HALISTER1: INDIA RATINGS: AB Motions Raised; Dalkan Ship Breaking Cut

INDIA RATINGS: AB Motions Raised; Dalkan Ship Breaking Cut

(Bloomberg) -- Here’s a roundup of Indian co. debt-rating changes.
  • To get this story sent to your inbox real-time, run NI INRATINGS , click on Display & Edit, then Set Alert Delivery
DOWNGRADES
  • Dalkan Ship Breaking
    • Long-term rating cut to BB- from BB at Crisil
    • Cites weakening financial risk profile because of high leverage and decline in interest coverage ratio
  • Gokaldas Exports
    • LT rating cut to BBB- from BBB at ICRA
    • Cites deterioration in company’s financial profile
UPGRADES
  • AB Motions
    • LT rating raised to BB+ from BB at ICRA
    • Cites improvement in company’s coverage metrics after refinance of its lease rental discounting facility, presence of an escrow mechanism and good operating performance on property
  • Tessolve Semiconductor
    • LT rating raised to BBB from BB at Crisil
    • Cites strengthening of company’s financial flexibility, with majority acquisition of stake by Hero Electronix
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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UUID: 7947283

HALISTER1: Recent Developments and Trends in Economic Sanctions and Export Controls Enforcement and Expected Changes Ahead

Recent Developments and Trends in Economic Sanctions and Export Controls Enforcement and Expected Changes Ahead

Alert: HALISTER1
Source: BNA (Bloomberg BNA)

People
Barack Obama (United States of America)
Donald Trump (United States of America)
Jacob Lew (United States Department of the Treasury)
Marc Turi (Turi Defense Group Inc)

Topics
Final Rules

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UUID: 7947283

HALISTER1: Buy Western Union; Too Early to Know MoneyGram Impact, BTIG Says

Buy Western Union; Too Early to Know MoneyGram Impact, BTIG Says

(Bloomberg) -- Investors should still buy shares of Western Union, as it’s premature to assume there will be any “meaningful impact” from MoneyGram’s deal with Alibaba’s Ant Financial, BTIG’s Mark Palmer writes in note.
  • MGI-BABA deal and SEC fraud settlement are both priced into stock; WU has shown it can survive legal/regulatory woes and competition, and is poised to “weather its current challenges”
  • WU’s digital opportunities are “in no way reflected in the stock’s multiple;” online rollout in new countries is an “underappreciated source of future upside”
  • WU has 4 buys, 15 holds, 9 sells, avg PT $20: Bloomberg data
  • NOTE: Earlier, MGI was downgraded at First Analysis and William Blair
    • First Analysis analyst Larry Berlin sees “greater than normal uncertainty” given Trump’s policies on cross- border deals and fact that buyer is Chinese
    • William Blair’s Robert Napoli sees deal posing threat to PayPal since AliPay is a subsidiary of Ant Financial
  • NOTE: Earlier, Jack Ma Not Making It Easy for Western Union as Shares Slide
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
MGI US (MoneyGram International Inc)
WU US (Western Union Co/The)
BABA US (Alibaba Group Holding Ltd)
0174634D CH (Alipay.com Co Ltd)

People
Mark Palmer (BTIG LLC)
Lawrence Berlin (First Analysis Corp)
Robert Napoli (William Blair & Co LLC)

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UUID: 7947283

HALISTER1: Nigeria Tells Shell, Eni to Cede Oil Field Pending Investigation

Nigeria Tells Shell, Eni to Cede Oil Field Pending Investigation

(Bloomberg) -- Nigerian Judge John Tsoho orders Shell, Eni to cede control of Oil Prospecting License, or OPL, 245 to the Nigerian government pending “investigation and prosecution of suspects” in the sale of the $1.1 billion oil field, according to documents from the Federal High Court in Abuja.
  • Court makes forfeiture order on request from anti-graft agency Economic and Financial Crimes Commission “pending the conclusion of investigation and prosecution” of companies and individuals suspected to be complicit in “connection with acts of conspiracy bribery, official corruption and money laundering” in the oil field sale
  • Court documents say controversial OPL 245 was acquired from the Nigerian Government by Malabu Oil and Gas Limited, owned by a former Oil Minister Dan Etete in “hazy circumstances” in 1998 and afterwards sold to oil giants Shell and Agip “in opaque transactions”
  • NOTE: Earlier, Shell, Eni Told to Temporarily Forfeit Nigeria Oilfield: Reuters
  • NOTE: Nigeria Lawmakers Want Shell, Eni $1.1 Billion Oil Block Award Revoked
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
RDSA LN (Royal Dutch Shell PLC)
ENI IM (Eni SpA)

People
Dan Etete (Federal Republic of Nigeria)

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UUID: 7947283

HALISTER1: U.S. to See Just 1.5% Growth in 1H Amid Stimulus Delay: BofA

U.S. to See Just 1.5% Growth in 1H Amid Stimulus Delay: BofA

(Bloomberg) -- Delays in fiscal stimulus and potentially greater trade tensions lead to “out-of-consensus” forecast for slow growth of 1.5% in 1H, BofA economist Michelle Meyer, others write in note Thursday.
  • Fiscal stimulus to push up growth to mid-2% in 2H and 2018, after “bumpy start”
  • Still expecting one rate increase this year, likely in September; now also says that a second hike this year could be a “close call”
    • Reiterates prior forecast for three hikes in 2018
  • FOMC will display greater conviction about reduced labor market slack, upward trend of inflation in its Feb. 1 statement
  • Employment report released Friday is likely to show unemployment rate holding at 4.7%, gain of 160k jobs
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

People
Michelle Meyer (Bank of America Corp)

Topics
BGOV Finance

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UUID: 7947283

HALISTER: Microsoft FY2Q Adj. EPS, Revenue Beat Estimates

Microsoft FY2Q Adj. EPS, Revenue Beat Estimates

(Bloomberg) -- Microsoft FY2Q adj. EPS ex-LinkedIn 84c vs est. 79c.
  • FY2Q adj. revenue ex-LinkedIn $25.8b vs est. $25.3b
  • Shares down 1.5% post-market
  • Call 5:30pm 877-407-0666, see preview
To contact the reporter on this story: Arie Shapira in New York at ashapira3@bloomberg.net
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
MSFT US (Microsoft Corp)

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UUID: 7947283