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US Energy Default Rate to Fall, Risk Remains for Small Issuers
A number of highly-levered liquidity strained small energy issuers on Fitch’s Top Bonds (TBOC) and Top Loans of Concern (TLOC) lists remain vulnerable to default, despite our expectation of a significantly lower energy default rate in 2021 relative to 2020, says Fitch Ratings. We project the US energy high-yield (HY) and institutional leveraged loan default rate will decline to 6% and 8%, respectively, this year compared with 14.0% and 19.6% at YE 2020, due to higher oil prices and refinancing of near-term maturities as capital markets reopened in 4Q20.
Liquidity remains a key watch item for the sector as many HY issuers continue to generate negative FCF and find it difficult to execute asset sales. However, large and small energy issuers alike have shifted their focus away from production growth toward FCF generation and debt reduction, lowering capex and targeting debt/EBITDA in the 2.0 to 2.5x range. Significant pr
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OmniTRAX Honors Customers With New Safety Award
January 20, 2021 GMT
DENVER (BUSINESS WIRE) Jan 20, 2021
OmniTRAX Inc., a comprehensive logistics solutions provider and affiliate of The Broe Group, today announced the 35 recipients of their inaugural Safe Shipper Award, which is presented to companies that shipped or received qualifying loaded cars with no accidental releases in the previous year. The winners operate on the following OmniTRAX-managed freight lines: Alabama & Tennessee River Railway, Brownsville & Rio Grande International Railway, Chicago Rail Link, Fulton County Railway, Georgia & Florida Railway, Nebraska, Kansas & Colorado Railway, Newburgh & South Shore Railroad, Panhandle Northern Railroad, Sand Springs Railway and Winchester and Western Railroad Company.
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The Broe Group and its rail affiliate OmniTRAX, Inc. have pledged one million meals to community food banks throughout their U.S. operating region. As America faces unprecedented food insecurity, the Colorado companies are leading a multi-state commitment to help relieve the growing strain on local food banks.
“No one should go hungry, yet our nation’s food banks fight each day to meet the increasing community demand for food,” said The Broe Group’s Kiki Broe. “The communities we serve are home to our teammates, neighbors and partners, and we are committed to helping the local food banks serve this unprecedented need. We encourage everyone to help these vital community partners in any way they can.”
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Colorado Companies Team up with Local Non-Profits from Coast to Coast
The Broe Group and its rail affiliate OmniTRAX, Inc. have pledged one million meals to community food banks throughout their U.S. operating region. As America faces unprecedented food insecurity, the Colorado companies are leading a multi-state commitment to help relieve the growing strain on local food banks. No one should go hungry, yet our nation s food banks fight each day to meet the increasing community demand for food, said The Broe Group s Kiki Broe. The communities we serve are home to our teammates, neighbors and partners, and we are committed to helping the local food banks serve this unprecedented need. We encourage everyone to help these vital community partners in any way they can.