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: On CreditWatch:Negative
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Research type: News
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