Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

High Yield Experts

Senior Credit Analyst, Lucror Analytics

Trung Nguyen

Senior Credit Analyst

Credit

In our view, ABM Investama’s FY 2019 results were very weak. Revenue was down while profitability and cash flows fell substantially, driven by both the challenging coal environment and the loss of a key customer. The financial risk profile deteriorated significantly. Liquidity is weak, mainly due to refinancing risk for the USD 350 mn 2022 Notes, which made up most of the reported debt. We believe the FY 2020 results will be even weaker. In addition, we expect rating downgrades of at least one notch, as we see the current B1/B+ ratings from Moody’s and Fitch as highly generous. Eventually, we see potential for the ratings to be downgraded to B3/B- as the refinancing risk grows with time.

  In our view, ABM Investama’s FY 2019 results were very weak. Revenue was down while profitability and cash flows fell substantially, driven by both the challenging coal environment and the loss of a key customer. The financial risk profile deteriorated significantly. Liquidity is weak, mainly due to refinancing risk for the USD 350 mn 2022 Notes, which made up most of the reported debt.   We believe the FY 2020 results will be even weaker. In addition, we expect rating downgrades of at least one notch, as we see the current B1/B+ ratings from Moody’s and Fitch as highly generous. Eventually, we see potential for the ratings to be downgraded to B3/B- as the refinancing risk grows with time. 

ABM Investama - Earnings Flash - FY 2019 Results - Lucror Analytics