BRIEF-Equinix Internet Exchange to open in Finland
* Equinix Internet Exchange to launch in Q1 2017 in Helsinki, Finland Source text for Eikon: Further company coverage:
(The following statement was released by the rating agency) Jan 31 - Fitch Ratings has placed the preference shares issued by Banco Popular Espanol, SA (Popular) through its vehicles on Rating Watch Positive (RWP). The action follows the request for a group of investors in the notes to vote on a proposal to amend the trigger on the coupon omission of these notes from the availability of "Distributable Profits" to the wider-ranging "Distributable Profits and Reserves". SENSITIVITIES/RATING DRIVERS The RWP reflects Fitch's view that it is highly likely that the amendment will be approved. The change will lower the coupon omission trigger to the prevailing regulatory capital minima and will therefore make it harder for the issuer not to pay coupons on the notes. If the amendment is approved, Popular will be able to pay coupons out of distributable reserves and not just out of the previous year's income. In accordance with its criteria, Fitch believes that this change will reduce the risk of non-performance compared to the anchor rating, the Viability Rating (VR) to minus two (currently minus three). Like most other Spanish banks, Popular currently sets the coupon payments on the above listed securities to depend on the previous year's net income, a much easier trigger to activate. Fitch will continue to apply two notches from the VR for loss severity as recoveries are expected to be poor relative to the average. Therefore, on resolution of the RWP, Fitch expects to upgrade the preference shares by one notch to 'B'. The approval of the change in the issuing vehicles' by-laws and issues' terms and conditions is expected by early March. The rating of Popular's preference shares are sensitive to any rating action on its VR. The rating actions are as follows: BPE Preference Shares International Limited: Preference shares (ISIN: KYG717151099 and KYG1280w1015) of 'B-' placed on RWP Popular Capital, S.A.: Preference shares (ISIN: DE0009190702; DE000A0BDW10; XS0288613119 and ES0170412003) of 'B-' placed on RWP (Caryn Trokie, New York Ratings Unit)
Sept 29 PepsiCo Inc reported better-than-expected quarterly net revenue, helped by higher demand for beverages and Frito-Lay snacks in North America.
* Gold Standard appoints Bruce McLeod as a director Source text for Eikon: Further company coverage: