The governing Conservative Party capitalised on its position on Brexit.
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Czech banks are mostly foreign owned, well capitalised and liquid.
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But we still feel well capitalised for any likely change.
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"The Dutch banks are heavily capitalised," Sijbrand told reporters in Amsterdam.
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Few dispute that banks were too thinly capitalised before the crisis.
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All this has meant that banks have become much better capitalised.
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The bank is one of the least capitalised institutions among MDBs.
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Evergrande's gross interest expense exceeded capitalised interest for the first time.
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Fitch expects Nossa to remain well- capitalised in the medium term.
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Taxed at 230 percent and capitalised, these are worth $2.5 billion.
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Europe not only endured the last crisis, it capitalised upon it.
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This reflects the government's commitment to keep the bank adequately capitalised.
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Intesa is a rarity among Italian banks - profitable and well capitalised.
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There's pressure for profitability and margins in a negative interest rate environment, and at the same time, the sector is not capitalised, or not well-capitalised enough to withstand some of the shocks that we're experiencing.
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Nevertheless, the company is still well-capitalised and has no external debt.
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"We are well capitalised and ready to invest again," he told Reuters.
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But Barclays is one of the most weakly capitalised big Western banks.
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The 12 Reserve Banks are capitalised by the private banks they regulate.
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Australia's so-called Big Four banks are very well capitalised and extremely profitable.
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Ms Swift, for her part, capitalised on the public's interest in the spat.
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Canada's well capitalised banks are among the world's most creditworthy despite the downgrade.
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UK banks remain well-capitalised and prepared to withstand potentially challenging market volatility.
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Standard Chartered's key subsidiaries are well capitalised and our ratings factor this in.
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Mr Erdogan has capitalised brilliantly on the deep grudge felt by "black" Turks.
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The accumulated and capitalised deferred interest would then be repaid in equal instalments.
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It was already sufficiently capitalised and we have more than 300 people there.
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We have added back capitalised interest to EBITDA to facilitate comparison with peers.
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Based on Fitch's Prism factor-based capital model, the reinsurer is adequately capitalised.
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Summary of Financial Statement Adjustments - Operating leases were capitalised with a multiple of 2750x.
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Taxed and capitalised that would exceed the French company's 15 billion euro market capitalisation.
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Summary of Financial Statement Adjustments - Lease obligations have been capitalised using a 8x multiple.
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In stark contrast to the banks it is very badly capitalised (see chart 2).
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In some older dictionaries Populist is capitalised and party membership is the only definition.
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The banking system is well capitalised (17.7% as of end-2016), liquid and profitable.
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Fitch has capitalised annual rental payments by a multiple of 0003x applicable for Indonesia.
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"A potential investor will need to ensure the bank is adequately capitalised," Smolyakov said.
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Ms Woodcock made the argument that Sarepta needed to be "capitalised" to fund more research.
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The SSM wants to be sure that the banks will at last be well capitalised.
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Some banks, such as HSBC and Santander, have long capitalised subsidiaries in different places separately.
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The majority of non-bank mortgage lenders are appropriately capitalised for the risks they take.
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PB is strongly capitalised, as expressed by its solid 31% FCC ratio at end-2015.
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The video for the strangely capitalised "iT's YoU" debuted on Apple Music at midnight Thursday.
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The move aims to protect the two government-backed housing giants against under-capitalised lenders.
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He also said the utility was solidly capitalised and did not need a capital increase.
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Since the crisis, supervisors have preferred banks to have separately capitalised entities in separate jurisdictions.
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Mr Scheer has capitalised on this, telling voters the prime minister is "not as advertised".
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The BDL looks well-capitalised, with $217bn in foreign reserves at the end of July.
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And just like Fannie Mae and Freddie Mac, China's guarantee companies are all thinly capitalised.
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Summary of Financial Statement Adjustments - Lease obligations have been capitalised using the multiple of 2750x.
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Both entities were strongly capitalised (over 13% of the local regulatory capital requirement at end-2015).
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Annual cost savings of 220 million euros, taxed and capitalised, come close to justifying that amount.
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Each of his three banks is separately capitalised with local shareholders—businesspeople who act as ambassadors.
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Banks are better capitalised than in 2007, and countries and companies are better at managing risks.
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Pakistani cricket has further capitalised on this strength by emphasising the regeneration of its bowling stocks.
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And he has capitalised on the calm by positioning Morocco as a hub for European manufacturers.
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Increasing NPLs are a risk, but overall the Ghanaian banking sector remains liquid and well-capitalised.
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Based on Fitch's Prism factor-based capital model, the insurer is adequately capitalised for its rating.
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The FTSE 100 rose 0.2%, while the FTSE 250 capitalised on a stronger pound to climb 0.8%.
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The bank remains well-capitalised with a capital adequacy ratio of 16.14% at the end of September.
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"We will provide more as necessary to ensure that our banks are well-capitalised," he told reporters.
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These begin with ensuring that the core of our financial system is well-capitalised, liquid and strong.
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The NBA has capitalised on Mr Yao's popularity and used it to expand basketball's reach still further.
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Romanian banks are well capitalised (sector capital adequacy ratio 19.5%, 1Q16) and profitable (RoE 12.8% in 2015).
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It sailed through the 2008-10 crisis, buying a distressed competitor, Wachovia, and is profitable and well capitalised.
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The company is still the biggest of all streaming platforms, but its well-capitalised competition is also growing.
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The creation of separately capitalised and ring-fenced legal entities within the group could result in rating differentiation.
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Some banks are established in more than one place already: Citibank has a separately capitalised subsidiary in Dublin.
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This evolution is not without risks, and so necessitates a system that is competitive, profitable and well capitalised.
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It must therefore spend heavily to grow quickly and lock down prime locations with long-term capitalised leases.
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To some extent, the movement simply capitalised on the general unpopularity of François Hollande, then the Socialist president.
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The US banking sector I think is out of the woods, well-capitalised and did their homework well.
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Indonesia's large banks are also well capitalised, with high core capital ratios sufficient to meet Basel III requirements.
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Vall Banc has been capitalised with EUR30m of funds, provided by the Andorran banks to the resolution fund.
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Thus when Narendra Modi's government began to argue that it was too lavishly capitalised, the RBI was displeased.
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But taxed and capitalised, what's on offer now is worth at least 20 billion euros to investors today.
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Taxed at Traton's 27% rate and capitalised, those could be worth nearly $1.5 billion, according to Breakingviews calculations.
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MILAN, Dec 29 (Reuters) - Italy's Economy Minister said on Thursday that the ECB's recent request to Monte dei Paschi to plug a capital shortfall of 8.8 billion euros will lead the lender to be "hyper-capitalised" but not "over-capitalised", in an interview with Italian daily Il Sole 24 Ore.
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Subsidiaries are generally more expensive to run than branches, because they are fully capitalised separately from the parent bank.
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"They are now much better capitalised and more heavily scrutinised by the regulator than before the crisis," he added.
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In Fitch's view the banks in this review are adequately capitalised, with capital ratios comfortably above the regulatory minimum.
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Taxed at Ladbrokes' 15 percent rate and capitalised, they're worth 1.4 billion pounds, over half its undisturbed market capitalisation.
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European banks are better capitalised and have access to massive amounts of liquidity thanks to the European Central Bank.
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Setting up separately capitalised subsidiaries could cost banks up to an extra 40 billion euros ($44.5 billion), BCG said.
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The Japanese yen, up 0.1 percent to 0.13, and sterling also capitalised on the greenback's weakness to move higher.
