USM is moving ahead with a new notes issuance as it continues to line up financing for procurement activities. The Series 2026 transaction is set for a Fitch Ratings assessment that will examine the issuer's credit profile, market conditions and expected cash flows tied to the financed purchases.
Highlights
- Fitch Ratings will assess USM Procurement 9 Series 2026 Notes, focusing on credit profile, market conditions, and procurement-related cash flows.
- Investors await Fitch's rating to evaluate transaction risk and understand the structure's resilience under current operating and funding conditions.
- The Series 2026 notes issuance exemplifies ongoing capital markets funding for procurement, with Fitch's opinion expected as a key guide for buyers.
Rating process for Series 2026 notes
As reported by Fitch Ratings, the agency will rate the USM Procurement 9 Series 2026 Notes as part of the company's financing effort for procurement-related activities.The review is set to consider several core factors, including the issuer's underlying credit profile, prevailing market conditions and the expected cash flows generated by the procurement activities supported by the notes. Fitch says its analysis will be set out in upcoming reports after the rating process is completed.
Investor focus on credit and cash flow
For investors, the planned rating provides a framework for assessing the transaction's risk profile before committing capital. The evaluation is expected to help the market gauge how the structure stands up to operating and funding conditions tied to the procurement program.The planned issuance also reflects continued use of capital markets funding for procurement needs, with the final Fitch opinion likely to serve as a key reference point for potential buyers of the notes.
In our earlier article on Fitch’s rating of Hainan Rubber’s proposed subordinated perpetual securities, we explained why the instruments were rated below the issuer rating due to their subordinated position and coupon-deferral features. We also highlighted Fitch’s view of the group’s leverage and liquidity profile, as well as the support considerations tied to its parent and government-related status.
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