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Agribusiness -- Australia & New Zealand: Strong Exporters Face Consolidation Pressures May 01
Standard & Poors, May 2001
Abstract
The Australian and New Zealand agribusiness industries are undergoing rapid structural change, largely driven by progressive deregulation and an increasing recognition of the benefits of building a stronger business profile to successfully compete in global markets. Australia and New Zealand's strong positions in global trade for a variety of agribusiness industries reflect internationally competitive cost positions and high-quality products. Recent outlook changes and CreditWatch placements mostly have followed proposed mergers and acquisitions, the pace of which has accelerated in a climate of increasing deregulation. These rating actions largely have been negative, reflecting the heightened risks associated with a move away from regulatory environments, which protect strong market shares. Further, the use of debt funding for acquisitions has reduced financial flexibility,...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
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