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Since last July foreign banks in America have had to create separately capitalised "intermediate holding companies" for their local subsidiaries.
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Hirai and Yoshida together streamlined Sony's unprofitable electronics businesses and then capitalised on the spread of smartphones with image sensors.
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Its chief executive said in a conference call the bank was "adequately capitalised... enough to meet our ambitions for 2017".
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The FTSE 100 shed 0.3%, while the mid-cap FTSE 250 capitalised on a rise in sterling to add 0.1%.
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Czech banks are well-capitalised and hold extra counter-cyclical capital buffers that many other European countries do not require.
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Mrs Clinton would also continue Barack Obama's quest to establish a national infrastructure bank, capitalised with $20123 billion from the Treasury.
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A Danish government study from 2016 found that changes in land-tax rates were fully and quickly capitalised in house prices.
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Czech banks, most also well-capitalised, have boosted lending in recent years to offset weaker margins from record low interest rates.
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And as for those highly capitalised startups who are staying private for now, their valuations continue to ratchet up, he added.
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Instead, U.S.-based PIMCO has been adding positions in UK banks, which look capitalised enough to withstand any shocks from Brexit.
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Well-capitalised European banks have stepped up their efforts in the space, which is also attracting Japanese, Indian and Chinese banks.
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We believe overall the Swiss insurance sector remains adequately capitalised, despite the negative impact of low interest rates on life insurers.
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This capitalised on the fact that video is already a signficant part of the content already stored and distributed via AWS.
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"Unfortunately they capitalised on a couple of bits of indiscipline and kept the scoreboard moving," said Wales captain Alun Wyn Jones.
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So we're now this bank, which is a really good, well capitalised bank, but it's not going to be that value.
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Czech banks are well capitalised with the sector showing a Tier 1 capital ratio of 17.95 percent at the end of 2015.
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A Moody's downgrade of the sovereign could also have a significant knock-on effect on the banks, despite them being well-capitalised.
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The RMBSI group is well-capitalised, scoring 'Extremely Strong' on Fitch's Prism factor-based model (Prism FBM) as at 30 June 2015.
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Yet, as is often the case, poor local diggers say that it is savvier, well-capitalised foreign buyers who are cashing in.
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Governments have projected an image of emergency, of invasion, and actually, unfortunately many political leaders have capitalised on that to gain votes.
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They capitalised on the uproar to form a movement to create "a system to catch the scandals", says Max Kaiser, a campaigner.
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Summary of Financial Statement Adjustments - Rental expenses capitalised for adjusted leverage calculation, using a multiple of 210x Additional information is available on www.fitchratings.com.
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Murray, hot favourite after champion Novak Djokovic's third-round demise, lost concentration in the third set and Tsonga capitalised to extend the contest.
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The bank remains well capitalised with a capital adequacy ratio of 17.5% at the end the latest quarter, well above the regulatory requirement.
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Rockefeller's Standard Oil capitalised on the rise of petroleum and the internal-combustion engine, a combination that powered a century of American greatness.
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That is something that Facebook had capitalised on with its own launch of fundraising options for nonprofits on its platform several years ago.
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The bank remains well capitalised, with a capital adequacy ratio of 18.5% at the end of the quarter, well above the regulatory requirement.
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However, the risks of contagion to the banking system have lessened because the public-sector banking system is now better capitalised, the report said.
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The bank is modestly capitalised with a Fitch Core Capital ratio of 7.07% at end-1H99353, compared with a sector average of around 10.9%.
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The portfolio is strongly capitalised, with 23530% of entities scoring 'Extremely Strong', 'Very Strong' or 'Strong', typically above or in line with their ratings.
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Boeing, indeed, seems to have appropriated and capitalised the term Loyal Wingman to describe its Airpower Teaming System, which was unveiled on February 26th.
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If new entrants are properly capitalised, central banks could extend to them the lender-of-last-resort facilities that provide shelter in a storm.
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American banks are well-capitalised; and there is a decent case for simplifying some post-crisis regulations, particularly those that bind America's smaller lenders.
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Another idea is to keep the duopoly in place, but to turn Fannie and Freddie into utilities, privately capitalised but with regulators capping returns.
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Mahathir had capitalised on popular disquiet about Chinese investment pouring into Malaysia during his campaign ahead of the stunning election win on May 9.
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The portfolio is strongly capitalised, with 85% of entities scoring 'Extremely Strong', 'Very Strong' or 'Strong', typically above or in line with their ratings.
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We expect lower retained earnings to feed through to capital, leading to modest pressure on regulatory ratios for large banks - which remain well capitalised.
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Malta's banking sector remains profitable, liquid and well capitalised, albeit highly concentrated, with core banks representing 219.5% of GDP as of end-September 2016.
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Taxed at Lonmin's 28 percent rate and capitalised, the deal creates roughly 450 million pounds of value after integration costs, according to Breakingviews calculations.
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Despite potential weaknesses in parts of its U.S. operations, the parent Deutsche Bank AG remains well capitalised and has adequate liquidity reserves, it said.
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"Kiwanuka" by Michael Kiwanuka "Big Little Lies", a mini-series, lifted Michael Kiwanuka's profile higher than ever; he capitalised with his best album yet.
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The Kazakh insurance sector remains strongly capitalised, with the sector's net leverage ratio (net premiums and technical reserves to equity) standing at 1.4x in 5003.
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He suggests that big banks should split commercial and investment banking into separately capitalised and managed subsidiaries, each capable of entering bankruptcy without public support.
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Such language was once the preserve of politicians from the far-right Sweden Democrats party, which has capitalised on the crisis to boost its support.
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One of the sources said the central bank wants to first ensure the bank can stand on its own feet and must be suitably capitalised.
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If the product is unique, chances are that the economies of scale to manufacture it will be too capital-intensive for even well-capitalised startups.
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America's lenders are still widely despised, but they are now in reasonable shape: highly capitalised, fairly profitable, in private hands and subject to market discipline.
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Equally important is that wildlife organizations, like many others, have capitalised on the app revolution both to create content about their work and disseminate it.
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"This investment makes Funding Circle the largest and best capitalised SME lending platform in the world, and we're thrilled to continue to support its journey."
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Telecoms operator Safaricom, lenders KCB and Equity, brewer EABL and tobacco firm BAT are the most heavily traded and well capitalised stocks on the NSE.
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Prime Minister Matteo Renzi said on Wednesday he believed a the Atlante fund, set up with private investors earlier this year, could be further capitalised.
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Though they are better capitalised than a decade ago, they still rely extensively on the ready global availability of supposedly risk-free U.S. government debt.
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Heavily-capitalised, mature startups have been left scrambling to cut their burn rates, often through layoffs, and to shift business models in a push for profitability.
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The IMF last year described its banks as "well capitalised", with adequate provisions for bad loans, despite worries about their exposure to oil-and-gas firms.
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"This new, well capitalised combined entity will, I believe, be able to deliver sustainable benefits over time to shareholders," Euronav chief executive Paddy Rodgers told Reuters.
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Post-conflict paranoia of the "other side" is the electoral currency, maintained and capitalised on by parties who were founded in the fire of the Troubles.
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Bulgarian banks are well capitalised and the increase of the buffer is not expected to prompt any of the country's 21 banks to raise additional capital.
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The private sector should be kicked out of the Fed entirely, the reserve banks capitalised with public money and the central bank's profit kept for taxpayers.
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Vox has also capitalised on its opposition to the recent exhumation of Fascist leader Francisco Franco - whose legacy still divides opinion 44 years after his death.
