Trump’s US tax Christmas present: glittering gifts for Investment Grade telecom companies, but only lumps of coal for High Yield

On 22nd December last year, President Trump enacted probably the most significant achievement to date of his presidency by signing the Tax Cuts & Jobs Act of 2017.  The precise implications of tax law changes can be fiendishly complicated and difficult to assess due to the numbing complexity of the legislation and individual companies’ tax planning arrangements.  However, in broad strokes, I be…

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Are debt markets and rating agencies giving M&A too much credit?

Guest contributor – Simon Duff (Credit Analyst, M&G Credit Analysis team)

Last week, International TV network operator Discovery Communications announced the US$15bn acquisition of Scripps Networks.  Scripps owns TV networks focused on food, home and travel, so it fits with the factual or “non-scripted” focus of Discovery’s core networks (Discovery, TLC, Animal Planet).  It also offers an oppor…

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