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Fitch Solutions: CDS Liquidity Rising for Travel & Leisure; Media CDS Widens.

Article Excerpt
In another heavy week of earnings announcements, several travel & leisure companies are showing rising liquidity with tightening spreads, while spreads are widening among some major media companies, according to Fitch Solutions in its latest update on Global CDS Spreads/Liquidity Scores for companies scheduled to come out with earnings announcements in the coming week.

'There remains concern in the travel and leisure sector, despite tightening spreads, of the strength in the pick up in consumption on hotels, car rental, luxury cruises and gambling,' said Author and Managing Director Thomas Aubrey. 'Additionally, widening spreads among cable and media companies may be pointing to prolonged tension between various U.S. television networks and their affiliates regarding cable and satellite television revenues.'

North America:

AmerisourceBergen Corp. (CONSUMER SERVICES/Food & Drug Retailers)

Credit spreads have widened over the last three months with the five-year point widening from 38 bps to 49 basis points (bps), an increase of 31 percent. Liquidity on AmerisourceBergen Corp. decreased from trading in the 51st percentile to the 59th percentile. Its liquidity score decreased from 9.10 to 9.61 over the three-month period.

Avis Budget Group, Inc. (CONSUMER SERVICES/Travel & Leisure)

Credit spreads have tightened over the last three months with the five-year point tightening from 869 bps to 631 bps, a decrease of 27 percent. Liquidity on Avis Budget Group, Inc. increased from trading in...

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