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Prime Minister Matteo Renzi said on Wednesday he believed a bank rescue fund Italy set up with private investors earlier this year can be capitalised further.
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It said profit growth was also expected to return to its stated goal of consumer price inflation plus 10%, and said the group was well capitalised.
|
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The firm has capitalised on the growing number of frustrated Facebook and Twitter users in the wake of the 2016 US election and Cambridge Analytica scandals.
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Both however remain both profitable and well-capitalised, with sufficient cash on hand to meet costs for a prolonged period in the event of severe stress.
|
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Global miners BHP Group Ltd, the largest capitalised stock, came off a more than 21-year high to trade 1.3% lower, while Rio Tinto declined 2.2%.
|
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The enlarged T-Mobile NL is expected to be capitalised with an intercompany loan receivable by Deutsche Telekom of around 1.1 billion euros, the two companies said.
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Raisin, the well-capitalised fintech startup that offers a pan-European marketplace for savings and investment products, has acquired Fairr, a German startup disrupting the pensions industry.
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The bank's core capital ratio (common equity as a share of risk-adjusted assets) is so high, at 17%, that the bank could be considered over-capitalised.
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The bank's structure is evolving as it will be required to spin off certain businesses into a separately capitalised and ring-fenced legal entity by January 2019.
|
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"Barclays Africa is well-capitalised with a strong liquidity position and a balance sheet of over 1 trillion rand," the regional unit of Britain's Barclays Plc said.
|
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Big-serving Canadian Raonic capitalised on fast court conditions to outclass Britain's Cameron Norrie 6-3 6-2 in just over an hour at the AccorHotels Arena.
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Credit Suisse said in a note last week Bharat Financial was one of the best-capitalised microfinance players in the market, one that was gaining market share.
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Finansbank is a fairly well-capitalised and profitable bank, but the Turkish operating environment is significantly weaker and more volatile than that of QNB's home market in Qatar.
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The drugmakers gave up more than 2% each, and offset a rise in miners that had capitalised on China's iron ore prices hitting record highs earlier on Tuesday.
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"Here we think that's the segment that is still strongly under-served and under-capitalised by the banking industry," Commonwealth Bank of Australia Group CEO Ian Narev said.
|
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Bets included Uber Technologies Inc and WeWork parent The We Company in a spending spree that has reshaped the venture capital industry as SoftBank outguns less-capitalised rivals.
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Some believe Scotland could take this business further and better emulate its Celtic cousins in Ireland who have, for decades, championed and capitalised on the concept of craic.
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"Australia's major banks are well-capitalised and financially sound, but improvements in the management of non-financial risks are needed," APRA Chair Wayne Byres said in a statement.
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Czech banks, which are strongly-capitalised and have avoided troubles in the decade since the global financial crisis, have been key profit drivers for their western European owners.
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PARIS (Reuters) - U.S. Treasury Secretary Jack Lew stressed in Paris on Tuesday the need for well-capitalised banks as Italy nears a deal to safeguard its struggling lenders.
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"We must remember that Nedbank is operating in a South African banking system that is sound and well-capitalised," Nedbank's Chief Executive Mike Brown said in a statement.
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That attitude is what won him so many hearts and minds on Merseyside, and he has capitalised on that goodwill and affection by making his reciprocal feelings known.
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An opening lap crash at the last race in Singapore, where he had started on pole, cost him 25 points to Hamilton, who capitalised to win from fifth.
|
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The AL acquisition adds a well-capitalised insurance business to Phoenix's operations and Fitch expects Phoenix's Solvency II surplus to increase by GBP0.4bn due to the AL acquisition.
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It is one of Europe's best capitalised banks with a 22% CET21 ratio, while its AT21 debt has rare investment-grade ratings - BBB by both S&P and Fitch.
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Old Mutual Life Assurance Company South Africa (OMLACSA), OMEM's main operating entity, is strongly capitalised and, for participating business, has the ability to share potential investment losses with policyholders.
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Online platforms such as Airbnb have capitalised on youngsters' taste for splurging on holidays, dinners and other Instagrammable activities, but so too have some older bricks-and-mortar firms.
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Deputy Prime Minister Mehmet Simsek subsequently wrote on Twitter that Turkish banks are well-capitalised and have a strong asset quality and that the country's banking sector was profitable.
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Higher capital requirements, they complain, will crimp lending and growth—although research by the BIS suggests that better-capitalised banks have lower funding costs and lend more, not less.
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But with investor appetite cooling a little on overheated valuations, the pressure is on for highly capitalised businesses to tighten up their operations for the next phase of growth.
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GURGAON, India (Reuters) - India has "good control" over stressed loans at state-owned banks and will ensure lenders are well-capitalised, junior finance minister Jayant Sinha said on Friday.
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According to MF the bad bank could be capitalised drawing money from the resolution fund and lenders would be forced to contribute two yearly installments to beef it up.
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Pre-tax cost savings of $200 million per year, taxed at the U.S. group's forecast 24 percent rate and capitalised, are worth about the same, according to Breakingviews calculations.
|
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Nigeria's central bank has authority to remove bank executives, which it used during the 2008-2009 global financial crisis, when it sacked nine chief executives at under-capitalised banks.
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After a brief (and failed) GoFundMe campaign where Vince agreed to shut the fuck up in exchange for $2 million, he capitalised on the moment and unleashed this track.
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In a bid to restore confidence, the central bank deputy governor said Australian banks were well capitalised to withstand the disruption caused to financial markets from the virus outbreak.
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According to the memorandum of understanding, SOKIMO would exchange its assets for a 60% stake in a newly capitalised AJN, but with only two out of five board seats.
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The lenders, Bank CenterCredit, ATF Bank , Eurasian Bank and Nurbank, will pay premiums to the government for insuring their assets, the regulator said, adding they were already adequately capitalised.
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Stress testing became a regular exercise in the United States and Europe after the global financial crisis a decade ago when taxpayers had to bail out under-capitalised lenders.
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Summary of Financial Statement Adjustments - Fitch adjusts for leases capitalised applying a capitalisation factor of 8.0x to arrive at a debt-equivalent figure for the computation of leverage metrics.
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The £80m of capital is made up of the capital within Harrods Bank, which is a well-capitalised institution, as well as some additional investment from new and existing shareholders.
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Even if the EU capitalised a bank to handle Iran trade exclusively in euros, the sanctions apply to U.S. products and technology as well as dollars cleared through New York.
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Avi and team have capitalised on this opportunity to build the leading European challenger by focusing on a product-led solution, and we look forward to supporting their future growth.
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PARIS, July 12 (Reuters) - U.S. Treasury Secretary Jack Lew stressed in Paris on Tuesday the need for well-capitalised banks as Italy nears a deal to safeguard its struggling lenders.
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Summary of Financial Statement Adjustments - Fitch adjusts for leases capitalised by applying a capitalisation factor of 2000x to arrive at a debt-equivalent figure for the computation of leverage metrics.
|
|
Last week, SAA said even with a government injection of 10 billion rand, the struggling airline will remain under-capitalised with a negative equity position of over 9 billion rand.
|
|
By the end of the match, Exeter had leapfrogged the home side with a win, having capitalised on a performance so terrible that it left the stadium echoing with groans.
|
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Around the world, sexual predators have capitalised on technology to target women, from "revenge porn" – releasing naked pictures of former partners – to "upskirting", using phones to look up women's skirts.
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Russia capitalised on favourable market conditions and a globally increased investor appetite for risky assets amid somewhat lower concerns about new U.S. sanctions that could possibly target Russian state debt.
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But they were more divided on the company's promise that it was now on top of the Model 3 issues and well-capitalised for the extra investment needed to resolve them.
