Wide Bay And MRM Ratings Placed On Watch Neg After Acquisition Proposal For Mackay Permanent Jul 07
- ID: 1820317
- July 2007
- Standard & Poors
MELBOURNE (Standard & Poor's) July 25, 2007--Standard & Poor's Ratings Services today said it had placed its 'BBB-' long-term and 'A-3' short-term ratings on Wide Bay Australia Ltd. (Wide Bay) on CreditWatch with negative implications. At the same time, the 'BBB-' long-term rating on Wide Bay's subsidiary Mortgage Risk Management Pty Ltd. (MRM) was placed on CreditWatch with negative implications. The CreditWatch action follows Wide Bay's announcement of its nonbinding indicative proposal to acquire Queensland-based Mackay Permanent Building Society Ltd. (Mackay; not rated) for a cash offer of about A$48.8 million, or a mix of cash and shares in Wide Bay. The ratings on Wide Bay and MRM may be lowered if the acquisition proceeds and significantly weakens Wide Bay's...
Companies mentioned in this report are: Wide Bay Australia Ltd.,Mortgage Risk Management Pty Ltd.
Action: On CreditWatch:Negative
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Research type: News
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