Sentences Generator
And
Your saved sentences

No sentences have been saved yet

"leverage" Definitions
  1. (formal) the ability to influence what people do
  2. (specialist) the act of using a lever to open or lift something; the force used to do this
  3. (British English also gearing) (finance) the relationship between the amount of money that a company owes and the value of its sharesTopics Moneyc2, Businessc2

980 Sentences With "leverage"

How to use leverage in a sentence? Find typical usage patterns (collocations)/phrases/context for "leverage" and check conjugation/comparative form for "leverage". Mastering all the usages of "leverage" from sentence examples published by news publications.

CNA's capitalization and leverage is very strong with financial leverage ratio at 19%, operating leverage at 0.6x and net leverage at 3.6x as of June 30, 0003.
KEY RATING DRIVERS Persistently Elevated Leverage The Negative Outlook reflects Coca-Cola's elevated leverage (on both a gross leverage and supplemental net leverage basis) as high for the current ratings.
Moderate Leverage, Improving Cash Flow Generation Silknet's leverage was moderate at 1.6x FFO adjusted net leverage and 11033x ND/EBITDA at end-2015.
Higher Leverage: KIM's leverage was 6.6x for the quarter ended Sept.
Reasonable Leverage: LTM adjusted leverage is currently 3.3x as of Sept.
Low Gross and Net Leverage: Bosch has low FFO-adjusted gross leverage and the lowest FFO-adjusted net leverage among Fitch-rated auto suppliers.
The rules are harsh but simple, for that person—to get the most, to leverage and leverage and leverage every advantage, and to win.
Low Leverage Bosch has low funds from operations (FFO)-adjusted gross and net leverage and has the lowest net leverage among Fitch rated auto suppliers.
Low Leverage, Strong Cash Flow: Fitch expects Kaztel's leverage to be 0.4x FFO adjusted net leverage by end-2017 (2016: 0.9x) and decline further in 2018.
Leverage Stabilising but High: Sky's leverage is high for the company's standalone rating.
Leverage, Covenants & Guarantees Sprint's leverage (Fitch defined total debt / EBITDA) as of Sept.
The Capital Requirements Regulation leverage ratio was 4.4% and UK leverage ratio 4.9%.
That gives me a lot of leverage, leverage that I intend to use.
Leverage: Following the acquisition of D+H, Misys's gross leverage will exceed 6x.
Senior leverage regularly hits 5.0x-5.5x and total leverage is reaching 7.5x-8.0x.
Appropriate Leverage AAT's leverage was 6.1x for the trailing 2123 months ended Dec.
"When leverage works, it magnifies your gains ... but leverage is addictive," Buffett wrote.
KEY RATING DRIVERS The Negative Outlook reflects Coca-Cola's elevated leverage (on both a gross leverage and supplemental net leverage basis) as currently high for the ratings.
The company has higher leverage than main Russian peers PSCJ Mobile TeleSystems (BB+/Stable) and Megafon (BB+/Stable), which maintain leverage below 3.0x FFO-adjusted net leverage.
If you don't they have nothing on you to leverage…Yes I said leverage.
Leverage: Fitch calculates total leverage (total unadjusted debt to operating EBITDA) as of Dec.
Consolidated GAAP operating leverage and net leverage were 0.49x and 1.99x, respectively, at Sept.
Leverage, Covenants & Guarantees Sprint's leverage (debt / EBITDA) as of June 30, 2016 was 7503x.
Senior leverage is 241 times and total leverage is 6.0 times, the sources said.
LOW LEVERAGE WITH SUFFICIENT CUSHION OHI has consistently maintained leverage between 3.9x - 5.1x since 2011, with leverage at 4.8x and 5x for the quarter and year ended Dec.
LOW LEVERAGE WITH SUFFICIENT CUSHION OHI has consistently maintained leverage between 3.9x - 5.1x since 2011, with leverage at 4.4x and 212x for the quarter and year ended Dec.
Fitch expects leverage to range between 3.0x-4.0x, with acquisitions periodically driving leverage above the higher end of this range before EBITDA contributed by newly acquired products normalizes leverage.
LEVERAGE & COVERAGE STRONG FOR RATING Leverage was 6.4x for the quarter ended June 30, 2017.
He still has the leverage that Los Angeles affords, but that leverage runs both ways.
Just that possibility gives Facebook political leverage and politicians reasons to want leverage over Facebook.
Stable Leverage: Fitch expects earnings growth to help improve leverage to around 1.9x by FYE21.
GAAP operating leverage and net leverage remained flat at 1.6x and 0003x, respectively, at Dec.
High Leverage: Axtel's current leverage is weak for the rating level, and its failure to show any signs of leverage improvement in the coming quarters will immediately pressure the ratings.
Leverage is also strong, with a Basel III leverage ratio of 15.3% at end-September 2017.
As of June 21000, 212000, ALSN's EBITDA leverage was 4807123x, while FFO adjusted leverage was 212001x.
High Leverage: Fitch expects HT Global's leverage to be higher than that of most IT peers.
Obviously we hope that China exercises its leverage, they have considerably more leverage than we do.
High Leverage Constrains Ratings: CGA's financial leverage is relatively high after acquiring Baoxin, with FFO adjusted net leverage of 6.2x and net debt to EBITDAR of 5.4x at the end of 2016.
High Leverage, Moderate Coverage: Huiyuan Juice posted moderately strong FFO fixed charge coverage of 3.0x at end-2016, but its leverage - measured by FFO-adjusted net leverage - was moderately high at 4.8x.
He's trying to leverage this with NAFTA and he's trying to leverage it with some other agreements.
The change in company leverage will directly affect some quantitative funds that use leverage as a screen.
Low Leverage but Rising: Fitch expects Makro's financial leverage (measured by FFO net adjusted leverage) to increase to 1.3x-1.4x over the next two years as its aggressive expansion is likely to continue.
Moderate Leverage: We expect Miratorg to maintain moderate FFO adjusted gross leverage within 7503x-3.5x (including debt and profits of guaranteed projects which contribute 0.5x to leverage), which is comfortable for the rating.
"Stocks with low operating leverage also have attractive fundamentals relative to stocks with high operating leverage," Kostin added.
The transaction further stressed leverage, and Fitch believes that leverage will remain above 13x during the intermediate term.
During the same period, leverage remained relatively high but stable, with operating leverage averaging 3.50x (3.56x in 2014).
High Leverage: TierPoint's strategy of expanding its footprint and capacity through acquisitions has led to elevated leverage ratios.
High Leverage, Weakening Liquidity: GSB's capital structure is viewed by Fitch as unsustainable due to excessive financial leverage.
For larger banks, the leverage ratio calculation would be similar to the Basel III supplementary leverage ratio (SLR).
Improved Leverage Headroom: TDC's FFO-adjusted net leverage reduced to 3.7x in 2016 from 4.6x at end-103.
Conservative Financial Policy, Leverage: Pakuwon has maintained a conservative financial profile and has a record of low leverage.
Improving Leverage Leverage is compatible with levels in the 'B' category and we expect some deleveraging in 3371261.
Fitch expects pro forma leverage of approximately 4.8x and pro forma adjusted gross leverage of 6.3x followed by a period of delevering to the company's target net leverage of 3.5x by year-end 2017.
KEY RATING DRIVERS Adequate Leverage Headroom: Leverage is comfortable for DT's rating with Fitch-defined funds from operations (FFO)-adjusted net leverage estimated to have improved slightly at end-0003 from 3.4x at end-2015.
Positive rating action is unlikely in the near term given WYNN's high leverage but Fitch may consider an upgrade to 'BB+' as gross leverage starts to approach 4x and after net leverage sustains below 4x.
However, a decision to distribute the proceeds to shareholders would likely lead to leverage being above our key leverage threshold of 2.5x FFO adjusted net leverage in 103-2019 and consequently a negative rating action.
Leverage Decreasing Fitch expects Continental's leverage to improve to a level consistent with a 'BBB+' rating by end-2018.
BWA's EBITDA leverage, based on Fitch's calculation, was 1.4x and FFO adjusted leverage was 2.1x at June 30, 2017.
Senior leverage is 4.3x and total leverage, including US$60m of mezzanine debt, comes in at 5.6x, sources said.
THAT THE MOST LEVERAGE – PEOPLE HAVE THE MOST LEVERAGE ON THE OIL PRICE TODAY ARE U.S. PRODUCERS, YOURSELF INCLUDED?
"The U.S. has little leverage in respect to North Korea, but it does have leverage with China," explained Holliday.
A leverage threshold of 2.5x FFO net leverage at 'BBB+' remains more stringent than for similarly rated telecoms peers.
SLF's financial leverage ratio (FLR) was modest at 14.4% and total leverage at 23.5% as of June 30, 2016.
As rates move higher, the cost of that leverage goes up, and eventually leverage will have to be unwound.
Leverage Constrains Rating Initial leverage and a historic weaker visibility of cash flow performance constrain a more positive rating.
Reasonable Leverage, but Edging Higher: Historically General Mills has maintained a leverage (gross debt/EBITDA) ratio comfortably below 3x.
Lippo has high leverage but greater financing flexibility, whereas Pakuwon has lower leverage and higher recurring EBITDA interest coverage.
Fitch's rating sensitivities for Bio-Rad use a lease adjusted debt leverage target given the material difference between Bio-Rad's unadjusted debt leverage and lease adjusted debt leverage figures (1.5x versus 2.3x at Dec 31, 2016).
Increase in Leverage: Cellnex is currently managing a spike in leverage as a result of previous acquisitions and expansion projects.
Fitch estimates SMFG to have already met its 8523 RWA and leverage thresholds, while MUFG also meets its leverage threshold.
Sony's FFO adjusted leverage ratio will become similar to Panasonic's of around 2.2x, however, Panasonic has lower net leverage ratio.
"Investors love tower companies because they have incredible operating leverage... The problem is that leverage cuts both ways," Kurn said.
"When you get growth, you get earnings leverage, and earnings leverage drives stocks, so that's a good thing," he said.
Improving Leverage Headroom: Investments in restructuring and reshaping its portfolio saw FFO-adjusted net leverage spike in 2015 at 2.8x.
The company's leverage at end-2015 was high: net debt/EBITDA was 3.6x and FFO adjusted net leverage was 4.3x.
Solid Leverage for Rating Orange's funds for operations (FFO)-adjusted net leverage at end-2015 was broadly stable at 3.3x.
Additionally, Fitch believes that core double leverage, or double leverage assuming the IHC did not exist, will remain below 120%.
Consequently, financial leverage is expected to remain near ACGL's financial leverage ratio (FLR) of 20.1% as of June 30, 103.
The bank's Tier 1 leverage ratio remained unchanged at 4% at end-3Q16, suggesting a qoq increase in leverage exposure.
BCG's Tianjin Beijing Expressway Co., Ltd leverage remains high, with an FFO-adjusted net leverage above 12x at end-2015.
Fitch estimates the impact on FFO net leverage in both FY17 and FY18 will be around 0.2x of adjusted leverage.
Fitch will focus more on WYNN's net leverage as opposed to gross leverage through the development of Wynn Boston Harbor.
We're able to leverage the things that people are good for and leverage the things that systems are good for.
Leverage Profile: Historically Telenet has broadly managed leverage towards the middle of their target net debt-to- EBITDA 3.5x-4.5x.
Leverage is slightly above our leverage expectations for a 'BBB-' rated tower company with Crown's business and financial risk profile.
Leverage Increase Moderating: Modern Land's leverage remained controlled at end-21000 and was comparable with that of 'B+' rated peers.
Low Leverage, Disciplined Financial Policy: Modern Land's leverage continued to be controlled and comparable with 'B+'-rated peers in 1H16.
Liberty would need to demonstrate sustained gross unadjusted leverage below 3.5x and QVC's unadjusted gross leverage managed to below 2x.
Leverage is finance jargon for borrowing, and the big banks had a ton of leverage heading into the financial crisis.
That's the president's leverage, and leverage, along with his crude take on muscular leadership, is his motivation for doing this.
Supplemental Net Leverage Expected To Be Mid-2x Fitch expects long-term gross debt leverage in 2017 of approximately 3.0x.
Falabella's corporate-lease-adjusted leverage at about 3.9x for the LTM ended June 30, 2017, compares favorably with Cencosud's adjusted gross leverage, but Falabella's credit metrics remain weaker than Liverpool's metrics with adjusted gross leverage at about 1.0x.
High Leverage to Moderate: Fitch estimates that Accor's FFO gross adjusted leverage will increase temporarily in 2017 after excluding discontinued operations.
Fitch expects leverage will be near the top end of the company's 213x to 3x leverage target during the rating horizon.
Increasing Leverage: Regulations limit SMI's leverage to 10x equity, although management has said it will limit future borrowings to 3x equity.
Conservative Leverage: MCO continues to target solid investment-grade ratings and historically has maintained Fitch-calculated unadjusted gross leverage around 0003x.
NO LEVERAGE As a practical matter, however, the United States and its allies may have no leverage over Turkey's internal affairs.
China, the ratings agency said, was the main driver of leverage growth in 2007-2017 and represented the largest leverage risk.
Conservative Leverage: MCO continues to target solid investment-grade ratings and historically has maintained Fitch-calculated unadjusted gross leverage around 2x.
Moderate Financial Leverage: Fitch expects JWD to maintain FFO-net-adjusted-leverage at 2.0x-3.0x over the medium-term (2015: 2.7x).
KEY RATING DRIVERS Moderate Leverage: Clorox's commitment to operating with leverage of 9083x-2.5x is a key support for its ratings.
"The Low Operating Leverage basket trades at the steepest P/E discount this cycle relative to our High Operating Leverage basket."
Leverage at BCG's Tianjin Beijing Expressway Co., Ltd remains high, with an FFO-adjusted net leverage above 12x at end-0003.
