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Bulletin: Saskatchewan Wheat Pool's Proposed C$200 Million Senior Notes Unaffected By Unsecured Label
Standard & Poors, July 2007
Abstract
TORONTO (Standard & Poor's) July 26, 2007--Standard & Poor's Ratings Services today said its rating on Regina, Sask.-based Saskatchewan Wheat Pool's (SWP; BB/Stable/--) proposed C$200 million senior notes remains unaffected following the company's decision to market them as senior unsecured notes rather than senior notes as previously proposed. Although the notes are now being marketed as unsecured debt, Standard & Poor's continues to treat them as secured obligations and rates them accordingly. This is because the negative pledge covenant included in the proposed senior notes effectively provides them with a first-priority security on all fixed assets of the company and a second-priority security interest in the company's working capital assets, on a pari passu basis with the senior secured bridge...
Companies mentioned in this report are: Viterra Inc.
Action: Bulletin
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.
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