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canada goose clearance sale Nov 24 Fitch Ratings says that following its downgrade of Portugal Long term foreign currency canada goose rating canada goose coats to Outlook (see Downgrades Portugal to from Outlook Negative its Portuguese corporate ratings are unchanged. Long term Issuer Default Ratings (IDR) canada goose uk shop and senior unsecured ratings are Watch Negative (RWN). Both entities Short term IDRs of are also on Canada Goose Online RWN. (HC, wholly owned by EDP) Long term IDR of and its Short term IDR of are on RWN. canada goose clearance sale
canada goose Portugal Telecom (PT) IDR is The senior unsecured rating of Canada Goose online Portugal Telecom Finance International canada goose black friday sale BV bonds are canada goose
canada goose coats Although EDP Canada Goose sale remains part owned by the state, pending the privatisation process of up to 21.35% of the Portuguese government stake, the above companies ratings do not embed any element of central government support. Fitch continues to review the effect upon each issuer of ongoing and related austerity measures, and adverse effects upon the domestic banking systems. canada goose coats
cheap Canada Goose Fitch established in its report Sovereign Pressures and Corporates dated 5 April 2011, that certain corporates can be rated above their respective eurozone Canada Goose Parka sovereign. The degree of stretch from the sovereign rating depends on cheap canada goose uk factors such as the company wholly domestic or international diversification. cheap Canada Goose
canada goose deals Fitch has already stated that a potential one notch canada goose uk black friday sovereign downgrade of Portugal to would not result in an Canada Goose Coats On Sale automatic Black Friday Canada Goose sale downgrade of EDP rating to (see Maintains EDP and Hidrocantabrico on RWN dated 14 November 2011). The current RWN canada goose coats on sale reflects the effect of a tariff deficit resulting from the Portuguese Energy Services Regulator proposal to defer EDP collection canada goose clearance from the special regime generation in 2012 and deviations in the CMEC compensation mechanism. Both changes in canadian goose jacket regulation need to be confirmed by the end of December 2011, uk canada goose after which Canada Goose Jackets Fitch expects to resolve EDP RWN. Using the guidance in the above Fitch report, any potential further downgrade of Portugal sovereign rating would also result in a canada goose store one notch downgrade of canada goose uk outlet EDPs ratings. canada goose deals
buy canada goose jacket cheap EDP had adequate liquidity of over EUR4bn at end September 2011, including cash and available bank facilities. This largely covers the company refinancing needs in the next 18 months but the company will have to tap the market to cover 2013 debt maturities. buy canada goose jacket cheap
canada goose clearance Portugal Telecom Negative Outlook already reflects the canada goose factory sale uncertainties facing the company in its home market, in particular the increased likelihood that uk canada goose outlet consumer behaviour buy canada goose jacket cheap will cheap Canada Goose be adversely affected. Fitch current rating case assumptions already build in a fair degree of caution for this type of reaction with around 5% declines for both fixed and mobile service revenues in 2012 (after an assumed 9% decline in domestic revenue in 2011) and only slow recovery towards a flat position in 2013. Fitch will continue to monitor the situation in 2012 for Canada Goose Outlet any acceleration of domestic pressures which may cause current rating case assumptions to breach Fitch stated net debt to EBITDA target metric of 3x for PT. Such pressures are likely to lead canada goose clearance sale to a downgrade unless a path to deleveraging in the short term is clear. canada goose canadagoosetomall clearance
Canada Goose online PT has strong liquidity. Fitch believes that its refinancing requirements have been buy canada goose jacket addressed through to 2014 Canada Goose online.