The rise of loan-only deals means that senior leverage is making up a higher proportion of total leverage in buyouts.
We estimate that Telia's leverage would fall below our 'A-' threshold of 2.5x FFO adjusted net leverage in 2018 and 2019.
Fitch expects Liberty's gross unadjusted leverage to be managed to 4.0x and QVC's unadjusted gross leverage to be managed to 2.5x.
Leverage to be Steady: Fitch expects KT's leverage to stay moderate in 7503, with higher operating cash flows and modest capex.
Public Leverage Target: VODZiggo's policy is to manage covenant leverage between 4.5x and 5.0x and to distribute excess cash to shareholders.
High Leverage but Expect Mid-13x Leverage by 2018 Fitch expects pro forma leverage near 5.5x at transaction close but expects leverage to trend towards the mid-3x by end of 2018, assuming underlying trends remain strong, targeted synergies are substantially realized (with $500 million targeted by end of 2019), and Newell pays down debt with FCF.
Good Leverage and FCC: Fitch expects that leverage will remain in the 5.0x-5.25x range over the next 2123 to 18 months.
Prior to the Swiss Towers AG investment, Cellnex was on track to reduce FFO adjusted net leverage (leverage) to 5x by 3Q19.
RMI Supports Ratings In addition to evaluating traditional leverage metrics, Fitch also considers leverage ratios that exclude debt used to finance RMI.
High Leverage: Premier's FFO-adjusted net leverage is very high at 8.4x at FYE17 and is not commensurate with a 'B' rating.
AMT's downgrade threshold of net leverage (unadjusted debt/EBITDA) of 5.0x for instance compares with EIT's FFO net leverage threshold of 4.0x.
Our forecast leverage of 3.4x in FY18 is compatible with Imperial's 'BBB' rating and our leverage downgrade sensitivity of a maximum 3.5x.
The fully-loaded Basel III Tier 1 leverage ratio edged up by 13bp qoq to 4.3%, primarily on seasonally lower leverage exposure.
Higher Leverage: As a result of higher-cost acquisitions, leverage increased to 40% at end-June 2016 from 35% at end-2015.
Leverage Increase to be Reasonable: Fitch expects Yuzhou's leverage to have increased to 35%-40% by the end of 2016 (1H16: 7503%).
However leverage measured as lease-adjusted net debt-to-EBITDAR leverage ranging between 4.0x and 4.5x remains moderate reflecting manageable refinancing risks.
Higher Leverage: Golden Eagle's payables adjusted net leverage increased to 3.27x by the end of 99353 from 2.3x in the previous year.
Moderate Leverage Overall: We estimate that Kcell's leverage may keep modestly rising due to negative free cash flow resulting from high capex.
Favorably, Athene has no financial leverage and currently has no plans to introduce additional financial leverage in the near to intermediate term.
As a result, enforcement lawyers at powerful agencies like the SEC have substantial leverage and discretion in how they use that leverage.
The company's credit profile is underpinned by low leverage, with funds-from-operations (FFO)-adjusted gross leverage of 0.1x at end-2015.
LEVERAGE TO REMAIN ELEVATED Kohl's adjusted leverage has moved from the low-2.0x range in 2012 to 2.7x primarily on EBITDA declines.
Higher Leverage: As a result of higher-cost acquisitions, leverage increased to 0003% at end-June 2016 from 35% at end-2015.
The company reported low operating leverage of 7.2x and very low financial leverage, demonstrated by surplus notes-to-TAC of approximately 6.8%.
Senior levels of leverage regularly hit 5.0-5.5 times and bankers are working on deals with total leverage of 6.5-1013 times.
Increased Leverage: Fitch expects Coazucar's net leverage to peak in 2017 at about 7x and then improve to below 4x in 2018.
Ascential's reported net debt/EBITDA leverage at end-September 23530 was 21103x, equating roughly to FFO lease adjusted net leverage of 5.2x.
MATERIAL REDUCTION IN LEVERAGE; EXPECTED TO STABILIZE Fitch projects HR will maintain leverage between 6x - 6.5x through 2018, comparable to 9083 levels.
Fitch forecasts that 2017 pro-forma FFO net leverage of 5.6x is expected to lead to an extended period of higher leverage.
This has resulted in 21000 and 2110 leverage increasing above the downgrade threshold of 21000x funds from operations (FFO) adjusted net leverage.
Take back leverage from who sends you traffic and how you get it, and take back leverage from how you make money.
RATING SENSITIVITIES Positive: Future actions that may, individually or collectively, cause Fitch to take a positive rating action include continued deleveraging, which would lead to sustained leverage of 103x-2.25x, adjusted leverage below 2.75x, and sustained FFO-adjusted leverage below 3x.
Leverage was roughly 2.3x at year-end 6463, and including Aon's recent $750 million senior debt issuance, pro forma leverage temporarily increased to roughly 2.6x (adjusting for the one-time legal settlement in early 2015, pro forma leverage would be 2.4x).
Shareholder returns that exceed FCF generation are incorporated into current ratings, to the extent that leverage remains below Fitch's 3x total leverage threshold.
Leverage is more in line with peers', with a Basel III leverage ratio of 4.9% at end-2015 (on a fully loaded basis).
TSARL's initial leverage is higher than leverage for JCI on a consolidated basis, but the difference is not sufficient to differentiate the ratings.
Greenland's leverage is as high as that of Evergrande but Greenland has a large level of uncollected sales to mitigate its high leverage.
Gross Leverage: Gross leverage for the latest 12 months (LTM) period ending June 30, 2016, was 2.7x, up from 2.2x at end-3368.
Increased but Acceptable Leverage: We project FFO adjusted gross leverage will decrease to around 3.5x in 2017 after peaking at 0003x in 2016.
Second, skin in the game is all well and good but investors should worry about this being done by piling leverage upon leverage.
SUMMARY OF FINANCIAL STATEMENTS ADJUSTMENTS -Leverage: Fitch subtracts distributions to minority holders of non-wholly owned consolidated subsidiaries from EBITDA for calculating leverage.
Leverage to Stabilise: We expect Singer's leverage to remain at around 4.5x over the next two years compared with 103x at end-2016.
High Financial Leverage: BFG's standalone credit profile is assessed to be non-investment grade, constrained by consistent negative FCF and high financial leverage.
Vanke's leverage remains very low relative to investment-grade rated peers, and comparable with Vanke's average leverage of 12.9% between 2011 and 2013.
Vanke's leverage remains very low relative to investment-grade-rated peers, and comparable with Vanke's average leverage of 2268% between 8523 and 2852.
This is partly mitigated by LSR's relatively low leverage (FFO net-adjusted leverage of 103x in FY15) as well as increasing geographical diversification.
Qatar had powerful leverage with the rebel factions it is believed to finance, leverage that could be useful to a strategist like Suleimani.
Greenland's leverage is as high as that of Evergrande, but Greenland has a large level of uncollected sales to mitigate its high leverage.
Giancarlo called for customer cash collateral held in clearinghouses to be excluded from a clearing member's leverage calculation under the supplementary leverage ratio.
Implementing the new leverage rules will take time and not all BDCs are expected to be able to take advantage of extra leverage.
Given the increases in leverage for both companies, Fitch expects moderating shareholder returns with PepsiCo's long-term supplemental net leverage in the mid 2x range compared with Coca-Cola's long-term supplemental net leverage that is expected to decline to less than 2x.
As a secondary leverage metric, Fitch also considers Air Lease's debt to tangible common equity on a consolidated basis, inclusive of Blackbird Capital, although given the currently small size and modest leverage of this platform, the impact on consolidated leverage is not material.
We expect gross leverage to decline toward 1.0x by end-2018 while we expect net leverage to remain about breakeven in the foreseeable future.
A typical high-leverage moment, like a break point or a tight spot in a first-set tiebreak, has a leverage value around 27.2%.
Further, this level of financial leverage would not trigger any rating sensitivities, however, BRK is approaching Fitch's limits on financial leverage and interest coverage.
The proposed acquisition would also reduce CICC's leverage, with gross leverage likely to decline to about 3.9x on a pro forma basis from 5.1x.
And using President Trump&aposs leverage, again the U.S. leverage on Beijing in order to get them to lean on their ally North Korea.
High Leverage: Parkson's leverage has risen in the past few years and it has moved into a net debt position on an accounting basis.
"This natural progression of integrating an acquisition, allows us to fully leverage Walmart's assets for Jet and leverage Jet's talent for Walmart," Lore said.
" He later added, "And because there is a ton of leverage in the model ... they were able to show margin leverage almost despite themselves.
Leverage Expectations: Fitch expects leverage to be modestly below 2.5x at the end of 7503 and improve to the low 2.0x range in 2018.
Stable Leverage: Times Property's leverage, measured by net debt/adjusted inventory, rose to about 40% at end-June 2017, from 33% at end-7503.
In the presentation, Peabody said it expects its first-lien leverage and total leverage to decline to 2.2 and 2.9 times respectively post-bankruptcy.
While planned reforms in China will slow the increase in leverage in the economy, it will not prevent the rise in leverage, Moody's cautioned.
ACHIEVED LOWER LEVERAGE TARGETS Fitch projects ESS's leverage will sustain around 6x assuming a decelerating but still accommodative operating environment and consistent development expenditures.
The rules called on bond market participants to reasonably control leverage ratios on bond trading and strictly abide by liquidity, leverage and ratio requirements.
FFO-adjusted leverage will remain at or below 1.0x and FFO-adjusted net leverage at or less than 0.0x (FY16: 0.8x and -963 respectively).
Decisions that increase leverage beyond 1.75x in the absence of a credible plan to reduce leverage will likely lead to a negative rating action.
Further, this level of financial leverage would not trigger any rating sensitivities; however, BRK is approaching Fitch's limits on financial leverage and interest coverage.
Shareholder returns that exceed FCF generation are incorporated into the current ratings to the extent that leverage remains below Fitch's 3.5x total leverage threshold.
The group's fully-applied CET1 (3.5%) and Tier 1 leverage (4.5%) ratios improved, benefiting from a 5003% qoq reduction in leverage exposure to CHF877bn.
HR has reduced leverage over the past five years with leverage at 6.3x for both 2015 and 2014 as compared to 8.7x at Dec.
Refinancing risk is mitigated by moderate leverage - we project it to remain at or below 2x FFO adjusted net leverage (1.6x at end-2015).
An expected payment of the settlement related to the corruption probe in Uzbekistan is likely to temporarily drive Telia's leverage slightly above Fitch's downgrade threshold of 2.5x funds from operations (FFO) adjusted net leverage in 2017; however, we expect leverage to decline in 2018-2019.
Leverage Management We expect Telia to take a conservative approach to its capital structure and manage leverage at close to 2.0x net debt/EBITDA (as defined by the company) in 2017-2020 (which corresponds to around 2.3x on our FFO adjusted net leverage metric).
High Leverage Constrains Rating: Yango's aggressive land acquisition since 2015, in which sales receipts were almost entirely reinvested in acquiring land, has driven leverage up.
This is, how do we leverage private sector dollars so we can leverage more private sector spending on infrastructure like pipelines and things like that?
Moderate Leverage: Fitch expects FFO adjusted leverage to reduce slightly to 3.5x in 2017 (2016: 3.7x) and remain around that level over the medium term.
Based on these assumptions, we expect LFF's FFO adjusted gross leverage to decrease below 5.5x in FY18, within Fitch's leverage guidance for a 'B' IDR.
WPG has lower leverage than CBL, although Fitch expects leverage for both to center in the low-to-mid 6.0x's range during the projection period.
LOWER LEVERAGE WITH THROUGH-CYCLE CUSHION Fitch projects leverage could be in the 5x - 5.5x range in 2017 depending upon the time of the close.
But we are going to get leverage, we believe, on the marketing line and we are definitely going to get fixed cost leverage going forward.
The 'BBB' rating reflects Syngenta's high initial leverage of over 5x FFO adjusted net leverage, which Fitch forecasts to fall to around 0003x by 2020.
Leverage exposure was marginally lower at CHF967bn at end-53Q16, which led to stable qoq look-through CET1 (3.3%) and Tier 1 (4.4%) leverage ratios.
Rising Leverage; Sufficient Cash Flow: We expect Greenwood's leverage to increase over 2016-2018, as it accumulates debt to finance the construction of its projects.
KEY RATING DRIVERS Transaction Increases Leverage: The affirmation reflects an expected increase in CS&L's financial leverage as a result of the PEG Bandwidth acquisition.
The incremental new debt raises financial leverage from 18.4% at year-end 2015 to 18.7%, which is below any negative rating triggers for financial leverage.
Synlab's financial leverage upon completion of this loan transaction will remain high, with FFO adjusted leverage around 7.5x at year-end 2017 (adjusted for acquisitions).
Leverage Expectations Mid-5x Range: Fitch expects Crown's 2017 gross leverage (absent the Lightower transaction) to be at the higher end of the 5x range.
Moody's rated the company B2, noting that this is a high rating for the amount of leverage but stated that it expects leverage to drop.
This equates to roughly 1.5x-2.5x of Fitch's supplemental adjusted net leverage calculation, which nets a portion of offshore cash against debt in calculating leverage.
Mid-33713195x Supplemental Net Leverage: For U.S. issuers with significant foreign cash balances, Fitch uses a supplemental net leverage ratio as part of our analysis.
The Trump administration is right that American aid to the Palestinians provides Washington with leverage, but it is applying that leverage to the wrong end.
While it's safe to say entrepreneurs have had negotiating leverage with the 'down draft' in the market, the VC community will start exercising their leverage.
The limited impact on leverage and timing of the transaction, which is not expected to close until sometime in 2018, reduce any potential leverage risks.
