Additional Liquidity Needed: We believe Tiphone probably has limited liquidity after it paid off the IDR1 trillion of bonds due July 2018 as its cash position at end-2Q18 was IDR762 billion and the company had minimal undrawn committed and uncommitted facilities
as of 2Q18.
The company decreased its debt by USD 1.2bn (to USD 7.8bn) since end-2008, and currently has a unutilized borrowing facility of USD 1,170mn, including USD 607mn of uncommitted facilities
. Evraz provided positive if unenthusiastic 2H09 guidance, based generally on increasing steel prices globally and volumes at its Russian steel division growing from July 2009.
Mr Richards said Hammerson has more than pounds 600 million in cash and uncommitted facilities
and was reviewing whether this should be used to make fresh investments, to return capital to shareholders, or a combination of the two.
Nevertheless, we consider the company's liquidity position as adequate due to undrawn uncommitted facilities
and firm access to local funding, including the local bond market.
Ample Liquidity: Swire Properties had a cash balance of HKD1.7 billion, undrawn committed facilities of HKD8.5 billion and undrawn uncommitted facilities
of HKD1.1 billion at end-2016, which is more than sufficient to cover its short-term debt of HKD7.5 billion.