB." In a statement explaining the downgrade, the agency noted that the buyback plan would increase Kerr-McGee debt to $7.2 billion from $3.2 billion."
"Fitch questions Kerr-McGee's long-term strategy and future expectations regarding reserve bookings, production, capital expenditures and debt reduction," the agency said."
# posted by Ben Jones @ 11:25 AM 
