- Language: English
- Published: July 2009
- Region: United Kingdom
Ratings On Local Government Financial Services Pty Ltd. Lowered To ?BBB-/A-3? From ?BBB/A-2? Jun 11
- Published: June 2011
- Standard & Poors
MELBOURNE (Standard & Poor's) June 22, 2011--Standard & Poor's Rating Services said today that it has lowered its long-term counterparty credit rating on Local Government Financial Services Pty. Ltd. (LGFS) to 'BBB-' from 'BBB', and the short-term counterparty credit rating to 'A-3' from 'A-2'. The outlook on the ratings is stable. "The lowering of the ratings reflects our view that the likelihood of support to LGFS from the New South Wales local councils has diminished to "low" from "moderately high", which results in no ratings uplift from LGFS's standalone credit profile, compared with the one-notch uplift that applied previously," said credit analyst Sharad Jain, of the Financial Services Ratings group. "Our assessment of LGFS's stand-alone credit profile is supported by...
Companies mentioned in this report are: Local Government Financial Services Pty Ltd.
Action: Outlook: Stable
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.
SHOW LESS READ MORE >
Local Government Financial Services Pty Ltd.