|
|
 |
|
Viewing report
|
|
|
|
'BB/B' Ratings On NZ's PGG Wrightson Finance Ltd. Placed On CreditWatch Positive On Acquisition Announcement Jun 11
Standard & Poors, June 2011
Abstract
SYDNEY (Standard & Poor's) June 16, 2011-Standard & Poor's Ratings Services said today that it had placed its 'BB/B' issuer credit ratings on New Zealand nonbank financing company PGG Wrightson Finance Ltd. (PWF) on CreditWatch with positive implications, following Heartland New Zealand Ltd.'s (HNZ) announcement of a conditional acquisition of PWF. The CreditWatch action reflects the potential equalization of PWF's ratings with those on Heartland Building Society Ltd. (HBS, formerly Combined Building Society; BBB-/Stable/A-3), should the proposed acquisition of PWF by HBS, a key operating subsidiary of HNZ, succeed (on or about Aug.31, 2011). In Standard & Poor's opinion, HBS' overall business diversity will benefit from this acquisition, and the business and distribution arrangement with PGG Wrightson Ltd. (PGG) would...
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.
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.
|
|
|
|