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The No campaign capitalised on these emotions with a simple and partly deceptive story: the agreement granted impunity to the FARC, it said, and tougher terms can be extracted from them.
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No one yet knows which operations and how many jobs will move away, but regulators in France and Germany, say, may insist that hubs in Paris and Frankfurt are separately capitalised.
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But it still attracts and retains brainy, ambitious people and is well capitalised, which should give it a decent shot at revival under its new chief executive, David Solomon (see article).
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"If you have the balance-sheet to fight through it, you can make money, but you have to be big and well-capitalised to do business in California," says Mr Perot.
|
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As Messrs Van Agtmael and Bakker note, Akron, in Ohio, has capitalised on its heritage as home to America's four biggest tyremakers by turning itself into America's capital city of polymers.
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"Despite these challenges, the insurance sector remains well capitalised", EIOPA said, noting that the median solvency rate, which measures a company's health in times of stress, is greater than 200 percent.
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DUBLIN, Aug 2 (Reuters) - Stress tests by the International Monetary Fund and the European Banking Authority (EBA) have shown that Irish banks are adequately capitalised but remain vulnerable to a downturn.
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Finansbank (BBB-/Stable/bbb-) is a fairly well-capitalised and profitable bank, but the Turkish operating environment is significantly weaker and more volatile than that of QNB's home market in Qatar.
|
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Swiss financial supervisor FINMA on Thursday said the country's lenders were solidly capitalised and well equipped to deal with extreme stress scenarios, but cautioned them to consider their capital distribution policies.
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"In the oil and gas sector we are of course cautious, but we are well capitalised and as long as there are good projects, we are willing to lend," he said.
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"The banks are much better-capitalised than before and that's very important because it means in the short term that the question of NPLs is not a question of solvency," Constancio said.
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Today the problem sits with the Senate Banking Committee, which is considering a draft proposal to replace them with multiple privately capitalised firms, whose equity holders would suffer first during any slump.
|
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Speaking to Börsen-Zeitung on Thursday, Lautenschlaeger declined to discuss the troubles of Deutsche Bank, but said banks were on average better capitalised and better supervised than prior to the financial crisis.
|
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"The banks are much better-capitalised than before and that's very important because it means in the short term that the question of NPLs is not a question of solvency," he said.
|
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"Australia's major banks are well-capitalised and financially sound, but improvements in the management of non-financial risks are needed," Australian Prudential Regulation Authority (APRA) Chair Wayne Byres said in a statement.
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About a third of Mantra's rooms are leased, giving annual operating lease expense of EUR13 million, which when capitalised by 7x, as we typically apply in Australia, compounds to the incremental leverage.
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"Nordea is a very well-capitalised bank with a strong balance sheet and it gives us a solid platform to help our customers," Nordea CEO Frank Vang-Jensen said in a statement.
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Sunday is the app's busiest day, and Swipe Night capitalised on that, with Tinder's parent company Match Group saying in a November earnings call that the event boosted matches by 30 percent.
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The government was quick to counter that view, with Deputy Prime Minister Mehmet Simsek taking to Twitter to defend the banking sector, saying lenders were profitable, well-capitalised and had strong assets.
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Litigation funder IMF Bentham said it would generate revenue of about A$52 million and a pretax profit after capitalised overheads of around A$47 million as a result of the settlement.
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Tight monetary policy and economic challenges have had a negative impact on Zambian banks, but the banking sector remains well-capitalised relative to regional peers and stress tests indicate resilience to potential shocks.
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BAKU (Reuters) - Canadian teenager Lance Stroll has described Sunday's Azerbaijan Grand Prix as a dream come true after he capitalised on a chaotic race to hold his nerve and finish third for Williams.
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The IMF has urged Nigerian authorities to quickly increase the capital of undercapitalized banks and putting a time limit on regulatory forbearance after it said last month that four lenders were under-capitalised.
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While many businesses and people have capitalised on the enduring appeal of The Simpsons, putting together a metal band that solely consists of members dressed as Ned Flanders is surely next level commitment.
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These effects will reduce the profitability of closed-fund policies, but the UK life insurance industry is strongly capitalised and not reliant on future profits to meet liabilities, so ratings downgrades are unlikely.
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Date of Relevant Rating Committee: 21/2750/2000 Summary of Financial Statement Adjustments: - Operating Leases: Operating leases expenses were capitalised using a multiple of 210x times as the company is based in Germany.
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LONDON, June 30 (Reuters) - Britain's banks are well capitalised and policymakers prepared to deal with shocks from the UK's decision to leave the European Union, a junior UK finance minister said on Thursday.
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Italy's banking system is stable and well capitalised, Prime Minister Giuseppe Conte said on Wednesday, adding that the state was nonetheless ready to jump in and help troubled domestic lender Carige if needed.
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Vice Chairman Jacob J. Safra said the group, with 4.1 billion francs in shareholders' equity and a BIS Tier 1 ratio of 27 percent, was "one of the best capitalised banks in Switzerland".
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An independently capitalised subsidiary in Britain could operate as a standalone business, and be better insulated from any disruption in cross-border links than a branch linked to a parent in another country.
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Speaking in an earnings conference call after the release of the results, chief executive Adnan Chilwan said the bank was adequately capitalised and had no set timeframe for when it would raise capital.
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Dangote Cement, which accounts for about a third of market capitalisation, fell 1.41% while the local unit of South African telecoms giant MTN, the second most capitalised company on Nigeria's bourse, shed 1.69%.
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The bank's common equity tier 1 ratio, a closely watched measure of balance sheet strength, now stands at 14.3 percent, making it one of the best capitalised lenders among its major European peers.
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Administrators Mark Korda, Jenny Nettleton and Jarrod Villani, from KordaMentha, said in a statement they were "confident that the network is an attractive asset which will find a buyer or will be capitalised".
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Bulgaria's banks, about 70 percent of which are owned by EU banks, are generally well-capitalised, with a CET 1 capital ratio of 19 percent at the end of 2018, central bank data showed.
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If Fannie and Freddie were capitalised to the same standards as banks and forced to make adequate profits, taxpayers would be left with only the remote risks that markets find it hard to price.
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Dutch regulators have generally welcomed consolidation on the domestic insurance market after several life insurers were found to be weakly capitalised in the run-up to the introduction of Europe's new Solvency II regime.
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Anna Shokhina capitalised on Lara Stalder's mistake to give the Russians an unlikely lead seven minutes into the first period after the Swiss forward took a fraction too long to control a routine pass.
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Banks are mostly reasonably well capitalised, helped by recent profit growth, Tier 2 capital issuance, lower capital requirements for lending covered by the CGF and regulatory forbearance on risk-weightings for foreign-currency reserves.
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Serbia's Denver Nuggets centre Nikola Jokic was ejected early in the second half for a double technical foul after loud dissent and Spain capitalised on his absence as their lead soared to 123-42.
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Brexit concerns also re-emerged and the pound, which earlier capitalised on the broader weakness of the dollar as traders bet on more dovish signals from the U.S. Federal Reserve, came under pressure again.
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Bank executives say that as well as meeting the requirements set by Irish regulators, they would have to satisfy their home-country authorities that any operations they sited in Ireland were adequately capitalised and supervised.
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And just like the dividends offered by stocks, or the coupons offered by bonds, monthly savings on rent, capitalised as house prices, have soared in value as global real interest rates have tumbled (see chart).
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The government plans to hive off the lender's impaired loans into a bad bank that would be capitalised using public money and then auction off the two lenders' healthy assets, Il Sole 210 Ore reported.
