Revised pricing on Supervalu extension loans are fair, says KDP
Independent credit research firm KDP says the revised terms of an amend-and-extend on Supervalu’s loans are fair

Post-reinvestment CLOs are amortising fast, finds Wells Fargo
The median factor for a CLO senior note that is within a year of the end of reinvestment now 83%

Pub operator totters on bleary debt repayment plans
Moody's yesterday downgraded UK pub operator Enterprise Inns (ETI) from B2 to B1 with a negative outlook. The downgrade reflects the deterioration in Enterprise Inns' consolidated credit metrics, notably higher leverage, and lower fixed charge coverage.

Plum draw for timber firm as regenerated liquidity brings upgrade
Moody's yesterday upgraded US timberland owner Plum Creek Timber from Baa3 to Baa2 on the back of an improved liquidity and debt maturity profile following a recent renewal and extension of its credit facility.

Automotive firm sits more comfortably with S&P upgrade
Standard & Poor's yesterday upgraded automotive parts manufacturer Lear Corporation to BB from BB- as recovering demand in the light vehicle market in north America and Europe, as well as strong growth in emerging markets, has seen the firm's revenues and profits improve significantly over the past twelve months.

S&P queries how smart Nokia Microsoft alliance is with downgrade
Standard & Poor's yesterday lowered iconic Finnish phone manufacturer Nokia from A to A-, due to weak operating performance and an expectation of further market share losses in the near term.

French pharma firm prices $7 billion in notes
French pharmaceutical firm Sanofi-Aventis yesterday priced $7 billion in six tranches of notes.

CLO manager offers to shorten reinvestment period
A manager has proposed a change to the documentation of one of its CLOs which will leave the deal with a shorter reinvestment period

Vulcan falls earthwards as S&P cuts it to junk
US construction materials firm Vulcan Materials was downgraded to investment grade by Standard & Poor's on Friday, as its rating dropped from BBB- to BB. 

Fitch raises Latvia to investment grade after it beats targets
Fitch yesterday upgraded Latvia to investment grade, as it lifted its rating from BB+ to BBB-, as the Baltic country makes good progress in its recovery from the severe financial crisis of the last few years.

Moody's default rate plateaus at much reduced level
Moody's twelve-month trailing golbal speculative grade default index plateaued at 2.8% in February, unchanged from January, but significantly lower than the 11.7% rate recorded in February 2010.  

Moody's bets on casino firm's recovery with upgrade
Moody's yesterday upgraded US casino and hotel operator MGM Resorts International to B3 from Caa1 on the back of a modest recovery in demand in the Las Vegas market, debt repayment from equity issuances in 2010, and the completion of a new financing package for its new CityCenter project in Las Vegas

Formula adds up as Moody's upgrades scientific products firm
Moody's yesterday upgraded scientifc instruments manufacturer Thermo Fisher from Baa1 to A3, with over $4 billion in debt affected by the upgrade.

New Chesapeake Energy bond could see price boost, says KDP
Credit research firm KDP says that a planned new $1 billion bond from US high yield borrower Chesapeake Energy is attractive at the suggested price

Moody's default rate declines massively from 12 months ago
The Moody's trailing 12 month global default rate has continued its decline, easing to 2.8% in January, down from a revised figure of 3.2% for a month ago. A year ago the equivalent rate was well over four times higher at 12.8%. 

Moody's upgrades Ecuador on oil prospects
Moody's yesterday upgraded Ecuador from Caa3 to Caa2 on the back of improved oil production prospects following the signing of new oil contracts with foreign companies. Expectations that the government will continue to secure sufficient external funds to finance its fiscal deficit also underpinned the upgrade.  

Go long senior and short sub Spanish caja debt, says SocGen
In research published today, Societe Generale says that it views plans outlined by Spain’s finance minister for the Spanish banking system as positive for caja senior unsecured debt holders

Basel III to double capital requirements for counterparty risk
Basel III looks set to increase capital requirements for counterparty risk