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Oh sorry had a mini breakdown today
Deos old news i pasted it 4 hours ago.
Ratings agencies are the most useless things that exist. They are always late.
Nmc usa up 32%.
UPDATE: Moody's Downgrades NMC Amid Shortfalls; To Withdraw Ratings
Mon, 2nd Mar 2020 09:15
(Alliance News) - Moody's Investors Service on Monday downgraded NMC Health PLC due to governance shortfalls and said that it will subsequently withdraw all ratings for the embattled hospital operator.
The ratings agency downgraded NMC's corporate family rating to Caa1 from Ba2 and the company's probability of default rating to Caa1-PD from Ba2-PD. Both Ba2 and Caa1 are below investment grade.
Moody's also downgraded the rating of the USD400 million trust certificates of NMC Healthcare Sukuk Ltd due 2023 to Caa1 from Ba2 and kept all ratings under review for downgrade.
"The downgrade to Caa1 reflects a deepening of the governance shortfalls affecting the company. The recent removal of the CEO, absence of the CFO and suspension of a member of the treasury team points to significant weaknesses in terms of oversight, financial management and operational controls," Moody's said.
The credit ratings downgrade also reflects Moody's view that, in light of recent events, NMC no longer has reliable access to funding and that its liquidity may be significantly weaker than reported.
NMC, on Wednesday last week, fired Prasanth Manghat as chief executive officer and extended Chief Financial Officer Prashanth Shenoy's sick leave after an independent review revealed potential discrepancies in the company's finances. A member of the company's treasury team also was suspended as a result of the financial discrepancies.
Moody's said it will withdraw all NMC ratings because it no longer considers the company's audited financial statements to be reliable, and
hence there is uncertainty around the company's leverage, cash position and liquidity profile.
NMC earlier on Monday said it has hired Moelis & Co to "support and advise" the company on its ongoing talks with its lenders.
The FTSE 100-listed company also appointed accounting firm PricewaterhouseCoopers and law firm Allen & Overy as operational adviser and legal adviser, respectively.
"Moelis will support and advise on NMC's discussions with its lenders, while PwC will assist on liquidity management and operational measures," the Abu Dhabi-based company said in its statement.
The company said it is currently focused on "safeguarding operational liquidity" and is asking lenders for continued support and an "informal standstill" in relation to existing loan facilities. The informal standstill includes a request to lenders not to exercise any rights and remedies that may arise from any current or future defaults under NMC's finance documentation.
In terms of shareholdings of founder & former chair Bavaguthu Raghuram Shetty, former vice-chair Khaleefa Butti Omair Al Muhairi and Saeed Mohamed Butti Mohamed Khalfan Al Qebaisi, NMC said details provided by the three principal investors indicate that the trio now holds less than 30% of NMC's issued share capital.
NMC's USD2 billion loan a