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Broadlands Finance Ltd. Dec 11
Standard & Poors, Dec 2011
Abstract
High near term probability of selective default on owner's debenture investments and advances Weak liquidity Weak funding flexibility following its exit of the debenture market on Oct. 19, 2011 High non-performing assets, noting that arrears are adequately managed at the current rating level Key-person risk due to reliance on its director and sole shareholder Established niche in asset-based finance market Strong, long-standing track record of support by its sole shareholder Adequate capital at current rating level 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...
Companies mentioned in this report are: Broadlands Finance Ltd.
Action: Downgraded
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: Full Analysis
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