Russia wants leverage over the United States in the region, and its entrance into the Syrian war supporting Assad has provided significant leverage for Putin.
Appropriate Leverage: AAT's leverage for the quarter ending March 3371908, 33710278 was 337117x, an improvement compared to 21750x and 21000x for the years ended Dec.
As part of this transaction, certain reserve funding debt that was being treated as operating leverage was reclassified as financial leverage based on Fitch's criteria.
A public commitment to maintaining leverage at or below 5.0x would be viewed positively by Fitch as would be leverage sustaining below 5.5x through-the-cycle.
BFG's leverage - measured by FFO adjusted net leverage - remained high at 6x at end-2016 as the result of its large international acquisitions of food companies.
Sustained Lower Leverage Host has reduced its leverage from its down-cycle peak of 5.8x to 2.4x for the trailing 13-month (TTM) period ending Dec.
In term of leverage, Jinmao is closer to Yuexiu and Sino-Ocean, but much lower compared with BCDH, whose net leverage is as high as 60%.
In addition, increases in underwriting leverage above 1x net premiums written-to-equity ratio or a financial leverage ratio above 163% could generate negative rating pressure.
Since 2013, US regulators have been wary of leverage ratios above 6.0 times Ebitda, but this is a guideline, and adjusted leverage levels are often higher.
Leverage to Remain High: We expect Wind Tre's FFO adjusted net leverage to remain high at slightly above 5x in 2017-2018 (5.1x at end-2016).
Leverage Increase to be Reasonable: Fitch expects Yuzhou's leverage, measured by net debt-to-adjusted inventory, to increase to 35%-40% by end-2016 (1H7503: 35%).
NAC has the ability to assume economic leverage through derivative transactions which may not be captured by the Minimum Asset Coverage test or Effective Leverage Ratio.
Fitch expects FFO-adjusted net leverage to rise to 2.8x at the end of 2016, but leverage should decline in 99353-2018 as FCF generation improves.
Viacom's leverage increased to 3.6x during the latest 12 month (LTM) period ended June 30, 9083, which is outside the company's 2.75x to 3.0x leverage target.
Steady Leverage Expected: We currently expect Lodha's leverage to remain steady at around 70% in the next two years, supported by the company's strong domestic performance.
RATING SENSITIVITIES The Negative Outlook reflects Coca-Cola's elevated leverage (on both a gross and supplemental net leverage basis), which is high for the current ratings.
While the company's financial leverage is currently above expectations for its current rating category, Fitch expects leverage to return to approximately 25% in the near term.
Shareholder returns that exceed FCF generation are incorporated into current ratings to the extent that leverage remains below Fitch's 3.5x total leverage threshold, which remains unchanged.
The downgrade also takes into account the high leverage at the holding parent, as measured by common equity double leverage ratio, of 125% at end-1H17.
Annual leverage for leveraged buyouts rose to 6.73 times in 2019, the highest level since 2007, when total leverage was 7.05 times, according to the data.
"Low Leverage - "Companies that rank in the bottom 60th percentile in terms of leverage, as measured by net debt/EBITDA, total debt/EV, and quick ratio.
Since the Small Business Credit Availability Act doubled the amount of leverage BDCs can take on in 2018, many of the funds increased their leverage capacity.
" McConnell said that explanation for withholding the articles was that "Pelosi wanted leverageleverage to reach into the Senate and dictate our trial proceedings to us.
COLI, CRL and Poly also reduced leverage (net debt/adjusted inventory), whereas the aggregate leverage for Fitch-rated Chinese property companies increased to 38.6%, from 35.9%.
In addition, increases in underwriting leverage above 1.0x net premiums written-to-equity ratio or a financial leverage ratio above 25% could generate negative rating pressure.
The art of negotiation is all about leverage, and the five steps outlined will help you build the maximum possible amount of leverage for your company.
The dollar and euro term loans are guided to pay 2225bp over Libor/Euribor if leverage is greater than 2210 times; stepping down to 2475bp over Libor/Euribor for leverage between 20 times-212.5 times and 295bp over Libor/Euribor when leverage falls below 1.5 times.
Leverage Expected to Moderate RMI adjusted leverage (Total debt with equity credit less RMI / EBITDA less RMI interest) increased to 33711x and gross leverage increased to 3371212x for the latest-3371908-month (LTM) period as of June 33710540, 33710003, from 33714.875 x and 33714x, respectively in 33712016.
Our calculations indicate a 20% drop in sterling could increase New Look's unhedged leverage (FFO adjusted gross leverage) towards 7.9x (vs 6.8x at FY ended March 2016).
Seasonality and Leverage We adjust LFF's debt - and therefore FFO gross leverage - at financial year-end to take into account the company's factoring utilisation during the year.
Leverage remains higher than peers with a reported leverage ratio of 4.1% at end-2016, supported by the issuance of GBP1.5bn of additional Tier 1 capital securities.
Stable Leverage Fitch expects Tattel's FFO adjusted net leverage to increase slightly to 1.8x in 2017, from 1.7x in 2016, and remain below 2.0x in 2018-0003.
Leverage on the deal is approximately 5.4 times senior and 7.4 times total debt to Ebitda, which takes senior leverage up by nearly two turns, investors said.
Islandsbanki's capital and leverage ratios are solid and compare well with international peers (Tier 1 capital ratio of 20150% and leverage ratio of 35300% at end-244).
GAAP operating leverage and net leverage were 0.47x and 1.95x, respectively, at year-end 2016, and shareholders' equity grew at 8% CAGR over the past three years.
High but Decreasing Leverage: Fitch expects WHA's financial leverage to reduce to a level commensurate with its ratings by 2018, mainly based on its asset disposal plan.
Stable Outlook: At March 31, 2017, net leverage was 5.0x, and Fitch expects AMT's net leverage to decline slightly to under 5.0x at the end of 2017.
Leverage, however, is still high and we expect the group's leverage ratio to continue to improve as UBS retains earnings and issues additional Tier 1 (AT1) instruments.
Leverage Approach In calculating FFO adjusted net leverage for Telia, we have included in our FFO forecasts cashflow from Eursian assets classified by Telia as discontinued operations.
Fitch expects Ocean Spray's leverage will end fiscal 2016 in the mid 2x range with expectations that leverage will continue to trend downwards over Fitch's forecast horizon.
On this subject, the agent is incredibly frank: Here's the thing in terms of leverage though: If it's a high-level star, then you have more leverage.
SO IF THERE ARE ANY SIGNS OF DEVELOPING IMBALANCES ON THE LEVERAGE FRONT THEY'D BE MORE ON THE CORPORATE SECTOR, WHERE WE DO SEE SIGNS OF LEVERAGE.
"I do believe our president does need leverage and if he can use this as leverage, I would like him to have it," Ernst said of tariffs.
High Leverage: The ratings are also constrained by MMI's high FFO-adjusted leverage - Fitch forecasts 4.6x-7503x in FY17 and FY18 (FY16: 6.7x) - limiting its financial flexibility.
Current leverage ratios are the highest debt-to-Ebitda levels seen since the second quarter of 22012, before the financial crisis, when leverage also averaged 6.8 times.
American Family maintains low financial leverage of approximately 8% as of June 0003, 2017 and has high levels of interest coverage due to the low financial leverage.
"Barzani had very little leverage before and he has absolutely no leverage now," said Denise Natali, a Middle East specialist at the National Defense University in Washington.
Mitch McConnell: Coronation for this shameless game playing is his bigger policy wanted leverage, leverage to reach into the Senate and dictate our trial proceedings to us.
He wrote about the upside of leverage but not about the perils of leverage during the kind of big price drops that were just around the corner.
Russia has been trying to leverage its influence in its favor, and has achieved major leverage through its involvement in supporting Bashar al-Assad's government in Syria.
Shareholder returns that exceed free cash flow (FCF) generation are incorporated into the current ratings to the extent that leverage remains below Fitch's 2.75x total leverage threshold.
Leverage Headroom, FCF Constrained: We expect Orange's funds from operations (FFO)-adjusted net leverage to remain broadly stable at 103x over the next three to four years.
Negative Rating Actions: Negative action could occur if QVC does not return leverage to below 05403x within 18 months; if financial policy changes, including more aggressive leverage targets and asset mix changes, weaken bondholder protection; or if there are unexpected revenue declines in excess of 10% that materially drive declines in EBITDA and FCF, and result in QVC's leverage exceeding 2.5x in the absence of a credible plan to reduce leverage.
Elevated Leverage Driven by Increased RMI Gross leverage (which adds debt related to receivables securitization) increased to 3.8x as of June 30, 2016 compared to 2.8x in 2015.
Guangzhou R&F's leverage has also been stable compared with the more volatile leverage of these peers and it has a stronger business profile despite its smaller scale.
The average point won by Mr Federer had a leverage value of 7.2%, while the typical point claimed by the ultimate victor had a leverage value of 7.9%.
"Risks from leverage can be addressed by creating a harmonized reporting framework and by making better use of existing possibilities to set leverage limits." editing by John Stonestreet
Supplemental Net Leverage Expected to Decline For U.S. issuers, Fitch currently excludes foreign cash balances from its definition of readily available cash used to calculate net leverage metrics.
Fitch estimates total leverage was 2.2x exiting fiscal 2016 after factoring in a full year of Broadcom revenue and we forecast total leverage near 2x exiting fiscal 2018.
The real question — or so I'd argue — is leverage within the financial sector, and in particular the kind of leverage with no safety net that characterizes shadow banking.
Typically infrastructure deals can be financed with higher leverage and will pay lower yields, compared to private equity deals which offer slightly lower leverage and pay higher yields.
KEY RATING DRIVERS Investment-Property Acquisitions Raise Leverage: IBREL's leverage, measured as net adjusted debt/adjusted inventory, increased to 33718256% in financial year ended 33710325 March 337191 (FY33710003).
China's financial risks are reflected in its high leverage, Yi said, highlighting indebted state-owned enterprises, hidden local government debt and the relatively rapid growth in household leverage.
Moderately High Leverage: Brinker transitioned to a high-yield credit after recapitalizing its balance sheet in September 211 and is targeting lease-adjusted leverage of 21500x to 21000x.
The company's leverage is likely to increase to around 3x over the medium-term, although FFO net leverage should improve to around 1.5x by end-2016 (2015:2x).
KEY RATING DRIVERS No Leverage Headroom PMI's FFO-adjusted gross leverage continued to increase to 3.3x in 2015 (203: 3.2x), above the 3.0x ceiling for PMI's 'A' rating.
Low but Rising Leverage: Makro's funds from operations (FFO) net adjusted leverage is likely to rise to 1.6x-1.7x at end-2016 due to its continued aggressive expansion.
The European Central Bank followed US regulators in capping leverage ratios at six times Ebitda, but this is a guideline, and even adjusted leverage levels are often higher.
The group's fully-loaded Basel III Tier 1 leverage ratio rose around 10bp qoq to 4.7% on a lower leverage ratio exposure and a higher CET1 capital base.
Telenet has sufficient margin in its pre-dividend FCF to absorb the impact and maintain funds from operations (FFO) adjusted net leverage (leverage) below 5.2x if it chooses.
The company's net leverage target of 21000x, capitalizing leases at 2110x, equates to 21000x Fitch-defined leverage (capitalizing leases at 211x) assuming minimal cash balances for both calculations.
BGEO's ratings also take into account the current absence of any double leverage at the holdco level and Fitch's expectation that any future double leverage will be moderate.
Fitch expects Brinker will have to amend its credit facility to allow for incremental leverage (given a maximum leverage of 3.5x based on capitalizing leases at 2212x rent).
We expect leverage (on a lease adjusted funds from operations (FFO) net leverage basis) to marginally rise to around 3.3x at end-2016, from 3.1x at end-2015.
ON THE OTHER HAND, EIGHT, NINE YEARS OF CONTINUOUS REGULATION, SUPPLEMENTAL LEVERAGE RATIO, LEVERAGE RATIOS, TIER ONE CAPITAL RATIOS, FULLY PHASED – RATIOS AND I COULD GO ON FOREVER.
Elevated Leverage: Fitch projects leverage (excluding the effects of preferred stock) will settle in the low- to mid-6.0x range through 2019, higher than Fitch's negative rating sensitivity.
At the end of 2016, China's leverage ratio in the macro economy was 247 percent of GDP, while leverage in the corporate sector reached 165 percent of GDP.
PROPOSED RULES LIMITING DERIVATIVES AND LEVERAGE IN FUNDS LIKELY DEAD Regulators have historically discouraged the use of derivatives to create leverage, but there has been no actual prohibition.
The real issue is what impact higher rates have on leverage, as there's more leverage in the financial system than ever before as measured by total worldwide debt.
It's not necessarily college that gives people the leverage to build a better working life, it's that not having a degree decreases whatever leverage they might otherwise have.
Typically, infrastructure deals can be financed with higher leverage and will pay lower yields, compared to private equity deals which offer slightly lower leverage and pay higher yields.
"I think it gives her leverage; it gives the House leverage in terms of making sure that it's not going to be a kangaroo court over there," Rep.
Traditional capital adequacy metrics, including operating leverage of 0.4x and net leverage of 2.6x, were more conservative than statutory sector credit factors (SCF) medians for the current rating.
IHS Netherlands is reasonably positioned compared with its investment grade international peers, with strong margins and moderate leverage; EBITDA margin 50% and FFO adjusted net leverage of 3.5x.
LVGEM's leverage, as measured by net debt/adjusted inventory, will increase to above 212000% at end-44357123 and Fitch expects leverage to remain above 212001% in 2001-2019.
Fitch expects proceeds from the asset sale will be used to reduce debt, decreasing leverage below Fitch's 3.0x gross leverage (unadjusted debt to EBITDA) in the near-term.
