Money: SNC-Lavalin cut to junk on heightened credit-risk profile - PressFrom - Canada
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MoneySNC-Lavalin cut to junk on heightened credit-risk profile

17:55  20 august  2019
17:55  20 august  2019 Source:   msn.com

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SNC - Lavalin Group Inc. was cut to junk by S&P Global Ratings, the latest blow for the Canadian engineering firm at the centre of a controversy that’s ensnared Prime Minister Justin Trudeau. S&P cut the Montreal-based company by one level to BB+, the highest non-investment grade rating

SNC - Lavalin Group Inc. was cut to junk by S&P Global Ratings, the latest blow for the Canadian engineering firm at the center of a controversy that’s ensnared Prime Minister Justin Trudeau. S&P cut the Montreal-based company by one level to BB+, the highest non-investment grade rating, according

SNC-Lavalin cut to junk on heightened credit-risk profile © Bloomberg A pedestrian passes in front of the SNC-Lavalin Group Inc. headquarters in Montreal, Quebec, Canada.

(Bloomberg) -- SNC-Lavalin Group Inc. was cut to junk by S&P Global Ratings, the latest blow for the Canadian engineering firm at the center of a controversy that’s ensnared Prime Minister Justin Trudeau.

S&P cut the Montreal-based company by one level to BB+, the highest non-investment grade rating, according to a statement Monday. The downgrade reflects the company’s significant losses on lump-sum turnkey projects, which SNC plans to exit when its current backlog is complete, the ratings firm said.

PM won't release McLellan report on SNC-Lavalin until ethics report released

PM won't release McLellan report on SNC-Lavalin until ethics report released OTTAWA — Justin Trudeau says he's received a "great" report from former Liberal cabinet minister Anne McLellan on the SNC-Lavalin affair. But the prime minister says it won't be made public until federal ethics commissioner Mario Dion releases his own report into the explosive affair that rocked the government last winter and sent Liberal popularity on a downward slide from which the party has not yet fully recovered. Dion's office won't comment on the status of his investigation but Liberal insiders privately expect the report will be released in early September — just as the campaign for the Oct. 21 election moves into high gear.

SNC - Lavalin Group Inc. is a Canadian company based in Montreal that provides engineering, procurement, and construction (EPC) services in various industries including; mining and metallurgy

SNC - Lavalin Group Inc.'s credit rating has been downgraded to junk status by Standard & Poor’s, which cited the potential for the company to lose more money on construction and engineering contracts. The bond-rating agency on Monday lowered the rating on SNC - Lavalin ’s senior unsecured

“Weaker-than-expected earnings and cash flow along with uncertainty from various headwinds contribute to our view that SNC’s operating efficiency and financial risk profile have deteriorated to a level that no longer supports an investment-grade rating,” S&P analysts Alessio di Francesco and Jarrett Bilous wrote.

S&P assigned a negative outlook due to uncertainty in the company’s ability to recover earnings and cash flow so that adjusted debt-to-Ebitda returns below 3 times by next year. SNC is still rated investment grade at DBRS Inc.

Last week, Trudeau was plunged back into the biggest scandal of his term just two months before elections, after the nation’s ethics watchdog ruled he inappropriately interfered in a judicial matter linked to SNC.

Trudeau's conduct in SNC-Lavalin matter violated ethics code, watchdog finds

Trudeau's conduct in SNC-Lavalin matter violated ethics code, watchdog finds Conflict of Interest and Ethics Commissioner Mario Dion has found that Prime Minister Justin Trudeau violated the ethics code by trying to encourage former justice minister Jody Wilson-Raybould to drop a criminal case against Quebec-based engineering firm SNC-Lavalin. "The evidence showed there were many ways in which Mr. Trudeau, either directly or through the actions of those under his direction, sought to influence the Attorney General," Dion wrote, in his report released Wednesday. "The evidence showed that SNC-Lavalin had significant financial interests in deferring prosecution.

Find the latest SNC - LAVALIN SV (SNC.TO) stock quote, history, news and other vital information to help you with your stock trading and investing. MONTREAL — SNC - Lavalin 's sudden return to the spotlight brings renewed focus on the beleaguered engineering firm's health, along with the potential

SNC - Lavalin Group Inc. is looking for a new strategy under new leadership after a series of setbacks in Canada and S&P Global ratings subsequently cut SNC - Lavalin ’s credit rating to While it remains unclear how political leaders would react if SNC - Lavalin decided to end its construction activity, the

QuickTake: How Canada’s Trudeau Imperiled His Own Re-Election

Ethics Commissioner Mario Dion said Trudeau sought to pressure his former attorney general last year to help SNC-Lavalin settle corruption charges out of court, partly for political reasons. Since the engineering firm would have benefited financially from Trudeau’s efforts, the prime minister’s actions contravened conflict of interest laws, the watchdog concluded.

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Shares of SNC have tumbled 63% this year after the company issued three profit warnings, wrote down the value of its Middle East energy business and lost a contract in Chile valued at $260 million. The stock rose 2.4% Monday in Toronto.

Tories seek emergency ethics committee meeting after bombshell SNC-Lavalin report: source

Tories seek emergency ethics committee meeting after bombshell SNC-Lavalin report: source A Tory source tells Global News the party will request Thursday a meeting of the Ethics Committee in order to move a motion to get Mario Dion to appear. Conservative MP Bob Zimmer is the chair of that committee and has the authority to call committee meetings. READ MORE: Trudeau broke ethics rules by trying to exert influence in SNC-Lavalin scandal: report Conservative MPs Peter Kent and Jacques Gourd, who are on the committee, sent a letter to Zimmer on Thursday asking him to do just that in order to invite Dion to testify on what they described as the "grave situation" outlined in his report.

SNC.TO - SNC - Lavalin Group Inc. Jody Wilson-Raybould quit Trudeau's cabinet unexpectedly on Tuesday after a newspaper reported she had been pressured by the prime minister's team to go easy on SNC - Lavalin last year when she was justice minister and attorney general.

SNC - Lavalin Group Inc.'s credit rating has been downgraded to junk status by Standard & Poor’s, which cited the potential for the company to lose more money on construction and engineering contracts. The bond-rating agency on Monday lowered the rating on SNC - Lavalin ’s senior unsecured

SNC’s C$300 million ($226 million) of 3.235% notes due 2023 were quoted at about 237 basis points over Canadian benchmark government debt, the widest spread since they were issued in February last year.

To contact the reporter on this story: Paula Sambo in Toronto at [email protected]

To contact the editors responsible for this story: Nikolaj Gammeltoft at [email protected], David Scanlan, Chris Fournier

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SNC-Lavalin stock takes a new tumble after credit downgrade, political flare-up.
MONTREAL — SNC-Lavalin Group Inc.'s stock fell again after Standard & Poor's downgraded its credit rating to junk status. Shares in the engineering giant closed down 24 cents or 1.4 per cent to $16.90 in trading on the Toronto Stock Exchange, after falling as low as $16.62 in initial trading.

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