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
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
SHOW LESS READ MORE >