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Research Update: NZ's PGG Wrightson Finance Ltd. 'BB/B' Ratings Placed On CreditWatch Positive On Acquisition Announcement Jun 11 Product Image

Research Update: NZ's PGG Wrightson Finance Ltd. 'BB/B' Ratings Placed On CreditWatch Positive On Acquisition Announcement Jun 11

  • Published: June 2011
  • Region: New Zealand
  • Standard & Poors

Abstract
New Zealand nonbank financing company Heartland New Zealand Ltd. (HNZ) has announced a conditional acquisition of PGG Wrightson Finance Ltd. (PWF). We have placed our 'BB/B' issuer credit ratings on PWF on CreditWatch with positive implications, recognizing that the ratings on PWF could be equalized with those assigned to HNZ's existing subsidiary, Heartland Building Society Ltd. (HBS, formerly Combined Building Society; BBB-/Stable/A-3) on completion of the acquisition. The ratings on HBS are unaffected by the acquisition. If the acquisition does not proceed, we expect to affirm the 'BB/B' ratings and stable outlook on PWF. On June 15, 2011, Standard & Poor's Ratings Services placed its 'BB/B' issuer credit ratings on PGG Wrightson Finance Ltd. (PWF) on CreditWatch with positive implications....

Companies mentioned in this report are: PGG Wrightson Finance Ltd.,Combined Building Society
Action: On CreditWatch:Positive

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PGG Wrightson Finance Ltd.,Combined Building Society

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