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Rating Action: Moody's upgrades Burford Capital's long-term senior unsecured rating to Ba2 from Ba3; outlook is stable
25 Mar 2021
New York, March 25, 2021 -- Moody's Investors Service, ("Moody's") has upgraded to Ba2 from Ba3 the corporate family rating of Burford Capital Limited (Burford), a New York based litigation finance company, and the backed long-term senior unsecured ratings of subsidiaries Burford Capital Finance LLC and Burford Capital PLC. The outlook for the issuers was revised to stable from positive. Moody's has also assigned a backed Ba2 rating to the senior unsecured notes to be issued by new subsidiary Burford Capital Global Finance LLC and assigned a stable outlook.

Upgrades:

..Issuer: Burford Capital Limited

....LT Corporate Family Rating, Upgraded to Ba2 from Ba3

..Issuer: Burford Capital Finance LLC

....Backed Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 from Ba3

..Issuer: Burford Capital PLC

....Backed Senior Unsecured Regular Bond/Debenture, Upgraded to Ba2 from Ba3

Assignments:

..Issuer: Burford Capital Global Finance LLC

....Backed Senior Unsecured Regular Bond/Debenture, Assigned Ba2

Outlook Actions:

..Issuer: Burford Capital Limited

....Outlook, Changed To Stable From Positive

..Issuer: Burford Capital Finance LLC

....Outlook, Changed To Stable From Positive

..Issuer: Burford Capital PLC

....Outlook, Changed To Stable From Positive

..Issuer: Burford Capital Global Finance LLC

....Outlook, Assigned Stable

RATINGS RATIONALE

Moody's has upgraded Burford's ratings to reflect the company's success in improving its governance, partly in connection with it listing on the New York Stock Exchange in October 2020, as well as the company's strong operating performance during the economic downturn, continued strong liquidity and low leverage. The outlook was revised to stable from positive based on Moody's expectation that Burford will continue to maintain its overall strong, though potentially volatile earnings strength, and effectively manage liquidity and capital positions over the next 12 -- 18 months.

The backed Ba2 rating assigned to the new senior unsecured notes of Burford Capital Global Finance reflect their senior priority in Burford's overall capital structure, including the unconditional guarantees of ultimate parent Burford and affiliates Burford Capital Finance LLC and Burford Capital PLC on a senior unsecured basis.

During the third quarter of 2020, Burford completed a series of steps that in Moody's view strengthened its governance arrangements, including changes in board composition that increased the number of independent directors, made to respond to listing rules and shareholder demands. This was in part connected to Burford's listing on the NYSE in October 2020, which subjects the company to the compliance requirements of the Securities and Exchange Commission (SEC). Moody's believes that the improvements provide more transpare

The IC article,

I was going to sell today, now I'm buying small time to average down a bit.
I was impressed by the new institutional investors in BUR.

Burford plays to a new audience

The litigation finance specialist's US listing could affect future dividend payments

From Aim to the New York Stock Exchange: Burford Capital's (BUR) ascent through the equity league tables is the sort of journey bourse bosses like to crow about. Yet with its share price still trapped below the level it first sank to after a damaging 2019 report from short seller Muddy Waters, the litigation finance house is less of a poster child for growth than a warning about market exuberance and volatility.

Naturally, Burford debates the fairness of that characterisation. So too, it would appear, does a fresh intake of backers: since October’s US listing, there has been considerable churn at the top of the shareholder register. After long-term holder Invesco, stateside investors Conifer Management LLC, CI, Coltrane Asset Management and the Texas teachers’ pension fund now occupy the top five institutional investor slots.

Mithaq Capital, a Saudi investment firm backed by the Al Rajhi family, is now the largest investor with 10.5 per cent of the business.

Headline figures for Burford’s first set of full results since its secondary float were well flagged a month ago. “Capital provision-direct assets” – that is, legal claims funded directly by Burford – generated $325m (£237m) in cash proceeds in 2020, a rise of 55 per cent year-on-year. Indirect assets, managed on behalf of fund clients, generated $173m in cash.

Despite apparently limitless options to re-deploy those proceeds – group-wide assets increased to $4.5bn in the year, $2.9bn of which is attributable to Burford’s balance sheet – a record period for cash realisation failed to translate into an increase in operating profits, which dipped 6 per cent.

Management put this down to the cost of subsidising third-party funds today in the hopes of netting future performance fees. Burford therefore absorbs all operating costs, but books around half of each dollar deployed.

After Covid-19 forced a suspension in the dividend this time last year, a final 12.5¢-a-share pay-out is welcome news for long-term holders, though anyone hoping for a formal distribution policy may be disappointed. Management expects to maintain the dividend at its current level, but demand for cash elsewhere in the business and the tax inefficiency of pay-outs for US investors means this will be reviewed “from time to time”.