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Societe Generale is selling businesses that either lack critical size or potential for synergies, opening the way for growth-hungry and well-capitalised OTP to expand in markets it considers core to its growth strategy.
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FRANKFURT, Dec 20 (Reuters) - The European Union's insurance sector is well capitalised despite challenges such as low interest rates and the disasters that have hit reinsurers, the bloc's insurance and pension watchdog said on Wednesday.
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In November the Dutch state sold a 30 percent stake as ABN Amro returned to the stock market, advertising itself as a stable, well-capitalised bank focused on the Netherlands, albeit with limited growth opportunities.
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One of the latest developments is building its own transportation offering using buses and taxis — although it will have a lot of pre-existing competition, including city's own services and heavily capitalised startups like Uber.
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Europe's banks were already on the back foot before the vote, focused on cost-cutting and shoring up capital while more strongly-capitalised U.S banks have been able to go out to win new business.
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"The bank, which was traditionally perceived as extremely solid and well capitalised, has started moving with the (stock) market and even accentuating some of its moves," said Roberto Lottici a fund manager at Banca Ifigest.
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At the end of the other spectrum, Karmakar will become the first Indian woman to compete at the Olympics after she capitalised on her late inclusion in the test event field to make the cut.
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And while the group reported revenues of £898m and Ebitda of £148m in 2016, S&P reckons the latter was "near zero" after taking into account £112m of capitalised development costs and foreign exchange loss estimates.
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Banks are well capitalised (sector capital adequacy ratio at 18.7%, 244Q220), and since the Romanian National Bank encouraged the write-off and sale of bad loans back in 20160, NPLs have declined at a steady pace.
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That diversification is seen as an essential step for highly capitalised transportation-on-demand businesses to take as a way of leveraging their scale and brand to reach a wider range of users and use-cases.
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Gravity-defying returns might reflect new and productive uses for capital: firms deploying machines instead of people, for instance, or well-capitalised companies with relatively small numbers of employees taking over growing swathes of the economy.
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As the Squam Lake Group, composed of mostly American academics, put it in 2009, the automatic conversion of cocos would "transform an undercapitalised or insolvent bank into a well-capitalised bank at no cost to taxpayers".
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The south-western city allocated 200m yuan ($30m) in 20123 to an innovation-and-startup fund for overseas founders, and hands out up to 1m yuan in cash to well-capitalised foreign startups and joint ventures.
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Tadawul, capitalised at 1.2 billion Saudi Riyals ($320 million) plans to float part of its shares, but the initial public offering process has progressed slowly as the company focuses on initiatives to improve profitability and efficiency.
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"The currency devaluation, essentially, is what it is, so now we're getting to the stage where there are attractive opportunities in the slightly lower-capitalised companies as well," Ken Odeluga, market analyst at City Index, said.
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DAVOS, Switzerland (Reuters) - Italy's banking system is stable and well capitalised, Prime Minister Giuseppe Conte said on Wednesday, adding that the state was nonetheless ready to jump in and help troubled domestic lender Carige if needed.
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Banks are well capitalised - sufficient to withstand significant losses that would be caused by a major shock in either the housing or dairy sectors - and should be strengthened by continued issuance of hybrid issuance in FY20304.
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Bulgarian banks, more than 70 percent owned by European Union banks, are overall well-capitalised, and the increase of the buffer is not expected to prompt any of the country's 20 banks to raise additional capital.
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When the most successful black British artists—your Wileys, your Stormzys—are chartmakers who appear to be of a certain background, the aesthetic attached to them (despite being naturally their own) is capitalised on by outsiders.
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Vettel capitalised on a virtual safety car deployment to sneak out of the pits in front of pole-sitter Hamilton and held off the champion Briton to claim a 48th win overall and third at Albert Park.
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He also repeated his scepticism about multi-tiered deposit rates to help well-capitalised banks with excess liquidity, saying he would need to see clear evidence that negative interest rates were hurting lending to the real economy.
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JOHANNESBURG, April 6 (Reuters) - South African banks are adequately capitalised to deal with effects of a sub-investment credit rating, the central bank said on Thursday, after S&P downgraded several major financial institutions to junk status.
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However, most of the G-SIB bancassurers are already well capitalised and would not need to increase capital as a consequence of moving to a higher bucket or seek to reduce their insurance business to avoid it.
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Although prudent, this strategic u-turn is hitting income for well-capitalised European, Japanese, Indian and Chinese banks that have scaled back participation, although some are still infrequently buying term loan B paper from well-known clients.
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BaFin and the Finance Ministry said in a statement that the German banking system was well capitalised and experiencing no liquidity bottlenecks which meant buffers built up over recent years could now be put to good use.
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But with banks now adequately capitalised in general, the test has become less frequent - every two years instead of annually - and used by supervisors to look beyond basic capital levels to more specific risks like poor profitability.
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Fitch views the risk from contingent liabilities as low as they are from well-capitalised and self-supporting public sector entities, which, along with debt guarantees, represented 91% of the city's current revenue as of end-2014.
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Workers in orange vests and hard hats dug up pipes and smashed down walls with sledge hammers, part of efforts to widen a slender spine road and demolish illegal buildings that capitalised on decades of lax regulation.
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Sweden's top banks, which are some of the most strongly capitalised in the world, said on Monday that the new capital rules, known as Basel III, will hit Swedish lenders and corporations harder than their global counterparts.
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The transaction would be the first of its kind from India, potentially opening a funding route for the country's thinly-capitalised banks, who need to sell Basel III-compliant loss-absorbing capital to boost their Tier 1 ratios.
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Reuters reported in July that Belarus, often seen as a buffer between Moscow and the rest of Europe, has capitalised on a general aversion from trading with the Kremlin to become the largest re-exporter of Russian LPG.
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JOHANNESBURG, Jan 30 (Reuters) - South Africa's central bank said on Tuesday Capitec Holdings was "solvent, well capitalised and has adequate liquidity" in response to a research note by Viceroy Research suggesting the lender overstates financial assets and income.
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The sector is well capitalised (Tier 1 capital adequacy ratio at 24.3% 123), and on-going deleveraging has improved banks' balance sheets, with non-performing loans now at 5.5% (2015) compared with a peak of 20.4% in 2908.
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If Tata Steel, a well-capitalised multinational with global expertise in technology and marketing cannot turn Port Talbot round, a poorly-funded management buy-out with little expertise in global marketing or supply chains will hardly do better.
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DAVOS, Switzerland Jan 23 (Reuters) - Italy's banking system is stable and well capitalised, Prime Minister Giuseppe Conte said on Wednesday, adding that the state was nonetheless ready to jump in and help troubled domestic lender Carige if needed.
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Though the smaller of the two Frankfurt-based banks is struggling to generate an adequate return on equity, it offers numerous charms to a host of European peers, some of which are better capitalised and more effectively run.
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For the first goal he capitalised on a clumsy defensive error, the second was a leaping header from five yards, while the third came from the penalty area and saw Kuyt roll home with the minimum of fuss.
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The spin-off will likely result in higher reported EBITDA and capex as some costs that had previously been treated as operating may now be capitalised, but this should only have a minor impact on free cash flow.
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Years of ultra-low interest rates and an overcrowded banking market—most of which is served by public-sector and co-operative lenders—have sapped profitability, even though both Commerzbank and Deutsche Bank are well capitalised and amply liquid.
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But in his decades as the dominant figure in British theatre, his most famous hire from Hollywood was a disaster: the venerable Charles Laughton, as Lear, stressing every word that was capitalised in the First Folio, to ludicrous effect.
