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Research Update: Saskatchewan Wheat Pool

  • ID: 1784608
  • January 2003
  • Standard & Poors

On Jan. 31, 2003, Standard & Poor's Ratings Services lowered its ratings on grain handler Saskatchewan Wheat Pool (SWP), including the long-term corporate credit rating, to 'D' from 'CCC-'. The downgrade follows SWP's inability to obtain the two-thirds requisite votes from its noteholders relating to a proposed financial restructuring of the company's debt by today's deadline of Jan. 31, 2003. Failure to obtain such approval constitutes a breach of the company's existing covenants and renders SWP in default of its existing bank credit agreements. The Regina, Sask.-based company had proposed an exchange of existing medium-term notes and a portion of its existing bank debt into two new series of subordinated notes due 2008, as well as warrants for SWP class...

Companies mentioned in this report are: Viterra Inc.
Action: Review

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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Viterra Inc.

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