Broadlands Finance Ltd. Lowered To ?CC? And Placed On CreditWatch Negative On Pending Risk Of Selective Default Dec 11

Standard & Poors, December 2011

Abstract
MELBOURNE (Standard & Poor's) Dec. 9, 2011--Standard & Poor's Ratings Services said today that it has lowered its long-term issuer credit rating on New Zealand finance company Broadlands Finance Ltd. (BFL) to 'CC' from 'CCC', and placed it on CreditWatch with negative implications. The 'C' short-term issuer credit rating on BFL remains on CreditWatch with negative implications, where it was placed on Nov. 24, 2011. The rating actions reflect our criteria-based opinion that it is likely that BFL will selectively default on creditor obligations that are due to BFL's key shareholder, Mr. Anthony Radisich. This opinion is based on a deed that has been recently executed between BFL and its trustee company relating to: The waiver of all interest due...

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.

Broadlands Finance Ltd.

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