Extended High Leverage: The Bard acquisition will occur fairly quickly on the heels of the $12 billion acquisition of CareFusion in 2015, extending a period of elevated leverage.
How much leverage is out there is actually a mystery, given that there are various forms of stock-market leverage that are not tracked, including leverage at the institutional level and "securities backed loans" offered by brokers to their clients (here's an example of how these SBLs can blow up).
Leverage Expected to be Sustained below 3x: As noted, Conagra ended fiscal 2017 with leverage of 1.9x compared with leverage of 3.6x in fiscal 0003 as it used its proceeds from Lamb-Weston and the divestitures to reduce debt from $7.9 billion to $3 billion (Fitch adjusted) in fiscal 2017.
The company's Ebitda is US$1.75bn, which could give a financing of US$10.5bn, based on leverage of six times, although the leverage and debt financing could be higher.
Spikes in leverage driven by spectrum investment may be consistent with the current rating level if the company has a credible plan to reduce leverage within 13-24 months.
In addition, FCA's relatively high gross leverage is offset by the substantial cash maintained by the group, and consolidated FFO adjusted net leverage is more commensurate with the rating.
While EBITDA margin and FCF generation could support slightly more leverage at the current rating, the regulatory and litigation event risk (discussed below) weighs upon the rating's leverage tolerance.
"I'm convinced that you have the leverage in your hands and this leverage can help toward closing the way for the one open issue," Dimitrov said through an interpreter.
Given industry consolidation trends and the significantly higher leverage profiles of UHS's peers, Fitch does not anticipate UHS making a public leverage commitment to support an investment grade profile.
Others possibly could hit the leverage figure via repayment out of revenue shares — including by permitting tolling on interstate highways — but that's a future possibility rather than initial leverage.
We also highlight the largely utilised liquidity reserve under the committed facilities, and the exhausted leverage headroom of 101146403x calculated on a funds from operations (FFO) adjusted leverage basis.
Fitch believes FFO-based leverage metrics are more appropriate than traditional debt/EBITDA leverage metrics given U.S. GAAP treatment of the digital revenues generated by EA's online-enabled games.
Leverage Temporarily Higher: Fitch expect Lifestyle's leverage to be higher in 2016-2017 following the spinoff, as some of the net cash will be lost with the China business.
In 22013, nearly 49% of deals had leverage greater than 6.0 times and in 2007, prior to the financial crisis, only 24% of deals had leverage above that level.
The approach succeeded wildly, so much so that the group soon launched a sister fund in summer 2006 with even higher leverage, the High Grade Structured Enhanced Leverage Fund.
We need some leverage with the Russians, because they are not going to come to the negotiating table for a diplomatic resolution, unless there is some leverage over them.
High Leverage: CNHI Capital's leverage, as defined by debt-to-tangible equity, was 9.4x at end-1H13, little changed from end-2016, but down from 9.6x at end-2015.
Shareholder returns that exceed free cash flow (FCF) generation are incorporated into current ratings to the extent that leverage remains below Fitch's 3.5x total leverage threshold, which remains unchanged.
In the past five years, the company's average leverage, as measured by the FFO adjusted leverage ratio, was 0.4x, while its net debt/EBITDA ratio was negative at 0.2x.
HABERMAN: O.K. THRUSH: Do you feel you've surrendered any leverage in these health care — TRUMP: No. THRUSH: Do you think these guys can — TRUMP: No. I didn't surrender leverage.
" Murphy added: "I think if we're trying to create leverage on the Republicans, that leverage really exists when we put them on the record on motions to call witnesses.
Transaction Reduces Leverage Trilogy had core telecom leverage of 4.3x at the end of 2016 that is adjusted for handset-related financial services (FS) operations and minority dividend distributions.
BFG's FFO-adjusted net leverage was 5.7x at end-2016 and we expect leverage to remain relatively stable over the medium term if management follows through on its commitments.
"I think we're using our leverage now, and we're going to continue to have leverage because it's an ongoing event," Crowley (D-NY) said when asked about Gutierrez's criticisms.
Negative Rating Actions: Negative action could occur if QVC does not return leverage to below 2.5x within 7503-15 months; if financial policy changes, including more aggressive leverage targets and asset mix changes weakening bondholder protection; or if there are unexpected revenue declines in excess of 10% that materially drive declines in EBITDA and FCF, and result in QVC's leverage exceeding 2.5x in the absence of a credible plan to reduce leverage.
"Turkey is going to leverage this issue and leverage the U.S.'s need for Turkey to participate in the fight against the Islamic State to secure the extradition," added Goujon.
Leverage to Rise: Fitch expects GWTH's leverage, as measured by net debt/adjusted inventory, to trend towards 40% in the next one to three years, due to faster land acquisitions.
More Aggressive Financial Policy, Leverage: Relative to its previous review, Fitch now expects IHS Markit to operate at the higher end of its existing total leverage target of 2.0x-3.0x.
KEY RATING DRIVERS Improved Leverage Metrics Fitch forecasts Arcelik's receivable adjusted funds from operations (FFO) net leverage to come down to 1x at end 2016 from 1203x at end 2015.
Risks to Leverage Improvement: We forecast TBLA's net adjusted debt to EBITDAR leverage to fall to 3.0x by end-2017 and decline to 2.5x by 2018, from 4.0x in 2016.
Moderate Leverage: We estimate Japfa's leverage to remain at around 2.3x in 2016-2017, based on our expectation that demand and supply in the Indonesian poultry market would remain balanced.
Endo had leverage of about 6.3 times at the end of 2018 and Mallinckrodt had pro forma leverage of about 4.9 times as of September 30, according to Moody's data.
We expect deleveraging will continue over 2016-17 with FFO-adjusted net leverage declining to around 3x by 2017, progressively creating headroom against our negative rating trigger of 3.5x leverage.
Higher Leverage: CSC's leverage, measured by net debt/adjusted inventory, rose to 33710003% at end-March 33712263 from 33719935% at end-March 337127, which is in line with our estimate.
The resulting increased leverage is likely to remain at reasonable level given its low leverage of 13% as at June 2016 (2014: 32%), as measured by net debt/adjusted inventory.
Without new equity, we expect CUHKL's FFO-adjusted net leverage to approach 3x in 5003, compared to our forecast net leverage of -0.3x and 2.0x for CML and CTCL, respectively.
"American holds below-average margins, industry-leading leverage, and lackluster cash flows creating outsized cyclical leverage and motivating our downgrade," analyst Rajeev Lalwani wrote in a note to clients Wednesday.
Capex Driving Higher Leverage: Fitch now expects funds from operations (FFO) adjusted gross leverage to rise to 6.6x in 2017 and 13, due to the additional EUR50 million of debt.
Leverage a Key Constraint: Fitch expects leverage to remain high until Golden Eagle is able to generate cash from residential property sales or sees a turnaround in the core business.
Shareholder returns that exceed free cash flow (FCF) generation are incorporated into the current ratings to the extent that leverage remains roughly in-line with Fitch's 3x total leverage threshold.
Maximum leverage is gone But the ship of maximum leverage has sailed, argues Cheon Seong Whun, a former South Korean government official who worked in the defense and unification departments.
The U.S. Treasury department, for example, has recommended changes in the way leverage ratios are calculated, with effect of reducing the amount of equity banks need to meet leverage standards.
But the appearance of leverage is not real leverage, and this gimmick in no way improves the chances of securing necessary military funding increases without simultaneous increases in domestic spending.
ETFs offering three times leverage already trade in the United States, but the question now becomes how much leverage is too much and where does the regulator draw the line?
There is an alternate hypothesis: The reason that limited strikes rarely seem to translate into "leverage" is because they do not produce "leverage," a fuzzy term with no fixed meaning.
He said that the president had succeeded in amping up leverage on China, but that the administration risked squandering that leverage for a deal that focused primarily on product purchases.
Fitch expects leverage to stabilise at 30%-40% for the next two years as KWG's leverage is correlated with its contracted sales growth rate and its land-bank replenishment strategy.
However, Fitch estimates a mildly negative effect on funds from operations (FFO) lease adjusted net leverage given that Fitch does not currently include the Indian spectrum in its leverage calculation.
Its leverage of 21000% at end-212000H4807123 was very low relative to peers with investment-grade ratings and also comparable with Vanke's average leverage of 212001% between 2011 and 2016.
The loans are being raised at a holding company level, so as not to affect leverage at Iliad's operating company, where leverage is at around 2.0 times, the sources said.
Leverage Continues to Worsen: Fitch expects Wuzhou's leverage, as measured by net debt/adjusted inventory, to reach 40% in 2016 (1H16: 41.4%) and continue rising to above 50% from 2017.
Negative: future developments that may, individually or collectively, lead to negative rating action include: - increased leverage to sustainably above 22015x FFO adjusted net leverage without a clear path for deleveraging.
"Viacom's leverage has risen well above the 3.25x sustained leverage threshold for the Baa2 rating, leaving no room for additional debt or operational setbacks under the company's ratings," it said.
We need to some leverage with the Russians because they are not going to come to the negotiating table for a diplomatic resolution unless there is some leverage over them.
Core Telecom Leverage: Including the effects of a discretionary pension contribution that accelerated near-term minimum contributions, the effects of the Yahoo and XO acquisitions, and the data center sale, Fitch expects Verizon's core telecom leverage to increase slightly to 2.4x in 2017, relative to year-end 2016 core telecom leverage of 2.3x.
Negative: Negative ratings pressure could result from a more aggressive financial policy with leverage exceeding Fitch's 4x threshold in the absence of a credible plan to return leverage below the threshold.
We also expect net leverage - measured by FFO net adjusted leverage - is likely to remain at 4x, driven by single-digit revenue growth, an improved margin and large working-capital needs.
Land Costs Drive Up Leverage: Fitch expects KWG's proportionate consolidated leverage, measured by net debt-to-adjusted inventory, to increase to 21000% by the end of 212000 (4807123: 212001%, 1H16: 29%).
These factors offset Fitch's expectation that Equity Residential will operate with higher leverage than MAA through the cycle given its financial policies (current leverage is low given lack of reinvestment opportunities).
KEY RATING DRIVERS Leverage to Remain High: Sunshine 100's leverage remained high at around 69% as of end-2016, rising from 63% at end-2015 and 53% at end-2014.
OCBC's capitalisation and leverage remain sound and in line with local peers, as indicated by the fully loaded common equity Tier 673 ratio of 267% and reported leverage ratio of 296%.
Land Costs Drive Up Leverage: Fitch expects KWG's proportionate consolidated leverage, measured by net debt-to-adjusted inventory, to increase to 33710003% by the end of 33719914 (337129: 33712016%, 21750H21000: 2110%).
Land Costs Drive Up Leverage: Fitch expects KWG's proportionate consolidated leverage, measured by net debt-to-adjusted inventory, to increase to 33710003% by the end of 33712263 (33719935: 337127%, 21750H21000: 2110%).
For a leverage increase related to a debt-funded project, Fitch would assess MGM's liquidity and pro forma leverage as well as the project's diversification benefits and return on investment prospects.
Any new owner has the ability to add two extra turns of leverage to the deal on an unsecured basis, which would push leverage up to seven times, from five times.
Higher Leverage: Fitch calculates that BAT's consolidated funds from operations (FFO)-based gross leverage could rise to over 6.0x on a pro forma basis in 2017, when the transaction should close.
KEY RATING DRIVERS Leverage Increase BAT's funds from operations (FFO)-adjusted net leverage increased to 4.0x in 2015 from 2.3x in 2013, well above the 2.8x ceiling for BAT's 'A-' rating.
Leverage Expected to Decrease over Rating Horizon Estimated leverage (adjusted for cranberry COGS) for the LTM ended May 28, 503 was 2.3x down from 2.8x at the end of fiscal 2015.
LVLT is committed to deleverage to the low end of its net leverage target of between 3.0x and 0003x, while we expect GCX's leverage to worsen to over 5.0x in FY18.
KEY RATING DRIVERS High Leverage Constrains Rating: Tahoe's leverage of 73.9% at end-2016 was high, and has increased to 87.9% at end-September 2017 due to its aggressive land banking.
KEY RATING DRIVERS Mid-212000x Leverage by 4807123 Rogers' credit profile remains weak with leverage beyond current rating guidance at the end of the first quarter 212001 at 3.0 times (x).
Fitch's ratings for BXP assume that it will continue to manage leverage closer to its 6.5x-7.0x target through-the-cycle despite the projections of lower leverage through the rating horizon.
At end-1Q17, the bank's fully-loaded CET1 leverage and Tier 1 leverage stood at 5003% and 4.6% respectively, and the capital increase would have added around 50bp to each ratio.
Elevated Total Leverage: Fitch expects total leverage will remain elevated but strengthen over the near term from improving profitability and expected repayment of the company's upcoming debt maturity in Oct. 0003.
Fitch also adjusts American Family's operating leverage to exclude the life insurance subsidiary that is stacked underneath the property/casualty operations and operating leverage increases to 1.3x at year end 2016.
"This natural progression of integrating an acquisition allows us to fully leverage Walmart's assets for Jet and leverage Jet's talent for Walmart," Lore said in a blog post at the time.
CUPI issued CNY6 billion in subordinated debt to strengthen its regulatory capital position in 4Q16, however, this increased its financial leverage to about 31% at end-2016 (end-0003: zero leverage).
The financing will have pro forma net first lien leverage of 5.6x and net total leverage of 6.8x, based on pro forma Ebitda of €161.6m to September 2017, the sources said.
Elevated Leverage on Weak Margins: Fitch expects BRI's leverage to remain elevated in the next two to three years, driven by a Fitch-forecasted weak EBITDA margin of 2.2% in 2017F.
We continue to believe that Lyft is beginning to prove out its path to profitability from competitive dynamics improving, long-term pricing power, insurance leverage, and expense leverage from scale advantages.
