Wsj Opinion: Review & Outlook: Chris Ruddy's Paean To Tv Regulation

Investing.com -- Moody’s Ratings has affirmed Aon plc’s (NYSE:AON) Baa2 senior unsecured debt and Prime-2 commercial paper ratings while changing the outlook to positive from stable.

The rating agency cited Aon’s steady reduction in financial leverage since acquiring NFP Corp. in April 2024, along with its record of profitable growth and healthy free cash flow as reasons for the improved outlook.

Aon’s ratings reflect its position as the world’s second-largest insurance broker, its expertise in risk, health and wealth solutions, and its diversification across client types, products and regions. The company has consistently increased revenue and EBITDA through organic growth, strategic acquisitions and effective expense management.

Through the first nine months of 2025, Aon generated 6% organic revenue growth, with balanced performance across its business segments: Commercial Risk Solutions (6%), Reinsurance Solutions (5%), Health Solutions (6%) and Wealth Solutions (5%). Moody’s expects Aon to maintain mid-single digit organic revenue growth in the coming year.

The rating agency also projects Aon will maintain a debt-to-EBITDA ratio in the high 2s or low 3s, with (EBITDA - capex) interest coverage in the upper single digits and a free-cash-flow-to-debt ratio in the teens.

Factors that could lead to a rating upgrade include a debt-to-EBITDA ratio below 3.2x, (EBITDA - capex) coverage of interest above 7x, free-cash-flow-to-debt ratio in the teens or higher, and continued profitable growth.

Challenges noted in the credit assessment include Aon’s large debt burden, integration risk related to ongoing acquisitions, and its practice of periodically using debt proceeds to help fund substantial share buybacks. The company also faces potential liabilities from errors and omissions in delivering professional services.

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Investing.com -- Moody’s Ratings has affirmed Energizer Holdings, Inc.’s B1 Corporate Family Rating while changing its outlook to negative from stable, citing concerns over the company’s high leverage and slow debt reduction pace.

The ratings agency expects Energizer to face reduced earnings in fiscal 2026 due to soft consumer demand and higher costs related to tariffs, restructuring, and increased advertising spending. Energizer’s guidance for adjusted EBITDA of $580-$610 million for fiscal September 2026 falls below the $624 million generated in fiscal 2025.

Moody’s noted that Energizer’s debt increased in 2025 as the company issued debt to fund negative free cash flow after dividends and higher working capital investment for its new recyclable packaging. The company also repurchased approximately $90 million in shares, which Moody’s described as "an aggressive financial policy while leverage is high and free cash flow is negative."

Despite these concerns, Moody’s affirmed Energizer’s ratings based on the company’s solid market position and strategic initiatives that could potentially produce strong free cash flow and reduce leverage by the end of 2027. The agency anticipates debt-to-EBITDA will decline to roughly 5.6x in 2027 and below 5.5x in 2028, from 7.0x for the last 12 months ended September 2025.

Energizer is taking steps to strengthen its operating margin through pricing actions and cost reductions, including extending its Project Momentum restructuring program for another year. The company expects to repay around $150-$200 million of debt in 2026, including $80 million already repaid after the end of fiscal year 2025.

Moody’s expects Energizer to generate at least $150 million in free cash flow after dividends in both 2026 and 2027, benefiting from improved earnings and lower working capital usage.

The ratings agency maintained Energizer’s SGL-1 speculative grade liquidity rating, citing the company’s strong operating cash flow and ample available capacity on its $500 million revolver.

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Investing.com -- S&P Global Ratings has upgraded New Fortress Energy Inc. (NASDAQ:NFE) to ’CCC-’ from ’SD’ (selective default) following the company’s recent forbearance agreement with holders of its 2029 senior secured notes.

Despite the upgrade, S&P placed the ratings on CreditWatch with negative implications, indicating that a conventional payment default or debt restructuring appears "inevitable" within six months.

The forbearance agreement extends the due date for an interest payment originally scheduled for November 17, 2025, to December 15, 2025, providing temporary liquidity support. However, S&P noted that NFE remains highly leveraged and faces significant debt maturities in 2026.

As of September 30, 2025, NFE had approximately $389 million in cash, including about $244 million of restricted cash primarily allocated for construction projects in Brazil and collateral for letters of credit and performance bonds.

