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Broadlands Finance Ltd. Rating Lowered To 'CCC/C' And Placed On CreditWatch Negative Nov 11
Standard & Poors, Nov 2011
Abstract
MELBOURNE (Standard & Poor's) Nov. 24, 2011--Standard & Poor's Ratings Services said today that it has lowered its counterparty credit ratings on New Zealand finance company Broadlands Finance Ltd. (BFL) to 'CCC/C' from 'B/B'. We also placed the ratings on CreditWatch with negative implications. BFL has announced its withdrawal from the debenture investor market, management changes, and that it is reconsidering its business strategy. The company has ceased to issue debentures in New Zealand since Oct. 19, 2011, due to a decline in appetite from investors. BFL's funding challenges have caused the company to reconsider its business position and strategy. BFL has decided to curtail lending activities and downsize business operations while considering new funding and business strategies. Downsizing initiatives...
Companies mentioned in this report are: Broadlands Finance Ltd.
Action: Downgraded
Action: On CreditWatch:Negative
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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