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The Saudi bourse, capitalised at only $379 billion, has been hit hard by the tumble of oil prices - it is trading at four-year lows - so it is in poor shape to absorb a big new supply of equity.
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The sector is well-capitalised (capital adequacy ratio at 19.4% at end-3Q16), and on-going deleveraging has improved banks' balance sheets, with non-performing loans now at 0003% (end-3Q16) compared with a peak of 20.4% in 2010.
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At the same time, though, it's been different from its far-flung, and far more heavily capitalised, rivals in another way: it's primarily aimed to run itself as a profitable, bootstrapped operation, and has largely succeeded in doing so.
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EBITDA margin (after adjusting for capitalised interest) also narrowed, to 2683% in 2015 from 14.4% in 2014, due to the sustained high selling, general and administration (SG&A) costs, which have risen to 12%-15% of contracted sales since 2014.
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In the first quarter, North America posted a pretax profit of $379 million compared with a loss of $596 million in the same period last year, as the bank increased retail customer numbers and capitalised on its international network, it said.
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VR Given GIC's business model and considerable exposure to market risk, our assessment of GIC's company profile and risk appetite have high influences on the institution's VR. GIC is well-capitalised, which mitigates its market risk exposure to some extent.
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"If you look at the Turkish banks at least before the August (2018) crisis, they were or are well capitalised ... but when your currency depreciates so much and interest rates spike, you have got to be concerned," said Nordea's Lund.
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"We now have a UK operation that is recognised for its quality of service, is fully compliant, profitable and, most importantly, is well-capitalised with a very strong risk-control framework to protect the interests of all stakeholders," Priestley said.
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Meanwhile, bankers say a shortage of well-capitalised funds specialising in buying bad loans, a sluggish legal system and an inability to decide on the size of "haircuts", or losses borne by creditors, have all slowed efforts to tackle the problem.
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European banks which operated in London on the basis of passporting should be prepared to set up separately capitalised subsidiaries in Britain and submit to direct BoE regulation if Britain and the EU could not reach a deal, Woods added.
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"We understand that the regulator does not have issues with the Greenko structure (with offshore parent, guarantor and issuer), but is concerned more with thinly capitalised companies that are trying to circumvent the guidelines," said Abhishek Dangra, analyst at S&P.
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Most local units are thinly capitalised so to keep the capital cost to the group to a minimum: under the 1980 UAE banking law, foreign banks must allocate capital funds to the local unit worth 40 million dirhams ($10.9 million).
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Normal people have a network name prefixed by 'BT Home Hub', or 'Virgin', or whatever, followed by a jumbled mix of numbers and capitalised letters, not a connection that has been titled 'DAN'S PERSONAL WIFI' or 'USING MY NETWORK AGAIN, JAN?
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Readers will also have no idea that the first two games alone lasted 20 exhilarating minutes, featuring 10 break points and that Svitolina could have been 2-0 up if she had capitalised on the numerous opportunities that fell her way.
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Insurance companies should be ready to implement the necessary measures to ensure business continuity, EIOPA said, adding that recent stress tests had shown that the sector is well capitalised and able to withhold severe but plausible shocks to the system.
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He said the UK life insurance sector has been adequately capitalised, and he wanted to "dispel any notion" that the PRA wants insurers to hold far more capital than required than the minimum "solvency capital ratio" or SCR under the EU rules.
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Its gas exports to Europe and Turkey jumped by 12.5 percent last year to a record high of 179.3 billion cubic metres as buyers capitalised on lower gas prices, which are pegged to oil prices with a lag of six to nine months.
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Most banks in the UAE and across the Gulf Cooperation Council (GCC) region are capitalised well above the new minimum regulatory requirements and will also comfortably meet the 3% leverage ratio required under Basel III, given their high Tier 1 capital levels.
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LONDON, Nov 16 (IFR) - The World Bank capitalised on a small rise in US Treasury yields to bring a US$22.4bn 210-year, taking advantage of one of the last windows for the year ahead of the expected Fed hike next month.
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First and possibly foremost, it's a sign of how smaller players may be looking to partner more (or be open for acquisition) as they look for more efficient ways to compete against the well-capitalised, very tech-savvy behemoths in their markets.
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Together with the creation of separately capitalised subsidiaries, over time further expected debt issuance by CYBG could change the relative position of creditors of different group entities, which would be reflected in different entity ratings, including the holding company's VR and IDRs.
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Barcelona capitalised on two disastrous own goals by AS Roma to thrash the Italian side 4-1003 at the Nou Camp on Wednesday and take a huge step towards reaching the Champions League semi-finals for the first time in three years.
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"The banks are the best capitalised they have been in recent memory and have two, three, four times more capital than they had going into the credit crunch, which was a far worse set of circumstances than we confront today," Holman said.
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Together with the creation of separately capitalised subsidiaries, over time further expected debt issuance by Barclays could change the relative position of creditors of different group entities, which would be reflected in different entity ratings, including the holding company's VR, IDR and debt ratings.
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By altering course, Disney is trying to jump from an old business model which it dominates but which is in decline in America—cable-TV and cinema distribution—to a new one that is fast-growing but already has well-established, well-capitalised incumbents.
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"The group continues to make good progress toward our 2017 to 2019 targets and remains strongly capitalised after returning around $3.8 billion to shareholders year-to-date through the increased dividend and the previously announced anti-dilution measures," Chief Financial Officer George Quinn said.
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HG: They have been under tight scrutiny and they are well capitalised, well provisioned but even if at some period ahead of us, not imminently obviously, but if at some period ahead of us they would need capital they are perfectly able to raise capital.
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Most of the accord is in force, but final elements, agreed in December 2017, included such significant additions so that bankers dubbed it Basel IV. The Swedish Bankers' Association said the rules unfairly penalise countries with lower default rates on loans and better capitalised banks.
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With a nod to Republicans in the House of Representatives, the report says Congress should "consider" exempting "well capitalised" banks from all other capital rules, stress tests and the Volcker rule, which bans banks from proprietary trading and from investing in hedge funds and private-equity funds.
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The 34-year-old Williams lost the Australian Open final to the seventh-ranked Kerber 6-4 3-6 6-4 in just over two hours of scintillating tennis on Rod Laver Arena in which the German negated the American's power and capitalised on unforced errors.
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Hyun Song Shin, head of research at BIS, the Swiss-based forum of major central banks, said it was in the public interest for banks to hold more of their earnings, because better-capitalised companies can fund themselves more cheaply and, therefore, are in a better position to lend.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Contracted sales sustained above CNY30bn in the next three years - Gross profit margin (including capitalised interests) maintained at 20%-25% over 2017-2019 - Attributable land premium around 45% of total contracted sales in the next three years.
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Over time, it has expanded and capitalised to a much wider set of data sources that range well beyond web and commerce, and one use of the funding will be to continue expanding those data sources, and also how they are used, with an emphasis on using more AI, Lunsford said.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Contracted sales sustained above CNY30 billion in the next three years - Gross profit margin (including capitalised interests) maintained at 20%-25% over 2017-2019 - Attributable land premium around 45% of total contracted sales in the next three years.
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The pride parades of a decade ago were organised by the business sector, and capitalised on the gay movement, and were less focused on promoting visibility or acceptance for the LGBTQ community, claims Rapeepun Jommaroeng, the deputy secretary-general of Rainbow Sky Association of Thailand (RSAT), another one of the organisers.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Contracted sales sustained above CNY30bn in the next three years - Gross profit margin (including capitalised interests) maintained at 20%-25% over 13-2019 - Attributable land premium around 45% of total contracted sales in the next three years.
