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Australian-Based Sandalwood Producer TFS Corp. Ltd. Assigned 'B' Corporate Credit Rating; Outlook Stable May 11
Standard & Poors, May 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
MELBOURNE (Standard & Poor's) May 2, 2011--Standard & Poor's Ratings Services today said that it had assigned its 'B' corporate credit rating to TFS Corp. Ltd. (TFS), an Australian-based forestry company that operates vertically integrated sandalwood plantation and distillery operations. The outlook is stable. At the same time, we assigned a 'B' rating and a Recovery Rating of '3' to TFS's proposed US$175 million bond issue, indicating the expectation of meaningful recovery (50%-70%) in the event of default. 'The 'B' rating on TFS reflects our opinion of the company's exposure to regulatory risk and its dependency on potentially volatile investment sales and fees for cash flow,' Standard & Poor's credit analyst Brenda Wardlaw said. 'Also underpinning the rating is our...
Companies mentioned in this report are: TFS Corp. Ltd.
Action: New Rating
Action: Outlook: Stable
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