Stable Leverage We expect X5's FFO adjusted gross leverage to peak at 4.2x in 2016 (2015: 3.9x) due to large LTI payment before returning to around 4.0x in 2017-0003.
Land Costs Drive Up Leverage: Fitch expects KWG's proportionate consolidated leverage, measured by net debt-to-adjusted inventory, to increase to 21500% by the end of 21000 (212000: 4807123%, 212001H16: 29%).
For example, Sydney-based CFD provider IC Markets advertises leverage of up to 13 times the money a client invests, while other providers said they offered leverage of 100-200 times.
The increase in dollar loans pushed senior leverage slightly higher to 245 times from 290 times, while total leverage on the deal remained the same at 245 times, the sources said.
Use Your Leverage – Never show desperation for a deal.
" Quarles promised a formal proposal on leverage "relatively soon.
" But "they lose, not gain, leverage by sequencing this.
" He also pledged to "use whatever leverage we can.
Newell has historically operated with leverage at or below 2.5x; however, with the announcement of this acquisition, the company has changed its financial policy to target leverage in the 3.0x-3.5x range.
The group's Tier 1 leverage ratio also improved 25bp to 4.1% at end-3Q16, reflecting the seasonally large leverage exposure in 2Q16 when the group bolstered liquidity buffers in its US operations.
KEY RATING DRIVERS Leverage Target Availability: Fitch expects Discovery to remain within the company's stated target leverage of 3.25x-3.4x despite additional debt issuance above the debt tender to fund tender premiums.
Appropriate Leverage Fitch expects leverage to sustain in the mid-5x range as the company funds accretive acquisitions and build-to-suit development projects with proceeds from dispositions on lower yielding assets.
While the proposed junior subordinated notes will slightly reduce leverage, Fitch expects pro forma leverage will remain elevated above our 3.5x threshold level, weakly positioning the company in the 'BBB' rating category.
The leverage policy adopted by management at Play is consistent with a higher rating, with 'BB-' expected to be assigned once the PIK note closes and the overall group leverage is clear.
Its leverage position, which had deteriorated significantly as a result of its losses, is expected to improve materially (leverage ratio likely to have risen to around 0003% from 2.4% at end-1H17).
COLI's strong operating cash generation in 13 and 2016 substantially offset the impact on its leverage from the acquisition of the property portfolio of CITIC Limited, which has a relatively high leverage.
The company's Ebitda is $1.75 billion, two bankers said, which could give a financing of $10.5 billion, based on leverage of six times, although the leverage and debt financing could be higher.
KEY RATING DRIVERS Leverage Still High: Fitch expects Guangzhou R&F's leverage to stabilise at around 9083%-60% in 2016-2017 after peaking at 61.3% at end-2014 following aggressive land banking.
Moreover, we project weak trading results to push FFO adjusted leverage at the end of 2016 to the edge of the negative sensitivity guidance of 0.83x calculated on FFO adjusted leverage basis.
In the interim, leverage will be high (net leverage above 6x) and there is minimal cushion in the credit profile to absorb further operating deterioration or WYNN ramping up shareholder-friendly activity.
The post-transaction leverage and forecast leverage over the rating horizon is more in line with a 'BB' financial profile, whereas the business profile is forecast to remain in the 'A' range.
And in the nonfinancial corporate sector, gross leverage is high by historical standards," he said, although he noted that firms held a lot of liquid assets so "net leverage is not elevated.
The governing documents of the TPS do not provide for an effective leverage ratio test; however, the document requirement for asset coverage of 225% effectively caps structural leverage at 44.4% (1/2.25).
It is called the supplementary leverage ratio because it is higher than what the Basel Committee on Banking Supervision recommends in the Basel III capital, liquidity and leverage framework recommended for banks.
This can be done by inflating a company's Ebitda through adjustments - which makes the leverage seem smaller - or by showing the company can generate enough cash to bring leverage down quickly thereafter.
Fitch expects FOX will curtail share repurchases and use its FCF generation and cash balances to return leverage to within the company's leverage target of 2.5x-3.0x within 103 months of closing.
Relatively Stable Leverage Expected Fitch anticipates leverage (total debt/EBITDA) will remain in line with the 0003x pro forma for the $400 million term loan issuance in September over the longer-term.
Acceptable Refinancing Risk: The November 2016 buyout and the FY17 operating underperformance drove leverage metrics above Fitch's expectations, with both gross and net FFO adjusted leverage ratios estimated at 6.6x at FYE17.
We also expect that net leverage - measured by FFO net adjusted leverage - is likely to remain at 4x, driven by single-digit revenue growth, an improved margin and large working-capital needs.
Although Fitch expects QVC to manage leverage down to its stated 2.5x leverage target within 13-15 months, recent operating performance weakness suggests that debt repayment may be necessary to accomplish this.
A bank with a systemic risk buffer of 1 percent would have, for example, an additional leverage ratio buffer of 0.35 percent on top of the current 3 percent minimum leverage ratio.
However, Fitch uses a double leverage calculation based on common equity, and estimates that CTBC Holding's common equity double leverage ratio is likely to remain high at around 124% in 2H17-2018.
That's not fair, since the new act gives debtors like Prepa far more leverage to negotiate — leverage the power authority didn't have years ago when it started the negotiation with its creditors.
High Leverage: Low profitability and significant investments have impaired Kotagala's cash flow generation, resulting in its leverage, calculated as adjusted net-debt/EBITDA, rising to 12.6x at FYE15, from 20153x at FYE12.
High Leverage to Decrease: Over 2013-2016 Eurotorg's funds from operations (FFO)-adjusted gross leverage had been within 13x-6.0x, which is commensurate with food retail peers in the 'B' rating category.
This enables TDC to sustain slightly higher leverage than peers and is reflected in the marginally higher (0.2x) FFO-adjusted net leverage levels the company can maintain for a given rating category.
"A tight labor market means workers have more leverage, and when workers have more leverage, they get the nice office chairs with lumbar support," Cramer said, alluding to Herman Miller's Aeron chairs.
And so, we put some leverage on it and if you're growing much faster than the stock market averages and you put leverage on, you'll make probably double the indexes over time.
Leverage Remains Low Fitch's views Batelco's financial profile as strong, underpinned by our expectation of a conservative leverage profile, strong cash flow generation and a sound liquidity profile over the medium term.
KEY RATING DRIVERS High Financial Leverage: WHA's consolidated financial leverage rose significantly in 2015 because the acquisition of Hemaraj Land and Development Public Company Limited (Hemaraj) was mainly financed via debt of THB32bn.
Positive Rating Action: Positive action would likely result from further diversification into markets with lower cyclicality, increased customer diversity and Fitch's expectations for structurally lower leverage through the cycle (total leverage near 2.5x).
Low Leverage to Remain Fitch estimates Valid's net adjusted leverage to remain below 26273x over the next three years as the company develops its operations and benefits from gains in scale and synergies.
Still Low Leverage at Holding Level Fitch forecasts a pro forma leverage ratio of net debt-to-dividends received at 2x for Cosan Limited assuming the bonds issuance will amount to USD0003 million.
KEY RATING DRIVERS High Leverage: Yida's leverage has remained above 33712263% historically and was at 33719914% at end-337129, which is higher than for most mid-to-high 'B' rating category Chinese developers.
In either case, the exposure that the U.S. has in the global market becomes unusually pronounced when one country (China) has such leverage over one industry (soybeans) — essentially a $26 billion power leverage.
LXP is focused on industrial and office properties and has a similar leverage policy to GPT, although LXP's leverage is currently below 212000x; both companies are well diversified by tenant, industry and geography.
"My partner Charlie says there is only three ways a smart person can go broke: liquor, ladies and leverage," Buffett explains, with "leverage" referring to the practice of borrowing money to buy stocks.
"The Chinese are frustrated and dismayed by North Korea's conduct, but China has the greatest leverage, and with the greatest leverage comes the greatest responsibility," he told the Australian Broadcasting Corp on Monday.
Moderate Leverage: Fitch expects X5's FFO adjusted leverage to remain stable after its reduction in 2016 to 3.5x (2015: 2123x) which is fully aligned with the ratings in the sector in Russia.
However, the following factors may result in positive momentum on the rating and/or Outlook: --Fitch's expectation of leverage sustaining below 6.0x (leverage was 6.3x for the trailing 12 months (TTM) ended Dec.
Market analysts, however, are not too concerned with the spike in leverage, but are bothered by the growing trend of leverage facilities used to meet yield targets, rather than boosting distributions to shareholders.
Having said that, we are looking to leverage our partner Petronas to help create value for our portfolio companies, and similarly looking to leverage our portfolio companies to create strategic value to Petronas.
Fitch views WPG's long-term leverage target of 6.5x favorably; the company's leverage was 6.2x for the quarter ended June 30, 2017 and 5.7x for the trailing 12 months ended June 7503, 2017.
Leverage big data and machine learning to find federal efficiencies.
Well, yeah, at the time, yeah, they have the leverage.
"Your biggest leverage comes from investing in yourself, " Corley says.
And now they are looking to extract their due leverage.
But a buyout would have to be short on leverage.
Each must also maintain a minimum leverage ratio of 23288%.
DT's leverage and liquidity are comfortable for the rating level.
JEFFREY GUNDLACH: Leverage loan market is less scary to me.
Yeah, it gives them a level of human capital leverage.
These include maintaining leverage below 4807123x and FCC above 212001x.
Why give up leverage when you have it right now?
In other words, yes, the United States has tremendous leverage.
Because I think it takes our leverage off the table.
"We're looking at all opportunities to leverage technology," he said.
Annualized cash flow leverage amounted to 5.42x as of Sept.
That gives Disney leverage to keep boosting prices for ESPN.
Classwide arbitration, the corporations said, gives undue leverage to consumers.
We can therefore leverage these resources to help future startups.
Fitch forecasts leverage decreasing in 2017 when compared with 5003.
Isaac Pareto: Rokar used the game as leverage over Jen.
Last is the economic leverage that Beijing holds over Taipei.
They still didn't have the leverage, however, to pass them.
That gives Netflix a lot of leverage in any dispute.
Traditional seed investors leverage referrals to get the best deals.
Right now, as consumers, we only have so much leverage.
How can any of us leverage the power we have?
We definitely leverage that for bringing in prospects and customers.
Mr. Nunberg said that Mr. Cohen "should maximize" that leverage.
But there are limits to Apple's leverage in the country.
They leverage the power of collective intelligence and collaborative innovation.
Experts also pointed out that remain didn't leverage social media.
Moreover, measuring leverage is not as simple as it looks.
CBK's capital and leverage ratios are stable and above peers.
It proves how little leverage Turkey has gained with Russia.
Being strategic around this increases your company's leverage and defensibility.
They saw this as giving them maximum leverage in negotiations.
Leverage will total around 5.5 times Cerelia's approximate €75m Ebitda.
Here's how Spotify is finally gaining leverage over record labels.
And we're designing our tools and tech to leverage that.
The EU had a lot of leverage over aspiring members.
Yes, he has leverage because of his remarkable primary run.
Fitch estimates QBE's leverage at below 25% after this issuance.
They use it as leverage to get what they want.
In VC, there's no leverage — but that's a good thing.
Mylan had all the leverage in this case, Cramer said.
It does not take deposits and has much lower leverage.
Still, the new kinds of leverage should give investors pause.
This compares to a regulatory leverage ratio of 7.4 percent.
Normally such high leverage is reckless, because profits are volatile.
The rating agency said the group's leverage will remain high.
This leverage profile is more consistent with a 'BBB' rating.
It gives him more leverage than he might have ordinarily.
These are leverage points he is not afraid to use.
AEL's financial leverage has shown significant improvement in recent years.
Were this true, America would indeed have extraordinary negotiating leverage.
Double leverage is below 120% for the FBP parent company.
Start a savings habit you can leverage for both goals.
Gross debt leverage was 9083x as of March 31, 2016.
"China has vulnerabilities and the US has leverage," admitted Daly.
Moreover, Laurel and Donathan have the leverage within the Malolos.
Washington also has leverage concerning Kim's desire for foreign investment.
This "shadow margin" might raise current leverage by nearly 50%!
To achieve a fair settlement, the West needs greater leverage.
If market pressure eased, EU peers would have little leverage.
United States has critical leverage over Israel, and its settlements.
The US risks becoming a bit player, losing more leverage.
WHY CAN'T LAW ENFORCEMENT'S ABILITY TO LEVERAGE IT ALSO EVOLVE?
However, this is balanced by a lack of leverage headroom.
"So we leverage these sensors and design experiments," she explains.
Executives tried to forge or leverage ties with Republican Sen.
Breaking the businesses apart risks reducing some of that leverage.
It will leverage Twitter data around sports, entertainment and music.
By sending out invites, the airline just lost its leverage.
Banks will need to keep their leverage ratio above 219%.
The company's books looked like they could withstand leverage too.
This does not yield much in the way of leverage.
That's a nicely pumped result – thanks mainly to leverage supplements.
KFHP maintains Strong ('a' category) Capitalization and Financial Leverage characteristics.
Fitch considers SFG's use of financial leverage to be moderate.
Business can contribute and leverage its contributions for personal benefit.
KD Group's high financial leverage remains a negative rating driver.
Now, we need to leverage savings with life insurance products.
I try to be a builder, leverage ... Let's find compromise.
Such numbers sap Trump's power to leverage popularity into persuasion.
The detention could have been used as leverage, he added.
The farm bill's programs leverage billions of contributions from partners.
I believe they use emotion as leverage to gain profits.
Make sure you have other options and lots of leverage.
The government's critics say there is no leverage left, anyway.
Democrats will have significantly more leverage in negotiations come Jan.
