Weekly Analysts' Ratings Changes for Rio Tinto plc (RIO)
Several brokerages have updated their recommendations and price targets on shares of Rio Tinto plc (NYSE: RIO) in the last few weeks:
- 10/21/2015 Rio Tinto plc had its buy rating reaffirmed by analysts at Deutsche Bank.
- 10/19/2015 Rio Tinto plc had its buy rating reaffirmed by analysts at Beaufort Securities.
- 10/14/2015 Rio Tinto plc had its buy rating reaffirmed by analysts at Deutsche Bank.
- 10/13/2015 Rio Tinto plc was downgraded by analysts at Vetr from a sell rating to a strong sell rating. They now have a $32.38 price target on the stock.
- 10/13/2015 Rio Tinto plc was downgraded by analysts at Zacks from a buy rating to a hold rating. According to Zacks, Rio Tinto reported weak results for first-half 2015. Earnings and revenues both lagged the respective year-ago tallies due to macroeconomic issues such as recession in China, Greece debt negotiations and weak prices of commodities in the global mining industry. Moreover, threats of industry rivalry and dismal weather conditions expose the company to risks of loss in revenues as well as margins in the near term. Despite these adversities, Rio Tinto, however, aims to improve its financial fundamentals with the help of greater cost discipline, strategic capital-deployment programs and new growth projects.
- 10/12/2015 Rio Tinto plc had its buy rating reaffirmed by analysts at Nomura.
- 10/10/2015 Rio Tinto plc had its neutral rating reaffirmed by analysts at BNP Paribas.
- 10/7/2015 Rio Tinto plc was downgraded by analysts at Vetr from a buy rating to a hold rating. They now have a $37.66 price target on the stock.
- 10/7/2015 Rio Tinto plc was upgraded by analysts at Morgan Stanley from an equal weight rating to an overweight rating. They now have a $38.75 price target on the stock, up previously from $35.42.
- 10/5/2015 Rio Tinto plc had its buy rating reaffirmed by analysts at Deutsche Bank.
- 10/2/2015 Rio Tinto plc was upgraded by analysts at Societe Generale from a hold rating to a buy rating.
- 9/28/2015 Rio Tinto plc was upgraded by analysts at Vetr from a buy rating to a strong-buy rating. They now have a $37.29 price target on the stock.
- 9/25/2015 Rio Tinto plc had its hold rating reaffirmed by analysts at Liberum Capital.
- 9/21/2015 Rio Tinto plc was upgraded by analysts at Vetr from a hold rating to a buy rating. They now have a $37.29 price target on the stock.
- 9/16/2015 Rio Tinto plc had its sell rating reaffirmed by analysts at Goldman Sachs.
- 9/16/2015 Rio Tinto plc had its buy rating reaffirmed by analysts at Citigroup Inc..
- 9/15/2015 Rio Tinto plc had its overweight rating reaffirmed by analysts at JPMorgan Chase Co..
- 9/14/2015 Rio Tinto plc had its buy rating reaffirmed by analysts at Deutsche Bank.
- 9/8/2015 Rio Tinto plc was downgraded by analysts at Vetr from a buy rating to a hold rating. They now have a $37.29 price target on the stock.
- 8/31/2015 Rio Tinto plc was downgraded by analysts at Vetr from a buy rating to a hold rating. They now have a $37.29 price target on the stock.
- 8/28/2015 Rio Tinto plc had its buy rating reaffirmed by analysts at Citigroup Inc..
Rio Tinto plc (NYSE:RIO) traded down 0.770% on Monday, reaching $37.995. The company had a trading volume of 757,712 shares. The stocks 50 day moving average is $36.32 and its 200-day moving average is $40.25. Rio Tinto plc has a 1-year low of $31.97 and a 1-year high of $50.07. The stock has a market capitalization of $69.39 billion and a P/E ratio of 24.063.
Rio Tinto plc (NYSE:RIO) is a global mining company. Rio Tintos business is finding, mining, and processing mineral resources. Major products are aluminium, copper, diamonds, gold, industrial minerals (borates, titanium dioxide and salt), iron ore, thermal and metallurgical coal and uranium. The Company has activities world-wide and is represented in Australia and North America with businesses in Asia, Europe, Africa and South America.
