FINWIRES · TerminalLIVE
FINWIRES

惠誉将菲律宾的评级展望调整为负面,理由是中期增长前景不明朗。

-- 根据惠誉评级近期发布的消息,该国长期外币发行人违约评级展望由稳定调整为负面,但维持其BBB评级不变。 惠誉表示,此次展望调整源于该国稳健的中期增长轨迹面临风险加剧,包括公共投资中断以及受全球能源冲击的影响更大。 惠誉指出,鉴于疫情后政府债务水平进一步上升以及外部融资状况逐步恶化,该国的增长表现可能弱于同类国家。 惠誉预计,鉴于公共资本支出逐步恢复以及能源成本上涨影响家庭消费,该国今年的GDP增速将维持在4.6%的水平,低于近期水平。 惠誉表示,由于依赖能源进口以及来自该地区的汇款可能减少,该国受中东冲突的影响较大。 此次评级确认考虑了惠誉对中期GDP强劲增长的预期,尽管风险不断增加,但政府债务将逐步下降。 对中期经济增长强劲、经济政策稳健、政府债务占GDP比率、治理标准或外部状况的信心水平若发生重大变化,可能导致未来的评级调整。

Related Articles

Research

Research Alert: CFRA Keeps Hold Opinion On Shares Of Otis Worldwide Corporation

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We cut our 12-month target to $90 from $100 following Q1 earnings, valuing OTIS shares at 19.6x our 2027 EPS outlook of $4.58 (down from $4.70; 2026 EPS view updated to $4.18 from $4.25), a modest discount to industrial machinery peers' and OTIS's five-year forward multiple average given unclear timing of ongoing margin headwinds. Service margins were disappointing in Q1 (contracting 160 bps to 23%) amid higher labor and material costs that came in above pricing. Weakness in China has yet to stabilize, though as noted in the past, this represents a shrinking area of OTIS's portfolio and will have a more limited effect going forward. Overall, the latest quarter was more of the same (China weakness/New Equipment decline), though with the added concern of margin quality being pressured within Service - the core profit driver for OTIS overall. While efforts to shore up profitability are underway, we see timing of recovery being uncertain.

$OTIS
Asia Markets

Saudi Shares Start Week Higher; US-Iran Peace Talks Canceled

The Tadawul All Share Index closed Sunday 0.11% higher as investors assessed the latest updates regarding the conflict in the Middle East.US President Donald Trump said on his Truth Social account that the Pakistani trip for his envoys, Steve Witkoff and Jared Kushner, was canceled. The announcement dimmed the hopes for peace talks between Iran and the US to happen any time soon.Further to this, Israel launched an attack in Lebanon on April 25. The strikes, which targeted Hezbollah, resulted in four casualties and facility damage in Southern Lebanon.Back at home, Rabigh Refining and Petrochemical (SASE:2380), d/b/a Petro Rabigh, and Thob Al Aseel (SASE:4012) posted their financial results for the three months ended March 31. Petro Rabigh emerged from a loss in the first quarter, while Thob Al Aseel logged a higher net profit and revenue."The reason for net profit reported during the current quarter compared to a net loss recorded in the same quarter of last year was primarily attributable to improved product margins resulting from stronger refined product pricing and higher sales volumes," Petro Rabigh said in its report.Petro Rabigh rose 10% at closing, while Thob Al Aseel ticked down 1.59%.Meanwhile, the local calendar will be mostly empty except for the kingdom's preliminary figures for its GDP growth rate for the first quarter and the M3 money supply and private bank lending data for March on Thursday.

$^TASI$SASE:2380$SASE:4012
Research

Research Alert: CFRA Maintains Hold Rating On Shares Of United Rentals Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We lift our 12-month target price to $1,100 from $950 following a strong first quarter, valuing shares at 20.5x our 2027 EPS outlook of $54.28 (in line with previous estimate; 2026 EPS also in line). We believe a higher multiple is justified given URI's firming market leadership within an expanding rental equipment industry. A robust Q1 beat enabled URI to raise its full-year revenue guidance to $16.9B-$17.4B and adjusted EBITDA to $7.625B-$7.875B, citing momentum heading into a busy season. With leverage well below historical levels, we believe accretive M&A deals could serve as a potential catalyst for additional guidance increases. Margin compression has been a sticky issue for URI, but Q1 indicated that pricing may have turned around and that headwinds are starting to ease as quarterly results begin to lap when tariff-related inflation began to pick-up. We remain cautious on margins, though are encouraged by signs of stabilization. New project activity is likely supporting pricing trends, in our view.

$URI