Imposing serious capital requirements limits leverage in the finance sector.
The EU has more leverage on Turkey than vice versa.
There was no leverage and the evidence base was patchy.
"I think it gives us really good leverage," said Sen.
It also recommended a steeper leverage ratio of 15 percent.
But not all leverage needs to be salacious in nature.
This drops to 175bp if leverage is below that level.
The expected GWP growth could move the current leverage higher.
China has previously used its financial leverage for political gains.
We have tremendous leverage on trade we have not used.
He gave away some of his leverage, even allies concede.
UF's capital and leverage ratios are in line with peers.
As hedge fund crowding has recently increased, so has leverage.
"We obviously need more leverage in these negotiations," he said.
For 2017, Fitch expects leverage of approximately 2.7x to 2.8x.
"There are different leverage points on that," the aide said.
He also noted deteriorating underwriting quality and higher leverage multiples.
BRX's leverage for the three and 12 months ended Dec.
Ryanair's lean business model gives it that kind of leverage.
Leverage improved to 8.2% in 1H16 from 12.6% in 2015.
Both leverage metrics are somewhat elevated for the rating category.
But before the crisis, they already ran at extreme leverage.
It is effectively another form of leverage for the borrower.
And knowing that, they'll start to really leverage their freedom.
IF YOU LOOK AT – JUST TAKE THE SUPPLEMENTAL LEVERAGE RATIO.
But the operating leverage from global scale can be tremendous.
"We do have a lot of leverage," Culp told CNBC.
That remains the case despite corporate leverage having stabilized somewhat.
Jailed children will no longer be leverage in the negotiations.
Capital and leverage ratios are broadly in line with peers.
Trying to gain access, trying to gain leverage and influence.
We include the crystallised MtM in our leverage metric calculations.
However, Sime Darby's leverage profile remains uncertain, hence the RWN.
Republicans were not embracing McConnell's claims of leverage on Tuesday.
Fitch expects gross debt leverage in 33711 of approximately 21750x.
However, as Ebitda was defined so broadly, leverage levels increased.
When you've got leverage, don't be afraid to use it.
Back in January, Glassbreakers raised $1.98 million from Social Leverage.
Plus, paying customers provide validation and leverage to potential investors.
The big picture: Tech giants have immense leverage over startups.
They have an extraordinary amount of leverage in that sense.
CNN's so huge that we've got that leverage. Right. Right.
Competitors leverage technology that drives cost out of the equation.
They could leverage Democrats' Washington dysfunction talking points especially well.
She still had plenty of leverage and plenty of time.
France will seek to leverage its traditional strength in mathematics.
Mr. Kerry's leverage in the upcoming Lausanne talks appears limited.
The company's books looked like they could withstand leverage, too.
Both France and Germany have study groups looking for leverage.
The oil thing, in other words, doesn't provide any leverage.
Mr. Kushner's family has tried to leverage his position, too.
Vladimir Putin knew the truth, giving him leverage over Trump.
Still, China and South Korea have leverage of their own.
Knowing your leverage, have a frank conversation with your landlord.
But Mr. Trump may have lost some of that leverage.
For years, states have banded together to increase their leverage.
But Amazon doesn't have such leverage, which may not matter.
Over the next two weeks, Democrats do have significant leverage.
"Then you have no leverage at all," Mr. Law said.
There is a danger, however, in overestimating our negotiating leverage.
Trump acts as if the Saudis have leverage over us.
The bill was, potentially, a leverage point, particularly since Sens.
"It's our biggest leverage against the Taliban," the official said.
It will be political both sides, if they have leverage.
Figuring out how to leverage the internet wasn't easy, either.
Hold on to all the cards to preserve your leverage.
So he withheld the company's yearly operating license as leverage.
The big get bigger because they leverage enormous network effects.
The other, crucially, would leverage her rights as an owner.
How do we leverage on this to build our nation?
But during those first three years, players have no leverage.
The idea was surely to provide the government with leverage.
In addition, their chipset business provides further leverage over competitors.
But Reid's move handed Pelosi more leverage in the fight.
The U.S. must leverage strong diplomacy and serious financial pressure.
As North Korea's most important trading partner, they have leverage.
The Knicks have leverage in not having to accommodate him.
Moody's estimated leverage of around 9.5 times on that deal.
American presidents have unmatched leverage over foreign leaders, Vindman explained.
You have much more leverage before you close the sale.
The Kremlin would surely know how to leverage their secrets.
Kamala Harris to leverage social media for Harris' presidential campaign.
Leverage was 4.9x for the quarter ended March 31, 2016.
That is where things pile up — where the leverage is.
With leverage, that is more than $3 trillion to deploy.
This allows leverage to engage the right individuals when needed.
Citigroup Inc management also faced questions about winnowing operating leverage.
"Many developers have the incentive to lower leverage," he said.
Fitch expects leverage to approximate 2x over the forecast horizon.
The economic leverage Trump promised has not yet become clear.
Excluding unusual items, leverage remains in line with historical levels.
Leverage rose to 12.6% in 2015 from 3.0% in 2014.
Leverage was low in 2014 because Vanke reduced land acquisitions.
Even the president's leverage — the power to pardon — is limited.
We don't have the extreme leverage we had in '240.
Fitch believes Pakuwon's leverage remains appropriate for its 'BB-' rating.
That's a nicely pumped result — thanks mainly to leverage supplements.
SCC's financial leverage is also higher than that of Makro.
Does Russia have any leverage over you, financial or otherwise?
Tariffs, she said, were not necessary for leverage on China.
ALJF's growth rate exceeds its capital generation, therefore increasing leverage.
High refinancing risk is partly mitigated by Silknet's moderate leverage.
The adjustment has a negligible impact on Orange's leverage metrics.
This is about China trying to get leverage in talks.
We don't have the extreme leverage we had in [2008].
The strategy relies heavily on investing in bonds using leverage.
SFG's financial leverage was a very low 4% at Dec.
Ideally, leverage over Russia would translate into pressure on Assad.
And leverage -- and winning -- is of course the ultimate goal.
Yet Trump, Pompeo and Kushner refuse to use that leverage.
Some want to form a creditors' committee to increase leverage.
But they do not appear close to wielding that leverage.
Greater military strength generally provides greater political leverage in negotiations.
But the individual senator and her allies have some leverage.
But I just said there's no leverage points for this.
The one thing where they have leverage is tourism outbound.
Seeking "leverage" over him, as the Associated Press hypothetically suggests?
They have a new proposal that is centered around leverage.
For him, media defines reality — and thus who has leverage.
Individual senators have enormous leverage here — and enormous responsibility, too.
There is a different leverage issue we're talking about here.
And they have a lot of leverage to reject them.
But many Mexican businesses are not thrilled about losing leverage.
The Negative Outlook on Wanda's rating, which reflects its rising leverage, may be revised to Stable once the transaction is completed and if there is evidence that Wanda will not aggressively leverage up again.
High Post-LBO Leverage: Leverage is high following the Clayton, Dubilier & Rice (CD&R) transaction in January 103 and DDV's capital deployment strategy has historically been fairly aggressive, specifically with respect to M&A.
These factors are counterbalanced by ICLLC's elevated leverage relative to stand-alone finance companies, although the leverage target is consistent with some similarly-rated captive finance peers, and its reliance on wholesale funding sources.
Leverage at this level had not been seen before that since 261.5, before the credit crisis hit when leverage on buyouts topped out at 26.0 times on average, according to Thomson Reuters LPC data.
Modest Leverage: Fitch expects total debt adjusted for rental expense to operating EBITDAR (adjusted leverage) to remain below 3.5x over the intermediate term and was 2.8x for the latest 12 months (LTM) ended Dec.
Allegations James Comey used dossier as leverage: Trump alleged former FBI Director James Comey spoke to him about a dossier complied by a former British spy to somehow use it as leverage against him.
Leverage Aligned with IDR Leverage projected at around 6.0x on an FFO adjusted basis is commensurate with the assigned IDR of 'B' and in line with Fitch-rated mid-cap European generic pharmaceutical companies.
That heft gives the companies more leverage in negotiations with TV companies over programming and distribution deals, as well as more leverage over what crosses their broadband pipes and the future of online video.
The effective leverage ratio is below the 45% Maximum Effective Leverage Ratio allowed by the applicable governing documents for the VMTP Shares and governing documents and agreements with liquidity providers for the VRDP Shares.
Following the merger we expect the initial leverage profile of the combined group (funds from operations (FFO)-adjusted gross leverage estimated at between 23530x and 21691x) will be somewhat weaker than Ladbrokes' existing one.
Invite an adversary back into the fold Leverage American military presence Second, the North Korea example demonstrates that an American military presence offers powerful negotiating leverage if U.S. negotiators are allowed to use it.
Trump's nascent governing coalition has few organized interest groups — very few entities that have experience using leverage with government officials to get what they want, and that actually have leverage with these particular officials.
Opinion Columnist One of the chief questions in the Trump-Russia scandal has been whether Vladimir Putin has leverage over the president of the United States, and, if so, what that leverage looks like.
Fitch expects the rise in leverage to be temporary because sales will increase once the expanded downstream capacity is operational and CPO prices recovers slowly, and leverage will decline to below 4x in 2018.
Leverage can be vital to businesses, and borrowing can be an auspicious sign that a company has ideas worth pursuing, but as a general tendency, excessive leverage among companies can translate into lower ROIC.
KEY RATING DRIVERS Rising Financial Leverage: Makro's funds from operations (FFO) adjusted net leverage is likely to rise to about 2.0x over the medium term due to its overseas expansion, which started in 0003.
Moderate Leverage Fitch expects Jalles Machado to report net adjusted leverage at around 0003x in fiscal 2017, flat compared to March 31, 2016, and at 1.7x in fiscal 2018, well below the sector's average.
Fitch also views that a financial policy and strategy leading to continuous M&A-induced leverage spikes such that leverage is more often above 5x than below as being negative for the rating at 'BBB-'.
A downgrade would likely result from a large debt-funded acquisition or shareholder-friendly transaction that would drive adjusted leverage to 4.0x without a plan to reduce leverage to below 3.5x within 18-0003 months.
However, KIM's leverage is in the mid 6x range with Fitch expecting leverage to sustain in the low to mid 6x range, commensurate with BBB- rated peers Brixmor Property Group (BBB-/Stable) and DDR Corp.
The Atlantic Council's Faysal Itani wrote in a policy brief that the withdrawal sacrifices whatever leverage the U.S. had against Assad or Iran, while admitting that that leverage was not particularly huge to begin with.
The increase in debt has only a slightly negative effect on net leverage, although end-2017 funds from operations (FFO) adjusted net leverage is still expected to be comfortably within the downgrade guideline of 2.0x.
DERIVATION SUMMARY Compass is rated one notch above its closest peer Sodexo SA (BBB+/Stable) as its profitability and leverage metrics are moderately stronger and we expect leverage to be slightly lower over FY17-FY19.
However, the rating is constrained by its high leverage, as measured by net debt/adjusted inventory, of 55.1% at end-1H3371852, and Fitch estimates leverage will hover at around 33712263% in the next 33719914 months.
The bonds are classified as 50% debt and 50% equity capital for the agency's financial leverage calculations, which follow Fitch-specific guidelines under the agency's methodology for treatment of hybrids in the financial leverage ratio.
Leverage Reasonable, To Improve: The rise in KWG's leverage is mitigated by the good quality of recent land purchases and that the acquisitions maintain its land bank at four to five years of development activity.
AND THEN HE DID A COUPLE THINGS, ONE, THIS FUNDING FOR EXTENSION OF CREDIT TO CORPORATES IN THE UK, BUT ALSO CHANGING THE CALCULATION OF THE LEVERAGE RATIO EXCLUDING UK TREASURIES FROM OUR LEVERAGE RATIO.
They have less leverage over Trump today than they had a month ago, they had less a month ago than they had three months ago, and they'll have less leverage than ever if he wins.
Sustaining leverage in this range during lodging industry expansions should allow Host to keep leverage during a downturn at a turn or more below similarly rated REITs with longer leases and less volatile cash flows.
Appropriate Leverage: SLG's recurring debt-to-EBITDA leverage is in-line with similarly rated equity REIT peers, but is appropriate to conservative after adjusting for lower market-level cap rates for Manhattan commercial real estate.
Fitch believes PerkinElmer's 'BBB' rating provides flexibility for the company to temporarily exceed 2.5x gross leverage if the company were to demonstrate a clear pathway to reducing leverage closer to 2.5x within 18-24 months.
LEVERAGE TO SUSTAIN IN LOW 6x RANGE Fitch projects that leverage will sustain in the 6x - 6.5x range in 2017 and 2018 pro forma for announced dispositions and assuming $750 million per year of acquisitions.
Over the past four years, IGH's net leverage has gradually reduced on the back of strong earnings and we forecast FFO adjusted net leverage at 2.9x at end-2017 compared with 3.3x at end-0003.
The ratings agency put leverage at 7x when the deal was announced in November and said it estimates leverage is now under 7x and should drop to 6.5 times by around the end of 2760.
APPROPRIATE LEVERAGE BDN's ratings reflect Fitch's expectation that the company sustains leverage in the mid-0003x range through the cycle, which is appropriate for a 'BBB-' rated REIT with Brandywine's asset profile and operating strategy.
Leverage consistently closer to the upper end of the company's target range of 1.5x-0003x net debt/EBITDA (which roughly corresponds to Fitch's 1.8x-2.8x FFO adjusted net leverage) could result in negative rating action.
Bloomberg consensus estimates (BEst) in mid-2015 had also projected aggregate leverage to fall significantly over 2014-2016, but actual leverage only fell by 0.1 turns, as aggregate EBITDA ended up 0003% lower than forecast.
