• SELECT SITE CURRENCY
Select a currency for use throughout the site
TFS Corp. Ltd. 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: Full Analysis
Exposure to regulatory risk Cash flow is largely dependent on potentially volatile investment sales Limited geographic and business unit diversity Plantations approaching, but yet to achieve first harvest Weak liquidity is a short-term risk factor Attractive asset class, underpinned by scarcity of global Indian sandalwood Vertically integrated business, with plantations and distilling facilities Reducing reliance on tax-driven MIS investor base The rating on Australian-based forest plantation company TFS Corp. Ltd. (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 (compared with the sale of products with more stable and predictable cash flow). Also underpinning the ratings is our view of TFS's limited geographic and business...
Companies mentioned in this report are: TFS Corp. Ltd.
TFS Corp. Ltd.