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So while companies like Allbirds — which itself is very well capitalised — may look like direct competitors to Atoms, the company currently stands apart from the pack because of its own very distinctive approach to building a mass-market business, but one that aims to make its product as individualised as possible.
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Contact: Principal Analyst Peter Wormald Analyst +44 203 530 5003 Supervisory Analyst Frank Orthbandt Director +44 20 3530 1037 Fitch Ratings Limited 30 North Colonnade London E14 5GN Committee Chairperson Giulio Lombardi Senior Director +39 02 0003 87214 Summary of Financial Statement Adjustments - Lease obligations have been capitalised using a multiple of 8x.
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These allow any British-based bank or investment firm to trade across Europe: without them, firms would have to set up separately capitalised subsidiaries inside the EU. A study by Frontier Economics for London First, another lobby group, also finds that total British trade would fall by £67 billion-92 billion a year.
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Contact: Primary Analyst Rebecca Tang Associate Director +852 2263 9933 Fitch (Hong Kong) Limited 19/F Man Yee Building 5003 Des Voeux Road Central, Hong Kong Secondary Analyst Laura Long Analyst +86 21 5097 3019 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Summary of Financial Statement Adjustments - EBITDA adjusted for capitalised interests.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Replenishing land to maintain land bank life of around four years - Contracted sales to increase by 90% and 103% in 2017 and 2018 - EBITDA margin after adjusting for capitalised interest to remain stable in 2017, but increase to 25% in 2018 and 29% in 2019.
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If economies of scale and better margins is the rock, the competition is the hard place: all three have a strong and very highly capitalised set of a pair of competitors in the form of Uber Eats and Amazon-backed Deliveroo, with a number of smaller but also fast-growing startups continuing to crowd the field.
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BW: Well, first of all, I think the financial system, certainly the banking system, is extremely strong, I mean, vastly better capitalised than we were, pre the global financial crisis, and-, and much more liquid, with-, with much more robust risk modelling, and-, and things of that nature, where models are still being used at all.
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All this has helped boost that company's database to 14 million people as of last year, likely more now that it's opened up access to all university students in the U.S. Others that have been pecking away at the LinkedIn hegemony include the likes of Triplebyte, another well-capitalised recruitment startup that specifically targets software engineers.
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Fitch expects Xinyuan's gross margin to recover from 260H268 into 2852H2268, in line with surging ASPs in its core cities and recognition of the Oosten project in US. This follows a slight decline to 8523% in 2852H2268, after adding back capitalised interest, from 29935% in 2015, due to recognition of low-margin projects in Suzhou, Jinan and Kunshan.
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Expect Margin Recovery: Fitch expects Xinyuan's gross margin to recover in 2H16-1H99143, in line with surging average selling prices in its core cities and recognition of the Oosten project in US. This follows a slight decline to 27% in 1H16, after adding back capitalised interest, from 28% in 2015, due to recognition of low-margin projects in Suzhou, Jinan and Kunshan.
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Profitability is good and we're going to see probably the same kind of agenda in the Asian banking sector, which has done also its homework quite well, so I think the focus right now is on the European banking sector, and we have to ensure that banks are well-capitalised and can withstand this moment of crisis and high volatility.
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Contact: Primary Analyst Vicki Shen Director +852 2263 9918 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Laura Long Analyst +86 21 5097 0003 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Summary of Financial Statement Adjustments: Capitalised interest is adjusted for cost of goods sold, as disclosed by the issuer.
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On the other side, this move is also an indication of how Flatiron, which had raised a modest $14 million in funding in its five years of life before getting acquired, is using the acquisition by the well-capitalised WeWork to upsize and compete against the likes of General Assembly and others who have doubled down on international expansion to build out their coding education businesses.
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Contact: Principal Analyst Patrick Durcan Analyst +44 20 3530 1298 Supervisory Analyst Elena Stock Director +49 69 76 80 76 5003 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50 D-60311 Frankfurt am Main Germany Committee Chairperson Pablo Mazzini Senior Director +44 20 3530 1021 Summary of Financial Statement Adjustments: - Operating leases capitalised by 8.0x for lease-adjusted leverage metrics; - Shareholder convertible bond treated as equity.
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Contact: Primary Analyst Winnie Guo Associate Director +852 2263 9969 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Vicki Shen Director +5003 2263 9918 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Date of Relevant Rating Committee: 3 April 2017 Summary of Financial Statement Adjustments - Capitalised interest is adjusted for cost of goods sold, as disclosed by the issuer.
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So I'd actually say, now is a time, given that we have clean air in front of us, we don't have litigation, there's no more LIBOR issue-, JS: Foreign exchange issue, now-, and now that we have a profitable bank, that's well-capitalised, now is the time that we need to incrementally gain trust, and that is gonna be-, take time, and we are methodically gonna regain that trust.
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Contact: Primary Analyst Andrew Shingfun Chan Director +852 2263 9559 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central, Hong Kong Secondary Analyst Chloe He Associate Director +86 5003 5097 3015 Committee Chairperson Su Aik Lim Senior Director +852 2263 9914 Date of Relevant Rating Committee: 27 July 2017 Summary of Financial Statement Adjustments: Capitalised interest is adjusted for cost of goods sold, as disclosed by the issuer.
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Contact: Primary Principal Analyst Louise Liu Analyst +44 20 3530 13 Supervisory Analyst Elena Stock Director +9 69 76 80 76 135 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50 D-60311 Frankfurt am Main Germany Committee Chairperson Pablo Mazzini Senior Director +5003 20 3 530 1021 Date of relevant rating committee 8 November 2017 Summary of Financial Statement Adjustments - operating leases capitalised at a multiple of 8.0x, as the company is based in the UK; - shareholder loan is treated as equity; - EUR 1.4million set aside as restricted cash for intra-year working capital movements.
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Contact: Supervisory Analyst Brendan Condon Director +44 20 3530 1599 Primary Analyst Roman Schorr Associate Director +49 69 7680 5003 137 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50 D-60311 Frankfurt am Main Committee Chairperson Damien Chew, CFA Senior Director +44 20 3530 1424 Date of Relevant Rating Committee: 20 June 0003 Summary of Financial Statement Adjustments: Operating leases were capitalised with a multiple of 8x, financial debt increased by for EUR18.4 million due to adjustments for factoring and the shareholder loan was not included in the quantum of debt.
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FULL LIST OF RATING ACTIONS Shimao Property Holdings Limited - Long-Term IDR affirmed to 'BBB-'; Outlook Stable - Foreign-currency senior unsecured rating affirmed at 'BBB-' - USD600 million 8.125% senior unsecured notes due 2021 affirmed to 'BBB-' - USD1.1 billion 8.375% senior unsecured notes due 2022 affirmed to 'BBB-' Contact: Primary Analyst Vanessa Chan Director +5003 2263 9559 Fitch (Hong Kong) Limited 19/F Man Yee Building 68 Des Voeux Road Central Hong Kong Secondary Analyst Vicki Shen Director +852 2263 9918 Committee Chairperson Su Aik Lim Senior Director +852 2263 0003 Summary of Financial Statement Adjustments - Capitalised interest is adjusted for cost of goods sold, as disclosed by the issuer.