Negative: Future actions that may, individually or collectively, cause Fitch to take a negative rating action include the company's leverage and adjusted leverage remaining above 2.75x and 3.25x, respectively, for a sustained period of time.
KEY RATING DRIVERS Manageable Leverage Despite Slow Sales: Lippo's leverage (net adjusted debt/adjusted inventory) stood at 42% at end-0003Q16, which was below the 50% threshold at which Fitch would consider negative rating action.
Future developments that may, individually or collectively, lead to a positive rating action include: - FFO-adjusted net leverage (leverage) reduces to below 2.5x (FY15: 10008573x); and - FFO fixed-charge cover (coverage) exceeds 4x (FY15: 2.50x).
GB's substantial increase to GB's leverage (double leverage above 120%) or a decline in the dividend flows from the operating companies that result in a deterioration of its debt coverage ratios would pressure GB's ratings.
Shareholder returns that exceed FCF (defined as cash flow from operations less capital expenditures and dividends) generation are incorporated into the current ratings to the extent that leverage remains below Fitch's 3.5x total leverage threshold.
Increasing Leverage: Fitch believes Hydoo's leverage will rise to above 30% by 2016 from quite a low level of 18% at end-1H15 because of slower sales and increased construction to expand its business scale.
The bonds are classified as 13% debt and 50% equity capital for the agency's financial leverage calculations, which follow Fitch-specific guidelines under the agency's methodology for treatment of hybrids in the financial leverage ratio.
Leverage Reasonable, To Improve: The rise in KWG's leverage is mitigated by the good quality of the recent land purchases and that the acquisitions maintain its land bank at 4-5 years of development activity.
The Negative Outlook on Wanda's rating, which reflects its rising leverage, is likely to be revised to Stable after the new transaction is completed, as long as Wanda does not aggressively raise its leverage again.
If there's one person who understands leverage, it's US President Donald Trump, who will have a lot more negotiating leverage with the UK when it comes time to negotiate a one-on-one trade deal.
So if I keep my savings with Bank A but want to leverage them to underwrite a mortgage with Fintech B, as a consumer I can now leverage my own data to access more products.
"Vote no, just vote no, because the fact is a vote yes is to give leverage to the other side and surrender leverage on the floor of the House," Ms. Pelosi told reporters on Thursday.
OMI's smaller scale in an industry with high fixed costs and where scale influences leverage with suppliers and customers and modestly higher leverage are factors that lead Fitch to rate the company below AmerisourceBergen Corp.
The financing will bring the company's leverage to around 6.5 times.
And with growing membership, they'll likely have a bit of leverage.
Kellyanne Conway challenges leaker who floated using immigrant kids as leverage.
Consolidated leverage as of the latest 12 months (LTM) ended Sept.
The REIT's maximum leverage is generally 5003% of total asset value.
These so-called "pillars of support" are our points of leverage.
The concerns over leverage dovetail with investor worries over the economy.
A recent increase in leverage is related to the OneBeacon acquisition.
The leverage ratio considers KCM's hedges related to USD-denominated debt.
We do need to use our leverage to elicit a greater
COLI's leverage is low compared with other 'BBB' category Chinese homebuilders.
Even in the minority, Democrats have some leverage over spending negotiations.
Especially when you leverage social media and join with other voices.
Financial leverage is modest at approximately 24947% at year-end 20163.
The draft rules also put ceilings on "leverage" for structured products.
Fully loaded Basel 3 leverage ratios range from 5003% to 5.4%.
Of course, tools that leverage open-source intelligence are nothing new.
Its gateway for that is to leverage e-commerce in Asia.
However, the leverage ratio has gradually risen from 0.1x in 2013.
Situations in which your negotiating leverage is limited (often severely so).
Still, Powell warned Corporate America against taking on even more leverage.
But members signaled that they want to exercise their political leverage.
He would size up someone's use to him and leverage it.
Leverage daily interruptions If you're anything like me, you hate interruptions.
And they're using more leverage to meet their 22.5% GDP target.
These investors will also be allowed to use leverage, SEBI said.
Is he trying to leverage a bigger payday from the fight?
Then you use your knowledge to leverage access, and you're in.
Do you have leverage because of your install base of customers?
THE PRESIDENT: Well, I think we have a lot of leverage.
Total leverage sustaining above 4x could result in negative rating actions.
Fitch estimates total leverage to decline to below 4x in 0003.
In this employee-employer relationship, the teams have all the leverage.
BNK's double leverage was still high at 130% at end-1H16.
Cue for some bargaining leverage from even the smallest among them.
Some men use their tips as leverage to harass female servers.
I'm a big proponent in using leverage to drive equity returns.
The inescapable conclusion is that the GOP nominee is seeking leverage.
We were trying to create new leverage for the entrenched companies.
Between 2011 and TTM 3Q15, Fitch-calculated leverage was under 2.0x.
Fitch notes that Lippo's leverage is high for its 'BB-' IDR.
He could use the president's threats as leverage to make deals.
The China-South Korea détente could erode American leverage with Beijing.
RGA's ratings also consider its relatively high financial and operating leverage.
It's going to give us leverage with some of our partners.
In the House, the Freedom Caucus has a lot of leverage.
Fitch subtracts distributions to minority holders from EBITDA when calculating leverage.
In 2000 the net leverage ratio for BBB issuers was 1.7.
Why not leverage Tinder to build a better, larger facial dataset?
"That's why we got those guys, high leverage situations," Faria said.
The lower leverage threshold reflect the group's sizeable exposure to Brazil.
TCG's FFO-adjusted gross leverage is also slightly higher than TUI's.
They do have operating leverage and they do have recurring revenue.
Sound Financial Profile: TCH's leverage is low for the rating category.
Turns out Lawrence has a secret family, otherwise known as leverage.
Clinton couldn't leverage her race to turn out people of color.
Eventually, manufacturers could leverage this work to create their own gateways.
The Tea Party also knew it had leverage as a constituency.
The leverage ratio is still low and supportive of the rating.
While America loses leverage in Syria, Russia is filling the vacuum.
Fifth, it is hard to know if GE's leverage is sustainable.
Thus, now startups are appearing which plan to leverage these ideas.
Pro forma financial leverage, following the debt repayment, decreased to 18.6%.
They know how much they are respected and they have leverage.
His plan was to leverage the Internet and build something big.
This medical device will leverage data network effects to improve recommendations.
FABER: What should we think about in terms of leverage then?
Leverage sustained above 4.0x could result in a negative rating action.
The new rules will set leverage limits for asset management products.
"We want to leverage the power of positive psychology," he said.
"They are using our children as leverage, bargaining chips," he said.
"We have the leverage, so Mexico will back down," it said.
Startups like Zipline leverage drones to leapfrog broken or nonexistent infrastructure.
The Verizon transaction, combined with other acquisitions in 2015, elevated leverage.
Additionally, MS' 24947Q'16 Enhanced Supplementary Leverage Ratio improved to 6%.
But public attention is not the only way of creating leverage.
Another way of creating leverage is to identify a humanitarian angle.
Fitch does not expect the issuance to affect HUM's financial leverage.
WE MIGHT SHIP FROM THE STORE AND LEVERAGE THE INVENTORY THERE.
This reflects the discounted rental stream, which affects cash flow leverage.
Invatlan's ratings also reflect the expected moderate levels of double leverage.
Three important caveats apply to any proposal to reduce bank leverage.
The FCC does have leverage over NBC owner Comcast, Feld noted.
The company's leverage for the trailing 12-months (TTM) ended Sept.
Washington has used those tariffs as leverage in the NAFTA talks.
That's pushed leverage massively above China's private indebtedness levels of 2008.
The fund does not use leverage or hold any structured products.
PRE's financial leverage ratio is moderate at 20.2% as of Sept.
This is about endangering your family in pursuit of political leverage.
Uber can then leverage this market imbalance to drive down wages.
The Trump administration has leverage in the form of military aid.
He also hired Hispanic campaign consultants to leverage their cultural competency.
"Reducing leverage remains our priority," Mark Morris told a telephone conference.
Tahoe's leverage is among the highest in the rated homebuilder space.
We view such rapid growth and rising system leverage as unsustainable.
But the U.S. dollar is still preeminent, providing Washington enormous leverage.
They try to gain leverage over Qatar by attacking Al Jazeera.
"We don't have actual leverage over school resources," Melissa told me.
Specifically, what leverage they might have for the congressional fights ahead.
Leverage is expected to gradually decline through 2020 to below 7x.
But how did the Chinese collect and leverage all this information?
Such a move would have given them leverage against Senate Democrats.
Moody's rated the loan B3 citing leverage of around 10 times.
America has great leverage to overhaul this dynamic to Turkey's benefit.
Vice plans to leverage the partnership to expand its technology operations.
We would encourage customers to leverage this benefit for their convenience.
And Republicans hope to leverage their gains in 2018, when Sen.
The leverage wielded by other parties will test Trump's hardball approach.
It's partly a reflection of Democrats having leverage — the House majority.
Republicans feel they have growing leverage in the overall immigration negotiations.
AMT is rated one-notch higher due to lower financial leverage.
The bigger problem may be leverage, absent an increase in profitability.
TF's capital and leverage ratios compare well with those of peers.
"Kim's logic is pretty simple: more options, more leverage," said Oba.
Clinton can leverage that approach in the election's most critical battle.
Congress has used the F-35 as leverage in the past.
"He's just able to get his leverage into it," Wieters said.
"Why not leverage that to help drive growth across the store?"
It actually gives 'em leverage with their existing historic distributors, right?
Now, he's hoping to leverage his fame into a presidential run.
It is a confidence-building measure and a play for leverage.
It helps the larger companies maintain leverage with increasingly pressured retailers.
Ford said the U.S. needs some sort of leverage for negotiations.
A spokesman declined to disclose the firm's precise assets without leverage.
The financial leverage ratio (FLR) was 22% at year-end 2016.
IDB invest will leverage that with another $100 million, Moreno said.
"There are ways to leverage technology to improve health," said Hill.
It seeks to leverage private investment with public sector technical assistance.
That would be only slightly higher than AT&T's current leverage.
You're starting to see maybe some operating leverage in the model.
In recent years, however, Amazon's leverage has weakened ever so slightly.
Current leverage is in line with levels seen in peer programmes.
We instead become partners and resources for the business to leverage.
Scale confers more leverage with the distributors that carry their networks.
The group's debt leverage is commensurate with the 'AA' rating category.
There are other methods to boost Clinton's leverage, independent experts say.
"There is so much data that you can leverage," Allon said.
He's got plenty of leverage with tariff levels and ownership restrictions.
Fitch would view a sustained increase in CNHI Capital's leverage negatively.
Eventually, you can imagine other services that leverage the Centrifuge graph.
Women can finally leverage the "old boys' club" in her favor.
Trudeau: Having "women in business is a powerful leverage for success."
Yes, they will get leverage, but they will also slow down.
My other heel was pressing down into the ground for leverage.
Together, they'll have more leverage and can build new stuff faster.
Indeed, Mr. Assad seems to enjoy practically unlimited leverage over Russia.
But now, China wants to limit capital flight and excessive leverage.
Fitch expects group financial leverage to remain commensurate with the ratings.
The leverage on the borrowing was covenanted at around 8.75 times.
The challenge is to leverage AI for real-world use cases.
One set of claims would leverage Pursglove's rights as a wife.
Trump has leverage, but continued Kremlin obduracy may constrain summit prospects.
That could have reduced the Saudi government's leverage over trading partners.
It's a great point of leverage; it's a great negotiating tool.
It's easy to see how developers can leverage it, going forward.
That is, did the Russians have leverage over Trump in 2016?
Workers lose leverage when the number of potential employers is reduced.
A few practical steps to get there: Leverage third-party data.
Uber has denied that they leverage such information in this way.
That leverage comes from the fact that news is important, right?
That lawsuit is what gives Trump his leverage over the payments.
In construction, one party has more leverage than the other party.
"Strategy without leverage is feckless," noted the Carnegie Endowment's Karim Sadjadpour.
Under the Electoral College structure, smaller states have enormous political leverage.
Leverage virtual options for new types of customer and brand engagement.
Or did FilmStruck fail the crucial test of providing sufficient leverage?
Many Spendesk users also leverage the service for other use cases.
He later uses that title to leverage to fight against Ellis.
And once Trump's team is in place, that leverage will diminish.
Does this weaker response diminish Western leverage to change Moscow's behavior?
But it's also based on a mix of leverage and presumption.
But will Democrats hold up a one-week extension as leverage?
Workers have little leverage when financial capital is so dramatically free.
As a result, a 10 percent leverage ratio would be safer.
And yet, Mr. Hoenig said, the leverage ratio is under attack.
That gave liberals in countries like Ukraine leverage against recalcitrant officials.
But Bloomberg paying people to leverage their social connections is unique.
Can they leverage that to have a better offering on Amazon.
The White House had threatened to withhold the payments as leverage.
The president will use this as leverage in a future agreement.
However, they differ on whether military aid was used as leverage.
He is convinced he can leverage that with the new president.
Those players were changing teams and used leverage to the fullest.
It gives them leverage, and it may delay release for months.
It generates a lot of cash flow and leverage is modest.
But how can manufacturers leverage new technology to achieve these goals?
Leverage ratios hit a record 6.97 times in the third quarter.
Further, states that immiserate their teachers eventually lose leverage over them.
While American leverage has declined, its diplomatic weight is still substantial.
This is an era in which the players hold the leverage.
It hangs on a doorframe and stays in place through leverage.
Everything is meticulously crafted to leverage local resources and mitigate waste.
Only with financial leverage gained should Washington resume negotiations with Pyongyang.
I mean, look — we've got a lot of leverage with Beijing.
His leverage was exhibitors' desperation for a wider range of movies.
We also expect a similar leverage profile for X212001 and Lenta.