Highlighting this demand for working capital was a separate announcement of a fresh private market bond offering, to raise $350m for general corporate purposes and on unspecified terms.

Consensus forecasts are for earnings of 138¢ per share this year, 97¢ in 2022, and $2.36 in 2023, when several analysts predict a windfall from the Petersen case. We remain neutral: hold.

Anyone actually contacted TILS management to ask about Accustem listing date?
Off topic, but good article in IC about BUR, I'm a LTH in it - looks a buy now, shouldn't ramp but it's very cheap and safe, they have lots of cash, just got bad publicity - folk don't understand it (Litigation Finance). It's the biggest in it's field, see the RNS's.

Long term shareholders, say over 4 years, can be losing up to about 70% if they bought big just before the MW attack.
It has never recovered from that attack - the market is not usually stupid, the institutions are not buying in - they don't trust it to be a good investment. It's a day traders share, buying/selling on tiny moves getting/losing paltry sums for that effort, look at the volumes on a usual day - tiny, it's all PI's and day traders.
Peterson - Jam tomorrow, it won't happen

On my ii account it has results being published today
Loo pup - toilet dog
Not impressed, tiny volume today

Does anyone here talk direct to them direct?
I can't while in working hours

Well done DaveyCaferacer,
So how long do you think we will wait now for the shares to show up in portfolios? In my case Interactive Investor...
I bought Rolls Royce and Computacentre today, just a few of each - playing safe (I think)
Odd that TILS is so low on RNS's at present but hopefully they are getting on with science...

Sorry for old date...
Same question, I don't know why it crashed....
If they are making more money than last year, the SP should move north

Will this move the SP north?

Thanks both, sorry to be so out of touch but when is listing on the main market supposed to take place?
As to belonging to us, I see your point but we can't sell them so we don't really own them - yet...

Are the Accustem shares being issued?

Does anyone know if/when the Covid treatment (inhalers) is approved, if it's then possible for a GP in this country to buy some for their patients? (I'd like some (now))

And do you think the NHS will pounce on it to free up hospital beds?

I also want my Accustem shares NOW!

All views welcome, I think a lot of holders would like to know what's happening or at least get some views from holders.
Thanks in advance

Thanks Satallite, yes 'in case it's been sold' I'd think the Co. would have had to warn shareholders first but who knows these days.

Sorry to be boring but Accustem should be appearing in our portfolios soon I think, anyone know when?
And way off topic but is anyone a LTH of Burford Capital (BUR) here? I'm thinking of selling out after next results, take the loss and put the lot in Tils.

it has been a wild year for LoopUp: at first the meteoric c230% share price rise as a
work-from-home beneficiary, only to be followed by a disappointing end-of-year trading
update which sent its stock crashing back down to more or less exactly where it started.
Now this remote meetings provider is a top pick not as a software-as-a-service High Flyer,
but as a beaten up Contrarian opportunity. Shares have since started to climb once more.
LoopUp’s products help organisations move their global communications into the cloud to
support flexible working, increase productivity and reduce complexity and cost. Solutions
include full telephony integration for Microsoft Teams, which is delivered over LoopUp’s
premium voice network via Direct Routing, and a premium remote meeting solution.
More than 5,000 organisations around the world use LoopUp’s global voice network –
from major multinationals to fast-growing SMEs, public sector bodies and professional
services firms, including 20 of the top 100 global law firms.
In LoopUp’s most recent trading update, the group commented: “While trading is
expected to remain challenging in the non-PS part of our Meetings business, this now
represents just 14% of our total LoopUp Platform revenue... By contrast in our core
market, we remain confident in our ability to drive attractive, sustainable and profitable
growth of our premium external cloud communications platform, and therefore plan to
invest to maximize growth and shareholder value creation.
”
I'm not sure how I feel about Loop, I'm holding until next results. The Stocko mention was most popular shares by investors.

And how much has it gone down over 4 years from circa £20 to £7 now

LTH's are well down if they kept buying over the years. Like me they don't want to crystallise the loss and so hold.

time HAS told - since the MW attack this has been a total dog - BECAUSE OF MANAGEMENT INCOMPETANCE.

If anyone has the expected date it would be good to know.

Any news on Acustem ?

Very sad news on previous post, I hope that there is a heaven to make up for the trials on Earth...

I haven't looked at TILS here much lately although a long term holder, I wonder if there is any news when Accustem gets listed, apologies for no doubt being boring but if anyone does have some news it will be welcomed. Good luck all.