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
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.