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Carnival Cruises
December 15, 2023

Company Description Carnival Corporation & Carnival plc (CCL) runs the world’s largest cruise passenger fleet. CCL operates globally, with a from Carnival Cruises

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The Panama Canal causing supply chain concerns as shipping lanes are bottlenecked
December 7, 2023

It is possible that two byproducts of the bottleneck occur, one is a shortage of products available in the supply from The Panama Canal causing supply chain concerns as shipping lanes are bottlenecked

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Bank liquidity and funding will have to be recalibrated in 2024, as the ECB’s Taregeted Long Term Refinancing Operations “TLTRO 3” conclude

Intro The conclusion of the ECB’s targeted longer-term refinancing operations (TLTRO-III) is expected to mature throughout 2024. There’s a heightened from Bank liquidity and funding will have to be recalibrated in 2024, as the ECB’s Taregeted Long Term Refinancing Operations “TLTRO 3” conclude

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Punch Taverns (PUBLN, XS2357307664) – Sailing close to the wind
December 5, 2023

Credit Summary: Punch (PUBLN, XS2357307664) is attempting to navigate to a successful refinancing ahead of it’s £600m SSN maturity in from Punch Taverns (PUBLN, XS2357307664) – Sailing close to the wind

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Miller Homes Short Form Credit Review Q3’23
December 1, 2023

Miller Homes Operating Results for Q3’23 Q3’23 revenues down 10% YoY to £240m, whilst LTM revenues down 3% to just from Miller Homes Short Form Credit Review Q3’23

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NewDay
November 19, 2023

Credit Summary Declining Leverage, High Interest Coverage and Debt Buybacks Newday’s Q3 ’23 saw leverage flat vs. FY ’22, both from NewDay

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Burford Capital Q3’23 Credit Update
November 17, 2023

Buford Q3’23 Credit Review Update Operating Performance Burford’s top line revenue is £504m in Q3’23. And £1Bln in the 9 from Burford Capital Q3’23 Credit Update

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AMS Osram Q3 23 Credit Update
November 10, 2023

Operating Performance Going forward, the exit of the non-core semiconductor business portfolio will affect the revenue run-rate by a reduction from AMS Osram Q3 23 Credit Update

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Moody’s TMT seminar, my notes.
November 9, 2023

Moody’s invited us to their TMT (Technology, Media, Telecoms) Ratings Risk seminar this week. The main focus of the talk from Moody’s TMT seminar, my notes.

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Iceland: Q2 2024 Credit Update
November 3, 2023

Operating Performance Iceland seems to be turning a corner after a tumultuous year of higher energy costs, food inflation, intense from Iceland: Q2 2024 Credit Update

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Boparan Q4’23 Credit Summary
October 26, 2023

Financials Operating Performance Total revenue for Q4’23 down 2.1% YoY to £739m, down £15.5m on Q4’22. Revenue growth has been from Boparan Q4’23 Credit Summary

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Matalan Credit Summary Update Q2’24

OPERATING PERFORMANCE Total revenue for Q2’24 up 0.8% YoY to £289m, up £2.2m on Q2’23.Retail Revenue up 8% YoY, whilst from Matalan Credit Summary Update Q2’24

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RSA Group Credit Review
October 17, 2023

Subsidiary of Intact Financial Corp (IFC) Business operating Model RSA Group (“RSA Insurance Group”, formerly “Royal & Sun Alliance”), is from RSA Group Credit Review

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LendInvest PLC FY 2023 Credit Review
September 28, 2023

Lendinvest PLC (“Lendinvest”) is one of the UK’s leading alternative real estate lenders, with £3.6Bln FUM, £2.5Bln platform AUA. Lendinvest from LendInvest PLC FY 2023 Credit Review

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Together Financial Services Credit Update FY’23
September 22, 2023

H1’23 Credit Summary Together Operating Performance Income Summary Critically, Together continues to generate internal capital through profits. In FY’23 they from Together Financial Services Credit Update FY’23

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The Bank of England’s Monetary Policy Committee leaves interest rates unchanged in a narrow vote at 5.25%
September 21, 2023

The Bank of England has maintained its interest rates at 5.25% following a closely divided vote, likely signalling the peak from The Bank of England’s Monetary Policy Committee leaves interest rates unchanged in a narrow vote at 5.25%

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With today’s update by Ocado, here is a refresher on the current performance of the UK Supermarket Sector
September 19, 2023

Firstly, Supermarket food inflation reached 17.5% in April-May 2023. This has obviously not only driven inflation, but has been partly from With today’s update by Ocado, here is a refresher on the current performance of the UK Supermarket Sector

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AMS OSRAM 1H’23 Credit Review
September 14, 2023

Operating Performance [Bullet point summary of performance focussing on LfL & inorganic Revenue growth, cost structure and margin development] Going from AMS OSRAM 1H’23 Credit Review

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Canary Wharf: 1H 2023 Credit Review
September 10, 2023

Summary & Recent news Canary Wharf H1 23 (“CWG”) results appear varied. Operationally CWG has managed to mobilize the space, from Canary Wharf: 1H 2023 Credit Review

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Dignity PLC 2023 Credit Review
September 5, 2023

Financials Recent news Acquisition Dignity has approved a £281 million acquisition proposal from a consortium supported by investment firms SPWOne from Dignity PLC 2023 Credit Review

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