S&P also lowered its issue-level rating on NFE’s senior secured term loan B to ’CCC-’ from ’CCC’ while maintaining a recovery rating of ’3’, suggesting lenders would receive meaningful recovery (50%-70%) in a default scenario. The rating agency further downgraded the company’s senior secured notes due 2026 and 2029 (legacy notes) to ’CC’ from ’CCC-’, with an unchanged ’5’ recovery rating indicating modest recovery expectations (10%-30%).

If no agreement to extend the forbearance or restructure debt is reached by the termination date, noteholders could accelerate the outstanding principal, potentially making NFE’s other outstanding debt of approximately $6.6 billion payable on demand.

S&P believes NFE will use the forbearance period to negotiate with other lenders on restructuring its debt across the capital structure, with outcomes likely representing either a conventional or selective default under S&P’s criteria.

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Investing.com -- S&P Global Ratings has downgraded FMC Corp. to ’BB+’ from investment grade, citing persistent weak credit metrics and increased uncertainty about the company’s future performance.

The rating agency assigned a negative outlook, reflecting the possibility of further downgrades in the coming quarters if credit metrics deteriorate beyond current expectations.

S&P lowered its 2026 EBITDA forecast for FMC to $850 million from $959 million, citing unexpected setbacks in cash flow during the third quarter of 2025 and heightened uncertainty about the company’s ability to grow earnings in a challenging operating environment.

A major concern is the expiration of FMC’s Rynaxypyr patent, which historically contributed 30%-40% of the company’s revenue in 2024. With core patents expiring across key markets by 2026, FMC faces significant exposure to generic competition, particularly in Asia and Latin America.

Despite implementing mitigation strategies such as securing long-term contracts and introducing new formulations, S&P believes a sizeable portion of revenue remains at risk. The rating agency expects FMC’s funds from operations (FFO) to total debt will be at the low end of 12%-20% at year-end 2025.

FMC has taken several measures to maintain its credit quality, including launching a cost-saving program, reducing its dividend by $250 million annually in the third quarter of 2025, and halting share repurchases until the fourth quarter of 2027.

S&P noted that despite current challenges, FMC continues to benefit from favorable long-term fundamentals, with no fundamental change in demand for the company’s products or its market position. The U.S. Department of Agriculture projects coarse grain production at 1,547 million metric tons, with global rice output exceeding 550 million metric tons in 2025.

The rating agency could lower its ratings further if operating performance weakens beyond expectations into 2026, or if patent expirations hinder earnings more than anticipated. Conversely, S&P could revise its outlook to stable if FMC experiences a larger-than-expected pickup in demand due to sustained improvement in the agriculture market.

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Investing.com -- Brookfield Asset Management Ltd. and Singapore’s GIC Pte are jointly exploring a potential takeover of Sydney-listed National Storage REIT, according to Bloomberg, citing people familiar with the matter.

The New York-based Brookfield and GIC have been discussing financing options with banks as they consider making an offer for the Australian storage company, said the people, who requested anonymity because the information is not public.

National Storage REIT shares have declined approximately 10% over the past year, giving the trust a market value of about A$3.2 billion ($2 billion).

The discussions are still in progress, and both Brookfield and GIC might ultimately decide not to proceed with an offer, the sources indicated.

National Storage operates more than 274 storage centers throughout Australia and New Zealand and holds the position as Australia’s largest self-storage provider.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Investing.com -- Miami International Holdings Inc. (NYSE:MIAX) stock rose 4.1% in after-hours trading Tuesday after the exchange operator announced a deal to sell 90% of its MIAX Derivatives Exchange subsidiary to Robinhood Markets Inc. (NASDAQ:HOOD) and Susquehanna International Group.

The technology-driven market operator will retain a 10% stake in MIAXdx, a CFTC-approved Designated Contract Market and Derivatives Clearing Organization that can list and clear fully collateralized futures, options on futures, and swaps.

"Through our retained equity stake, the transaction announced today will provide MIAX with access to the growing prediction markets on an expedited basis," said Thomas P. Gallagher, Chairman and CEO of MIAX. "The transaction with Robinhood closely aligns with our strategy of partnering with industry leaders to offer innovative trading products to the market."

The deal represents a strategic move for MIAX to gain exposure to prediction markets while focusing on core exchange operations. For Robinhood, the acquisition aligns with its efforts to expand product offerings for its customers.

"We’re excited to continue working with MIAX as investors in this exchange," said JB Mackenzie, VP and GM of Futures and International at Robinhood, whose shares remained flat following the announcement.

The transaction is expected to close in the first quarter of 2026, subject to customary closing conditions and regulatory filings with the Commodity Futures Trading Commission.

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