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Research Update: Broadlands Finance Ltd. Ratings Placed On ?Selective Default? Following Missed Interest Payment on Shareholder Loan Dec 11
Standard & Poors, December 2011
We have placed our long- and short-term issuer credit ratings on 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. The non-payment of interest by BFL due on a loan to its key shareholder reflects a recent deed that was executed between BFL and its trustee company that will result in external debenture holders being repaid in priority to BFL's key shareholder. On Dec. 16, 2011, Standard & Poor's Ratings Services 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...
Companies mentioned in this report are: Broadlands Finance Ltd.
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Broadlands Finance Ltd.