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China Vows Retaliation Against Trump’s $200 Billion Trade Threat

China vowed to fightback against the Trump administration’s plans to impose tariffs on an additional $200 billion in Chinese goods, escalating a trade war between the world’s two biggest economies. Beijing described the latest U.S. move as “totally unacceptable” bullying, and urged other countries to join China to protect free trade and multilateralism. China promised […]

Stocks decline as trade fears linger: Oil climbs; markets wrap

U.S. stocks fell to the lowest level since May and Treasuries rallied amid renewed concern that the Trump administration will crack down on Chinese investment. Energy producers surged with crude, while the dollar jumped. The S&P 500 Index erased gains that reached 0.9 percent to finish at the worst level since May 29. Comments from Larry Kudlow […]

Toyota’s $1 billion investment in Grab is credit positive for both

Last Wednesday, Toyota Motor Corporation (Aa3 stable) announced that it will invest $1 billion in Grab Holdings Inc., a Singapore-based ride-hailing service provider, to expand their collaboration in Southeast Asia. The investment is credit positive for Toyota. The deal will enhance Toyota’s foothold and capability in ride-hailing services, a fast-growing business that could alter automakers’ […]

Casino’s asset disposals will substantially reduce debt

Last Monday, French grocer Casino Guichard-Perrachon SA (Ba1 stable) said that it will sell €1.5 billion of non-core assets in 2018 and 2019, which will substantially reduce its French operations’ net debt of €3.7 billion at year-end 2017, a credit positive. How the divestments will affect Casino’s parent company, Rallye, whose credit quality Casino’s share […]

Block Financial’s strategic changes are credit negative

Last Tuesday, H&R Block Inc., which issues debt through its wholly owned subsidiary Block Financial LLC (Baa3 negative), said it plans to change its pricing structure, close about 400 of its nearly 10,000 US offices and commence a large, multi-year investment program to update its information technology capabilities. We view these strategic changes as credit […]

Comcast’s $65 billion bid for most Twenty-First Century Fox assets is credit negative

On Wednesday, Comcast Corporation (A3 review for downgrade) offered $65 billion in cash to acquire most of the assets of Twenty-First Century Fox America Inc.’s (Baa1 review for upgrade) parent, Twenty-First Century Fox Inc. The offer, consistent with our expectations in May when we placed Comcast on review for downgrade, is credit negative for Comcast […]