North America Biweekly Credit Report Summary - 28 Nov 2022

Report Data Insight 28 November

North America Biweekly Credit Report Summary - 28 Nov 2022

The North America Biweekly Credit Report Summary presents snapshots of research published by the Credit Research team during the two preceding weeks. The report aims to keep our subscribers informed of the biweekly research publications by providing ease of access to centralized information and the opportunity to catch-up on any research missed by readers over the prior two weeks. Each summary will include the company’s capital structure and performance summary.

This week's edition includes coverage of our most viewed credit report, Beyond Meat, which appears to have entered survival mode following large cuts to its workforce, guidance and executives leaving the company. Its unsecured debt has a 38% coverage ratio in our base case and 0 equity value. This week’s edition includes 3 Mexican companies, Braksem-Idesa, GCC and Grupo Kaltex, with USD-denominated debt. It also includes the Argentinian company, Albanesi, and the Brazilian company, InterCement, with both owning USD-denominated debt.

The report highlights the following companies with positive improvements to their EBITDA:

  • Carnival Corp - the company reported positive adjusted EBITDA, breaking a streak of negative adjusted EBITDA since 1Q20
  • Genesis Energy - Management uplifted the FY22 adjusted EBITDA guidance to USD 700m – USD 710m from USD 670m – USD 680m.

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