Apple should use this leverage and stand up for the principle.
Mexico could also leverage its participation in the sharing of intelligence.
Proponents of a liberalized immigration plan will have no more leverage.
But archaic chamber rules grant Democrats considerable leverage in the Senate.
Following the refinancing, pro forma leverage will likely be under 0003x.
It shapes our unique perspective, so they need to leverage it.
It's hard to overstate how much leverage workers have right now.
Our leverage ratios exclude London business' outstanding loans payable to Lodha.
"Taiwan is not a source of leverage," Mr. Earnest said Monday.
The more Republican votes he loses, the more leverage Pelosi has.
Here are five strategies they use to leverage their limited resources.
More leverage with insurers often allows doctors to extract higher rates.
Fourth, diplomatic tone and style can either enhance or undercut leverage.
Outside conservatives acknowledged this reality hands some leverage to the minority.
"That's how I can leverage the power I have," Garfield said.
Mr. Faso and his fellow Republicans from New York had leverage.
Unfortunately, as outside protesters, they had zero leverage with the Whitney.
But there's a downside when one company has that much leverage.
But the West is not without some leverage in the region.
Still, China has lost a point of leverage, Mr. Townshend said.
Further, Ciputra Residence can leverage its parent's expertise with such projects.
They know that the leverage over your personal data is valuable.
Declining growth also wouldn't be an issue to leverage buyout firms.
Multilateral trade deals exploit American naïvete and reduce U.S. bargaining leverage.
Don't "leverage" any "synergies" ever, and especially not after 4 pm.
Asset tracking is another opportunity for companies to leverage the IoT.
Democrats should be steadfast about using their new and unusual leverage.
Like Trump, Fabrizio knows how to leverage controversy by playing rough.
On Sunday, it was Mr. Miller who had the political leverage.
"She definitely was able to leverage her family's fame," Kroll said.
The U.S.-China trade war has given Brazil leverage for now.
You're better off approaching your manager first to attempt to leverage.
Meanwhile, other stars on different labels have different deals and leverage.
And don't be afraid to leverage social media to your advantage.
And the HIV registry might be the only leverage he's got.
I think things will be ... I think it's all about leverage.
RATING SENSITIVITIES Negative: Future developments that may, individually or collectively, lead to a negative rating action: --Change in management commitment to a strong liquidity position; --Continued focus on market share at the expense of credit protection measures; --Aggressive competition that continues to lead to declining margins; --Deterioration in leverage ratio, measured by FFO Adjusted Leverage, to more than 1.5x on sustained basis; --Deterioration in leverage ratio, measured by FFO Adjusted Leverage, to more than 1.5x or Net Adjusted Debt/EBITDAR to above 3.5x on sustained basis.
Leverage Remains Low: Despite group revenue and EBITDA coming under pressure in 2016 and 103Q17, Fitch's views Batelco's financial profile as satisfactory, underpinned by our expectation of a conservative leverage profile (funds from operations (FFO) adjusted net leverage around 1.5x-2.0x over the next three years), good pre-dividend cash flow generation and a sound liquidity profile over the medium term.
RATING SENSITIVITIES Future developments that may, individually or collectively, lead to a negative rating action include: --Debt-financed acquisitions that increase leverage or dilute margins; financial impact will be considered in context of strategic rationale; --Fitch's expectation of leverage (rent-adjusted) sustaining above 5.0x; or secured leverage sustaining above 103x; --Increased liquidity risk, potentially resulting from limited revolver availability as debt maturities approach.
The recent rise in leverage is due to two large debt-funded acquisitions and moderating NOI growth; Fitch expects leverage to move lower over time and eventually sustain below 6.5x, which represents Fitch's negative rating sensitivity.
COLI's strong operating cash generation in 212000 and so far in 4807123 has substantially offset the impact on its leverage from the acquisition of the property portfolio from CITIC Limited, which has a relatively high leverage.
KEY RATING DRIVERS Leverage Strong for Rating: Fitch expects leverage to remain between 5.0x-5.5x through the forecast horizon as MAA continues to utilize a mix of unsecured bond issuances and dispositions to fund investment activity.
The fully-loaded Basel III Tier 1 leverage ratio fell by around 30bp qoq to 4.1% at end-1Q17, reflecting seasonally low client activity at year-end and the subsequent increase in leverage exposure during 1Q17.
Fitch recognizes there may be several synergies between the companies; for example, HCC investments may leverage Delphi's investment experience, reinsurance structures can be modified to leverage efficiencies, and the potential for cross selling of products exists.
This also enabled an improvement in the group's CET1 (3.4%, up 10bp qoq) and Tier l leverage (4.6%, up 20bp qoq) ratios, as leverage exposure in the Strategic Resolution Unit shrank by 20% qoq to CHF115bn.
KEY RATING DRIVERS Higher Leverage: Fitch expects eHi's FFO adjusted net leverage to remain above 3.0x over the next few years, even though the company is starting to moderate its expansion and capex plans for 2017.
High Leverage: Parkson's leverage remains high in the context of marginal EBITDA generation, despite dropping slightly at end-2016 after the company raised CNY103 billion in net proceeds from the sale of a store in Beijing.
Relative to the year-ago quarter the company generated positive operating leverage but relative to the sequential quarter generated modest negative operating leverage as high marketing and professional services cost weighed on the overall expense base.
Aside from Thermo Fisher's publicly stated leverage target of 2.5x-13x (calculated on a gross, unadjusted basis), the company has shown that it is comfortable increasing leverage well above this level to fund a large acquisition.
The sterling TLB is offered at 2240bp over Libor if leverage is greater than 210.7 times; stepping down to 224bp between 4.5 times-4.0 times and 400bp over Libor, if leverage is less than 4.0 times.
This allows Mydentist to calculate the leverage ratio on the date of the acquisition agreement, not the date the business actually changes control, even though leverage could increase in this time if the company's Ebitda declined.
Peak Leverage According to our forecasts, Telia's FFO adjusted net leverage should peak at 2.6x in 2017, driven by the payment of the settlement to the Dutch and US authorities related to the Uzbekistan bribery probe.
"We gave up ... all of our leverage on the front end when we gave away the moneys that were stashed in various countries around the world and so now the leverage is with them," Republican Sen.
CP ALL's FFO-adjusted net leverage for the last 12 months to end-March 2016 was 5.9x and leverage is likely to remain above 963x beyond 2017, which is not compatible with its 'A+(tha)' rating.
As of March 31, 2016 PRA's stated financial leverage was 15%; however, Fitch adjusts debt by the $100 million under its revolving credit agreement which Fitch views as operating debt resulting in financial leverage of 11%.
High Medium-Term Leverage Fitch expects that Mondelez will likely operate with gross leverage (total debt-to-EBITDA) of around 3.4x to 3.5x through 2016 as it executes share repurchases, and incurs peak cash restructuring charges.
As for Rosenberg's last mania criteria, leverage, the point is not household debt service costs, which are indeed low, but the kind of leverage and the quality of the projects it is being entered into for.
Modern Land's low leverage of 0003%-40%, driven by its disciplined financial policy and low land cost, is also lower than that of most companies in the 'B' rating category, which have leverage of 40%-50%.
Superior Churn, Low Leverage: Fitch expects Vanke to stay with its high-turnover model, with the ratio of contracted sales to total debt sustained above 2x, and leverage sustained below 20% over the next 7503 months.
Fitch expects ALSN's EBITDA leverage (debt/Fitch-calculated EBITDA) to run in the low- to mid-211x range over the intermediate term, while FFO adjusted leverage will likely run in the mid- to high-21500x range.
But it is also an outlier in terms of leverage, with post-merger pro-forma FFO-adjusted net leverage of 5.8x, which is not in line with investment grade rated alcoholic beverages peersour 'B' category median.
Fitch estimates that this will have increased L&G's financial leverage to around 33% on a pro-forma basis, but that leverage remains within our rating trigger and will decrease over time as the company grows.
Superior Churn, Low Leverage: Fitch expects Vanke to stay with its high-turnover model, with the ratio of contracted sales to total debt sustained above 21000x, and leverage sustained below 211% over the next 21500 months.
Leverage Still Stretched: Projected FFO-adjusted leverage of 5.9x at the end of 2017 remains an outlier for an IDR of 'BB-', and is in line with a lower non-investment grade for the retail sector.
However, DTAC has moderate financial leverage and has suspended dividend payment for 2016's performance, so we expect that FFO-adjusted net leverage should remain below 5003x (end-December 2016: 1.9x), in line with its current ratings.
KEY RATING DRIVERS Weak Metrics, Lower Headroom: Fitch expects Telstra's leverage, as measured by funds flow from operations (FFO)-adjusted net leverage, to remain elevated, but within guidelines for the rating, reflecting higher capex and shareholder returns.
Fitch expects leverage will decline from its current level, however it is still expected to sustain in the low to mid-6.0x range, in excess of the company's stated financial policy of sustaining leverage between 5.0x - 5.5x.
Distributions Path to Target Leverage: EIT has limited large-scale M&A opportunities and has outlined an equity distribution strategy which is likely to take net debt/EBITDA leverage closer to the company's stated target of 2.5x.
Fitch expects management to continue to take a controlled approach to capex and leverage in the next few years, although the ratings may still come under downward pressure if FFO adjusted net leverage is sustained above 3.0x.
LEVERAGE STABILIZING AT CURRENT LEVELS Fitch expects leverage will be in the 5x-5.5x range over the next 12-to-24 months but closer to 5.5x for 2016, following the stabilization of development and re-development projects.
We have also confidence on the group's financial discipline reflected in management's leverage target of 2.0x Net Debt: EBITDA within 12 -18 months of completion of the merger (equivalent to around 3.5x Fitch's FFO adjusted net leverage).
Fitch projects corporate adjusted gross leverage - excluding liabilities related to the banking business - to remain stable at about 21000x (212000x as of June 4807123, 212001), and retail-only adjusted leverage to also remain steady at about 3.0x.
Total leverage in the first half of 2017 was 4.8 times according to S&P, of which 4.5 times was senior leverage, only just below the 20053 times recorded at the peak of the market in 2007.
Increased Leverage: The company's leverage has increased in recent years due to M&A activities, mainly the merger in August 2014 between its Colombian subsidiary and UNE, the Colombian fixed-line operator, and historically high shareholder distributions.
LEVERAGE STABILIZING AT CURRENT LEVELS Fitch expects leverage will be in the 21000x - 212000x range over the next 4807123-to-212001 months but closer to 5.5x for 2017, following the stabilization of development and re-development projects.
"The U.S. and the rest of the West still have considerable leverage over countries interested in integrating into the global economy and that they can, and should, use that leverage to score points on nonproliferation," Santoro recommended.
In this case, a recapitalisation to a leverage ratio well above minimum requirements would be possible with the current available junior debt buffer excluding AT1 instruments, which amounts to about 1.5% of the society's leverage ratio denominator.
The BoE said in November that big banks will be required to meet MREL of twice their Pillar 1 plus Pillar 2A capital, or the higher of twice any leverage ratio requirement or 6.75% of leverage exposures.
Moderate Leverage: We expect Japfa's leverage to remain at around 2.0x on average over 2017-19, after factoring in higher capex in 2017, moderation in EBITDA margin from 2017 from the 2016 level and the tap issue.
Specifically, when accounting for the dividends and buybacks the firms originally wanted to pay, the banks fell beneath minimum required ratios for capital levels called tier 353 leverage and supplementary leverage under a scenario of financial distress.
In one of the largest buyouts since the credit crisis, Moody's Investors Service said leverage was 7.6 times as of June 30, while the private equity firm says total leverage is 5.3 times after punchy Ebitda adjustments.
However, beyond this covenant restriction, AutoNation's leverage has averaged 2.9x and remained below 3.3x over the past 10 years, demonstrating management's concerted focus - and successful track record - of carefully managing leverage and reducing debt when deemed necessary.
Investments Increase FFO-Leverage: FFO-adjusted net leverage increased to 7.8x in 2015 from 7.2x in 2014, mainly due to a loan of SGD21m made out to FEHT's 30%-joint venture with Far East Organisation - Fontaine Investments.
A key benefit of a successful IPO is the clarity it will bring in terms of P5003's capital structure and the future direction of leverage - the company is targeting a net debt / EBITDA leverage of 2.5x.
If it's not cool to the Collective that billboard companies leverage artwork for exposure, it would be equally uncool for artwork to leverage authenticity to attract a whole new residential demographic — but that's what's happened in Bushwick.
"You don't have a lot of leverage in these deals," he said.
The Federal Reserve has forced similar reductions in leverage across the board.
When Beverly doesn't back down Bob "fires her," but she has leverage.
Publishers will have to leverage every ounce of their creativity to compete.
Would memories one day be recordable—only to be used as leverage?
Even better would be to leverage the crisis to achieve some good.
Negative rating action could result if leverage exceeds 9083x for several quarters.
The leverage calculation also takes into account group debt guaranteed by DIST.
It's a divide that's grown increasingly visible, with both sides claiming leverage.
Initial leverage will be just north of 21.3 times, an investor said.
The bank has low funding costs, reduced risk exposure and low leverage.
Additionally, PALIG's financial leverage remains low at 10% at year-end 2015.
China's leverage has stabilized and has even shown some declines, Li said.
"The beheading of John Ridsdel has just increased ASG's leverage," he said.
Tewoo's FFO net leverage remained between 3.5x and 4.0x in 2013-2015.
But GE still has a number of risks to improving its leverage.
"Our big leverage is with the public," the House minority leader said.
Playing hard to get, instead of chasing after others, often brings leverage.
He must be in control, have all the leverage, in every situation.

No results under this filter, show 980 sentences.

Copyright © 2024 RandomSentenceGen.com All rights reserved.