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Moody's upgrades KSK Koeln's long-term deposit ratings to Aa3; outlook stable
Long-term debt rating affirmed at A1, negative outlook
Frankfurt am Main, November 03, 2015 -- Moodys Investors Service has today upgraded Kreissparkasse Koelns
(KSK Koeln) long-term deposit ratings to Aa3 from A1 with a stable
outlook. At the same time, Moodys has affirmed the
banks long-term debt rating at A1 with a negative outlook.
The rating agency has also affirmed KSK Koelns baseline credit
assessment (BCA) at baa1, the adjusted BCA at a2, and the
banks Prime-1 short-term deposit ratings and its
counterparty risk assessment (CRA) at Aa1(cr)/Prime-1(cr).
A full list of affected ratings can be found at the end of this press
release.
RATINGS RATIONALE
UPGRADE OF THE BANKS LONG-TERM DEPOSIT RATINGS AND AFFIRMATION
OF ITS LONG-TERM DEBT RATING
The upgrade of KSK Koelns long-term deposit ratings to Aa3
and the affirmation of the banks A1 long-term debt rating
reflect the application of Moodys Advanced Loss Given Failure (LGF)
Analysis based on KSK Koelns audited year-end 2014 financials,
as well as unchanged government support assumptions for the bank as a
member of domestically systemic Sparkassen-Finanzgruppe (S-Finanzgruppe,
Corporate Family Rating Aa2 stable / BCA a2) affording one notch of government
support uplift.
Based on year-end 2014 audited financial accounts, Moodys
believes KSK Koelns depositors benefit from a greater tranche size
and subordination than previously assumed in the rating agencys
Advanced LGF Analysis. Following this reassessment, the loss-given-failure
for KSK Koelns institutional and corporate depositors is low,
resulting in a one-notch uplift for the banks Preliminary
Rating Assessment (PRA) from its a2 adjusted BCA. At the same time,
this re-assessment did not change the outcome of the loss-given-failure
for KSK Koelns debt instruments which remains moderate.
Previously, Moodys had considered the loss-given-failure
for both KSK Koelns debt and deposits to be moderate.
Moodys assumption of a moderate probability of government support for
KSK Koelns creditors results in a one-notch uplift to the
PRA to reach a long-term deposit rating of Aa3. The rating
agency assigns the same support probability to senior unsecured debt,
resulting in a senior unsecured rating of A1. This assessment reflects
KSK Koelns association with S-Finanzgruppe, which
Moodys considers to be systemically relevant at the national level
in Germany.
AFFIRMATION OF THE baa1 BCA AND THE a2 ADJUSTED BCA
The affirmation of the baa1 BCA reflects KSK Koelns overall solid
financial fundamentals, characterized by a strong regional franchise
in its home market, adequate capitalization and conservative risk
and liquidity management. The banks BCA remains constrained
by significant sector concentrations as well as modest financial performance.
Moodys considers current asset quality and risk provisioning metrics
to benefit from a relatively benign macroeconomic environment in Germany.
The rating agency expects these metrics to normalize over time,
resulting in an expectation of a lower return-on-assets
for KSK Koeln in the persisting low interest rate environment.
The affirmation of the BCA also reflects the benefits from the low --
and further reduced -- dependence of KSK Koeln on market funding.
This factor is partly offset by the banks limited liquidity buffers,
which the rating agency nevertheless considers adequate in light of KSK
Koelns stable funding profile.
The affirmation of KSK Koelns adjusted BCA of a2 reflects two notches
of affiliate support derived from an unchanged very high support likelihood
under the institutional protection scheme of S-Finanzgruppe.
DIFFERENT OUTLOOKS ON SENIOR DEBT AND DEPOSIT RATINGS
The outlook on the banks long-term deposit ratings is stable and
the outlook on the banks senior unsecured debt rating is negative.
