Agentura S&P Global Ratings snížila rating společnosti Fortrea Holdings Inc., smluvní výzkumné organizace se sídlem v Severní Karolíně, z „B+“ na „B-“ kvůli přetrvávající vysoké zadluženosti a zápornému cash flow. Ratingová agentura odstranila všechny ratingy z CreditWatch, kam byly zařazeny s negativními implikacemi dne 6. března 2025. Rating oživení „3“ zůstává beze změny a výhled je stabilní.
Snížení ratingu je výsledkem názoru S&P Global Ratings, že úvěrové ukazatele společnosti Fortrea zůstanou v příštích několika letech slabé. Navzdory očekáváním zlepšení EBITDA, marží EBITDA a volného cash flow se předpokládá, že úvěrové ukazatele klesnou hluboko pod předchozí očekávání. Toto snížení ratingu přichází v době, kdy společnost Fortrea čelí větším výzvám, než se očekávalo, při přeměně na samostatný subjekt po odštěpení od společnosti Labcorp.
Původní marže EBITDA upravené agenturou S&P Global Ratings pro roky 2024–2025 se očekávaly na úrovni 12–13 %. Aktuální prognózy však naznačují, že v fiskálním roce 2025 budou nižší než 6 % a v roce 2026 se mírně zlepší na přibližně 8 %. Cash flow nesplnilo předchozí očekávání a zadluženost zůstala vysoká. Očekává se postupné zlepšení úvěrových ukazatelů v souvislosti s optimalizací podnikání a postupným ukončováním nákladů na dohodu o podpoře přechodu.
Financial markets remain in a phase of broad uncertainty due to domestic political struggles in America, as well as heightened geopolitical tensions.
Nearly a year ago, the U.S. president's voluntaristic economic measures — expressed in straightforward increases in customs duties and import tariffs on America's trading partners — were challenged by the U.S. Supreme Court as unlawful. This led to a rally in the markets, primarily in equities, but only briefly, as Trump quickly found a way to reinstate them — and even raise the base tariff rate from 10% to 15%. Naturally, market participants could not ignore this news.
It is within this rather complex and uncertain environment that markets are currently operating, directly affecting stock prices, oil, gold, currencies, and cryptocurrencies.
Now let us focus on the cryptocurrency market, which continues to decline like an avalanche, fully reflecting the artificial nature of the inflated prices seen by mid-summer last year. I have repeatedly pointed out that the rise in prices of assets such as Bitcoin or Ethereum and similar instruments was fueled by protectionist statements from an interested party — namely Trump himself and his crypto fund, which he boosted with spring 2025 statements claiming that cryptocurrencies would be actively used in trade transactions. However, subsequent developments showed that this was a classic case of verbal intervention aimed at stimulating speculative buying, from which Trump and those around him profited quite substantially.
The deflation of the cryptocurrency bubble continues and is far from over. At a time when the world is undergoing a shift in financial eras and investors are increasingly interested in assets with real underlying value — and it should be noted that cryptocurrencies have no tangible backing whatsoever — interest in these speculative assets is declining. It appears that this downward phase is still active.
Assessing the current factors influencing the markets, I believe that demand for gold will persist, while cryptocurrencies are likely to remain under pressure.
Forecast of the Day
Bitcoin
The cryptocurrency is trading below the resistance level of 64,200.00. Continued waning interest in crypto assets could lead to a decline toward 59,730.50 as early as this week. A potential selling level may be the 62,543.00 level.
Gold
Gold prices are trading above the 4,846.30–5,100.00 level and may temporarily correct toward its upper boundary before turning upward again and targeting 5,200.00, followed by 5,300.00. A potential buying level may be the 5,161.78 level.
RYCHLÉ ODKAZY
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