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Bulletin: Rating And Outlook On SRE Group Ltd. Are Unaffected By Proposed Tender Offer Jun 09
Standard & Poors, June 2009
Abstract
HONG KONG (Standard & Poor's) June 9, 2009--Standard & Poor's Ratings Services said today that the rating and outlook on SRE Group Ltd. (B/Negative/--) are not affected by the company's proposal to buy back its bond at 80% of the face value and to waive certain bond covenants. In our view, the tender offer is not tantamount to a distressed exchange. We believe that an imminent default is unlikely if bondholders don't accept the offer because SRE's cash buffer is adequate and its property sales are improving. The proposal is opportunistic, in our opinion, as the tender offer is conditional on the company raising sufficient equity or equity-linked financing and at satisfactory interest rates. In our view, SRE's leverage ratios...
Companies mentioned in this report are: SRE Group Ltd.
Action: Bulletin
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.
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