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Moody’s Ratings cut Alaska Air Group Inc.’s credit grade to junk status after the company said it plans to issue secured debt to refinance borrowings from its acquisition of Hawaiian Holdings Inc., according to a statement on Tuesday.

The credit grader lowered the airline’s issuer rating to Ba1, the highest junk level, from Baa3, the lowest investment-grade score, and changed its outlook to negative from stable, signaling more downgrades could be coming in the medium term.

At the same time, Moody’s gave Alaska Air’s planned secured debt obligations a rating of Baa2, the second lowest investment-grade score. The airline said on Monday that it plans to borrow $1.5 billion, secured by the company’s loyalty program, to help refinance Hawaiian Airlines debt.

Late last year, Alaska Air agreed to buy rival Hawaiian Holdings for $1.9 billion, snatching up a company that had been hit by rising competition from Southwest Airlines Co., among other factors. Alaska Air closed its acquisition on Sept. 18. Based on financials at that time, and accounting for Hawaiian’s loyalty notes getting repaid, about 90% of Alaska Air’s debt will be secured, Moody’s estimated.

“Alaska Air is establishing a capital structure which will be made up primarily of secured debt, which is credit negative as it reduces the company’s financial flexibility,” Moody’s analyst Peter Trombetta wrote in the bond grader’s statement. “The secured debt will have a higher priority of claim than any unsecured debt, resulting in the downgrade of the company’s issuer rating.”

The ratings firm expects planned capital expenditure for the combined company to burn more than $500 million of cash in 2025, according to the statement. Alaska Air’s standalone cash was about $2.5 billion as of the end of June, according to Moody’s. The company also has access to an $850 million revolving credit facility that expires in September 2029, the ratings firm said.

Source: Theedgemarkets

“Since the $73K peak, the number of people willing to sell Bitcoin has dropped to a minimum zone over the past 6 months,” he commented in a post on X on Sept. 25.

Bitcoin sell-side risk ratio. Source: Axel Adler Jr./X

An accompanying chart uploaded by Adler describes thus sell-side risk as “minimal.”

Bitcoin realized profit and loss (USD). Source: Axel Adler Jr./X

The STH cost basis currently sits at around $62,250, per data from statistics resource BGeometrics.

Bitcoin STH realized price. Source: BGeometrics

Earlier this week, X account The Bitcoin Researcher offered further details on the current composition of STH entities’ BTC exposure, describing the market as being in a “pivotal state.”

Source: The Bitcoin Researcher

Source: Cointelegraph

Source: Poundsterlinglive

Inflation in Dubai rose by 0.6 per cent month-on-month in August, according to the latest data from the Dubai Statistics Centre.

The August figures represented a small pick-up from the modest monthly deflation recorded in July. On an annual basis, CPI inflation rose by 3.38 per cent, up marginally from 3.32 per cent a month earlier. Inflation has been running at 3.6 per cent year-on-year on average in the year to August, a modest acceleration from the 3.3 per cent year-on-year recorded for 2023 as a whole, Emirates NBD analysis shows.

Inflation drivers have been consistent in Dubai in 2024, data showed. Housing has risen by more than six per cent year-on-year each month in 2024 with the August housing and utilities component of the basket rising by 6.9 per cent year-on-year, according to Emirates NBD Reasearch. “The rise in housing inflation reflects the underling increase in property purchase and rental costs over the last several years. Given its large weight in the overall CPI basket at more than 40 per cent, housing costs exert a strong influence on inflation overall,” Edward Bell, head of market economics at Emirates NBD Research, said in a note.

Elsewhere in the August data, transport costs were up by 0.3 per cent month-on-month, though lower on an annual basis. The food and beverage subcomponent also increased month-on-month, up by 0.6 per cent and was up by 2.8 per cent year-on-year. “Transport costs, which account for more than 9 per cent of the basket, tend to show more volatility on a monthly basis as they are influenced by market costs for oil and refined products,” Bell wrote.

There was also a monthly jump in recreation prices, up 4.6 per cent month-on-month and reversing the annual deflation print for July. Other key contributors to inflation in Dubai this year have been financial services (up 5.9 per cent year-on-year in August) and education fees which have been stable at 3.1 per cent year-on-year for the last five months.

Emirates NBD expects Dubai CPI inflation at 3.5 per cent year-on-year on average in 2024, an acceleration from 3.3 per cent recorded last year. “Cooling oil prices and energy costs will act as a drag on prices in the final months of the year. Brent oil futures have averaged $73 per barrel since the start of September 2024 compared with $92 per barrel for the same period in 2023. Housing price inflation will, however, act as a floor to CPI as the index increasingly reflects higher housing prices,” Bell wrote.

Source: khaleejtimes

SNB: another bank to cut rates

The time for Swiss National Bank (SNB) to cut rates again has come. The global economic environment is currently facing substantial problems, including inflationary pressures and geopolitical uncertainty, so this decision comes at a vital time when the landscape is facing these challenges.

The policy rate of the SNB is currently set at 1.25% since June 2024. There is a 50-50 chance of a 25bps cut versus a 50bps cut at this meeting. Switzerland’s economy, one of the world’s most stable economies, has struggled with moderate inflation and a strong Swiss currency, both of which have an influence on the export-driven sectors of the economy. The major responsibility of the SNB is to maintain price stability while simultaneously fostering economic expansion.

Inflation starts to ease

The goal of the SNB is to maintain inflation within a predetermined range. Recent data suggests that inflationary pressures are beginning to ease, which opens the door for the possibility of a reduction in interest rates. It has the potential to boost borrowing and investment by lowering interest rates, which can lead to increased economic growth. This is particularly significant in light of the fact that Switzerland is currently navigating the post-pandemic recovery phase. The current state of the global economy, which includes the policies of other major central banks such as the Federal Reserve and the European Central Bank, will also impact the SNB’s decisions.

Lower interest rates could result in a devaluation of the Swiss franc, which would make Swiss exports more competitive on the international market. A reduction in interest rates would lower the costs of borrowing money for both individuals and businesses, which might potentially lead to an increase in spending and investment.

Technical look at USDCHF

The Swissy has been stuck within a sideways channel over the last month, with the upper boundary at the 0.8540 resistance and the lower boundary at the 0.8400 support. If there are steeper declines, it may take USDCHF time to test the previous lows of 0.8400 and the nine-month trough of 0.8370. On the other hand, a break of the narrow range could add some optimism for an upside recovery, meeting the short-term trend line at 0.8580 and the 50-day simple moving average (SMA) at 0.8600.

The short- and medium-term outlooks remain bearish as long as the market holds well beneath the 200-day SMA.