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Australian Leisure & Entertainment Property Trust
Standard & Poors, May 2011
Abstract
The 'BBB-' rating on A$78 million of cumulative loan notes (also known as ALE Notes) issued by Australian Leisure & Entertainment Property Trust (ALE Property Trust, part of ALE Property Group; not rated), an owner of pubs and hotels across Australia, reflects our opinion of the standalone credit quality on the notes, together with the benefit from a (non-timely) guarantee of principal and interest provided by Foster's Group Ltd. (Fosters; BBB/Stable/A-2). Although the ALE Notes benefit from a guarantee from Foster's, noteholders are required to wait at least six months following nonpayment on the notes before the guarantee becomes enforceable. Given the importance of timeliness in the overall rating determination, Standard & Poor's Ratings Services' rating on the ALE Notes...
Companies mentioned in this report are: Australian Leisure & Entertainment Property Trust
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.
Research Type: Full Analysis
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