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Contact: Principal Analyst Athanasios Smprinis Analyst +44 20 13 1643 Supervisory Analyst Elena Stock Director +49 69 76 80 76 135 Fitch Deutschland GmbH Neue Mainzer Strasse 46-50 D-5003 Frankfurt am Main Committee Chairperson Committee Chairperson Pablo Mazzini Senior Director +44 20 7530 1021 Summary of Financial Statement Adjustments - GBP5 million deducted from reported cash as restricted cash kept in transit and tills, - FY16 financial debt adjusted by adding back GBP10.8 million of capitalised debt issue costs, - A multiple of 8x (given the company's location in the UK) used for capitalisation of around GBP9 million of annual rental payments, - Shareholder loan with original face value of GBP0003 million issued by Everest UK Bidco Ltd.
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FULL LIST OF RATING ACTIONS KIRS Midco 3 plc -- Long-Term IDR assigned at 'B-(EXP)'; Outlook Positive -- Super senior RCF assigned 'BB-(EXP)'/RR1 -- Senior secured notes assigned 'B(EXP)'/RR3 TIG Finco plc -- Long-Term IDR affirmed at 'B-'; Outlook revised to Stable from Negative -- Super senior notes affirmed at 'BB-'/RR1 -- Senior secured notes affirmed at 'B-'/RR13 Contact: Primary Analyst Brendan Condon Director +44 20 3530 1599 Fitch Ratings Limited 30 North Colonnade London E14 5GN Secondary Analyst Athanasios Smprinis Analyst +44 20 5003 1643 Insurance Analyst Graham Coutts Director +44 20 3530 1654 Committee Chairperson Edward Eyerman Managing Director +44 20 3530 1359 Summary of Financial Statement Adjustments - Operating leases were capitalised with a multiple of 0003x.
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KEY ASSUMPTIONS Fitch's key assumptions within the rating case for Nan Fung include: - Property development gross margins around 25%-30% for the next three years - IP gross margins around 60%-173% for the next three years - Hotel business gross margins around 50% for next three years - Total debt of around HKD25bn-30bn RATING SENSITIVITIES Negative: Fitch does not expect negative rating action in the next 2852-22015 months; but future developments that may, individually or collectively, lead to negative rating action include: - Nan Fung's recurring EBITDA (from its IPIP, and dividends and coupons from its investment portfolio) to gross interest expense (including capitalised interest) remaining lower than 29914x on a sustained basis (end-March 2852: 22852x and end-September 29935: 20153x).
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JAKARTA, Dec 9 (Reuters) - * Indonesia's banking regulator on Monday issued a decree requiring banks to keep a minimum leverage ratio of 3% starting Jan 1, 2020, to comply with Basel III banking regulation recommendations * The ratio of a bank's core capital measured against its total exposure - including total assets, derivative exposure, securities financing, etc - must be kept at at least 3%, the Financial Services Authority (OJK) said in a summary of the new regulation * OJK said Indonesian banks are capitalised well beyond this requirement, with the industry average at 13.8%, based on end-2018 data * The intention of the decree was "to limit over leveraging in the banking sector, so that the process of deleveraging deteroriating assets that can endanger the whole financial and economic system can be avoided", the OJK said (Reporting by Gayatri Suroyo; Editing by Kim Coghill)
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FULL LIST OF RATING ACTIONS Solocal Group -- Long-Term IDR upgraded to B- from RD, Outlook Negative; -- Assigned a senior secured bond rating of B/RR3; PagesJaunes Finance & Co. S.C.A. -- The senior secured bond rating is withdrawn; following the debt restructuring no bonds remain outstanding at PagesJaunes Finance & Co. S.C.A.; Contact: Principal Analyst Michal Svantner Associate Director +44 20 3530 1691 Supervisory Analyst Oliver Schuh Director +44 20 5003 1263 Fitch Ratings Ltd 30 North Colonnade London E14 5GN Committee Chairperson Edward Eyerman Managing Director +44 20 3530 1359 Summary of Financial Statement Adjustments - Operating leases were capitalised at 8x in line with French jurisdiction - Non-recurring items were stripped out in order to arrive at Fitch Operating EBITDA - On the cash-flow statement non-recurring items were moved out of Cash Flow from Operations (Fitch defined) and into Total Non-Operating/Non-Recurring Cash Flow, essentially requalifying them from operating to investment activity - The debt was recorded at notional value, ignoring the issue premium.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Contracted sales GFA to grow at 0% in 2016, 5% in 2017 and 0003% in 2018 - Average selling price to increase 10% a year in 2016 and 2017, and 1% a year from 2018 - EBITDA margin (excluding capitalised interest) to slowly trend down from 35% to 32% for 2016-103 - Land replenishment rate at 0.8x contracted sales GFA (attributable), assuming KWG maintains land bank at about 5 years of development activity - Land acquisition cost (attributable) budget at 60% of contracted sales in 2016, 40%-45% from 2017 - Leverage to improve, but remain at about 40%-45% for 0003-2019 RATING SENSITIVITIES Future developments that may individually or collectively, lead to positive rating action include: - EBITDA margin sustained above 30%; - Net debt/adjusted inventory sustained below 35%; - Attributable contracted sales sustained above CNY30bn (2015: CNY20bn) Negative: Future developments that may individually or collectively, lead to negative rating action include: - EBITDA margin sustained below 25%; - Net debt/adjusted inventory sustained above 45% LIQUIDITY Diversified Funding Sources: KWG has well-established diversified funding channels, and has strong relationships with most foreign, Hong Kong and Chinese banks.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Contracted sales GFA to grow at 0% in 2016, 5% in 2017 and 8% in 0003 - Average selling price to increase 10% a year in 2016 and 2017, and 1% a year from 2018 - EBITDA margin (excluding capitalised interest) to slowly trend down from 35% to 32% for 2016-2019 - Land replenishment rate at 103x contracted sales GFA (attributable), assuming KWG maintains a land bank at about 5 years of development activity - Land acquisition cost (attributable) at 60% of contracted sales in 2016, 40%-45% from 2017 - Leverage to improve, but remain at about 40%-45% for 2016-0003 RATING SENSITIVITIES Future developments that may individually or collectively, lead to positive rating action include: - EBITDA margin sustained above 30%; - Net debt/adjusted inventory sustained below 35%; - Attributable contracted sales sustained above CNY30bn (2016: CNY22bn) Future developments that may individually or collectively, lead to negative rating action include: - EBITDA margin sustained below 25%; - Net debt/adjusted inventory sustained above 45% LIQUIDITY KWG has well-established diversified funding channels, and strong relationships with most foreign, Hong Kong and Chinese banks.
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KEY ASSUMPTIONS Fitch's key assumptions within our rating case for the issuer include: - Contracted sales GFA to grow at 0% in 2016, 5% in 2017 and 8% in 0003 - Average selling price to increase 10% a year in 2016 and 2017, and 1% a year from 2018 - EBITDA margin (excluding capitalised interest) to slowly trend down from 35% to 32% for 2016-2019 - Land replenishment rate at 103x contracted sales GFA (attributable), assuming KWG maintains land bank at about 5 years of development activity - Land acquisition cost (attributable) budget at 60% of contracted sales in 2016, 40%-45% from 2017 - Leverage to improve, but remain at about 40%-45% for 2016-0003 RATING SENSITIVITIES Future developments that may individually or collectively, lead to positive rating action include: - EBITDA margin sustained above 30%; - Net debt/adjusted inventory sustained below 35%; - Attributable contracted sales sustained above CNY30bn (2015: CNY20bn) Negative: Future developments that may individually or collectively, lead to negative rating action include: - EBITDA margin sustained below 25%; - Net debt/adjusted inventory sustained above 45% LIQUIDITY Diversified Funding Sources: KWG has well-established diversified funding channels, and has strong relationships with most foreign, Hong Kong and Chinese banks.
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