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Broadlands Finance Ltd. Ratings Placed On ?Selective Default? Following Missed Interest Payment on Shareholder Loan Dec 11
Standard & Poors, Dec 2011
Abstract
MELBOURNE (Standard & Poor's) Dec. 16, 2011--Standard & Poor's Ratings Services said today that it has placed its long- and short-term issuer credit ratings on New Zealand finance company Broadlands Finance Ltd. (BFL) on 'SD' (Selective Default). This rating action follows BFL's missed interest payment on its loan to its key shareholder, Mr. Anthony Radisich, on Dec. 15, 2011. Under these circumstances, consistent with our criteria, we have revised our ratings on BFL to 'SD'. Under our rating definitions, an obligor rated 'SD' has failed to pay one or more of its financial obligations (rated or unrated) when it comes due. BFL's non-payment of interest due to its key shareholder reflects commercial arrangements agreed between BFL and companies associated with...
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: 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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