The different outlooks reflect the approved legislation in Germany that
will subordinate major parts of senior debt to deposits to the benefit
of institutional and corporate depositors and to the detriment of senior
unsecured creditors. This modified German insolvency order,
which is scheduled to become effective as of January 2017, will
place downward pressure on KSK Koelns senior debt rating,
whereas we expect it to have no impact on the banks deposit ratings.
WHAT WOULD MOVE THE RATING UP / DOWN
Upward pressure on KSK Koelns long-term ratings may result
from a significant increase in the banks bail-in-able
debt and / or a revision of KSK Koelns medium-term liability
structure planning in light of future minimum requirements for own funds
and eligible liabilities (MREL).
Stronger capital ratios and a sustained positive earnings trend could
result in upward potential for KSK Koelns BCA. Because the
banks adjusted BCA is at the same level as the BCA of S-Finanzgruppe,
a BCA upgrade of KSK Koeln would not result in an upgrade of its long-term
ratings.
Downward pressure could be exerted on KSK Koelns long-term
ratings as a result of: (1) A deterioration of the banks
credit fundamentals and performance leading to a lowering of its standalone
baa1 BCA; (2) a weakening of the creditworthiness of S-Finanzgruppe
or Moodys revised assumptions of sector support available to KSK
Koeln in case of need; or (3) a significant decrease in the banks
bail-in-able debt cushion. As indicated by the negative
rating outlook, KSK Koelns senior debt rating may be downgraded
upon the subordination of senior unsecured debt to junior deposits,
as foreseen by the revised German insolvency ranking which will become
effective in January 2017.
LIST OF AFFECTED RATINGS
The following ratings of Kreissparkasse Koeln were upgraded:
- Long-term (local and foreign currency) deposit ratings
to Aa3 with a stable outlook from A1, stable outlook.
The following ratings and rating inputs of Kreissparkasse Koeln were affirmed:
- Baseline Credit Assessment (BCA) at baa1;
- Adjusted BCA at a2;
- Short-term (local and foreign currency) deposit ratings
at Prime-1;
- Long-term (local currency) senior debt rating at A1 with
a negative outlook;
- Long- and short-term Counterparty Risk Assessment
at Aa1(cr)/Prime-1(cr).
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Banks published in
March 2015. Please see the Credit Policy page on www.moodys.com
for a copy of this methodology.
REGULATORY DISCLOSURES
For ratings issued on a program, series or category/class of debt,
this announcement provides certain regulatory disclosures in relation
to each rating of a subsequently issued bond or note of the same series
or category/class of debt or pursuant to a program for which the ratings
are derived exclusively from existing ratings in accordance with Moodys
rating practices. For ratings issued on a support provider,
this announcement provides certain regulatory disclosures in relation
to the rating action on the support provider and in relation to each particular
rating action for securities that derive their credit ratings from the
support providers credit rating. For provisional ratings,
this announcement provides certain regulatory disclosures in relation
to the provisional rating assigned, and in relation to a definitive
rating that may be assigned subsequent to the final issuance of the debt,
in each case where the transaction structure and terms have not changed
prior to the assignment of the definitive rating in a manner that would
have affected the rating. For further information please see the
ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.
For any affected securities or rated entities receiving direct credit
support from the primary entity(ies) of this rating action, and
whose ratings may change as a result of this rating action, the
associated regulatory disclosures will be those of the guarantor entity.
Exceptions to this approach exist for the following disclosures,
if applicable to jurisdiction: Ancillary Services, Disclosure
to rated entity, Disclosure from rated entity.
Regulatory disclosures contained in this press release apply to the credit
rating and, if applicable, the related rating outlook or rating
review.
Please see www.moodys.com for any updates on changes to
the lead rating analyst and to the Moodys legal entity that has issued
the rating.
Please see the ratings tab on the issuer/entity page on www.moodys.com
for additional regulatory disclosures for each credit rating.
Bernhard Held
Asst Vice President - Analyst
Financial Institutions Group
Moodys Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Carola Schuler
MD - Banking
Financial Institutions Group
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Releasing Office:
Moodys Deutschland GmbH
An der Welle 5
Frankfurt am Main 60322
Germany
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
Moodys upgrades KSK Koelns long-term deposit ratings to Aa3; outlook stable