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BNZ Income Securities Ltd.'s Proposed Perpetual Noncumulative Shares Issue Rated 'A+' Feb 08
Standard & Poors, Feb 2008
Abstract
MELBOURNE (Standard & Poor's) Feb. 25, 2008-- Standard & Poor's Ratings Services today said that it had assigned its 'A+' issue debt rating on the proposed NZ$350 million perpetual noncumulative shares (with an option to retain oversubscriptions up to NZ$350 million) issued by BNZ Income Securities Ltd. (BNZIS; not rated). BNZIS, indirectly owned by National Australia Bank Ltd. (NAB; AA/Stable/A-1+), has been established specifically for the issuance of these securities. Standard & Poor's gains comfort that the payment characteristics of the shares align with that of the BNZ Perpetual Preference Shares (BNZ PPS) issued by Bank of New Zealand Ltd. (BNZ; AA/Stable/A-1+) through an appropriate trust deed structure. The trust deed is overseen and managed by an independent trustee. The...
Companies mentioned in this report are: BNZ Income Securities Ltd.,National Australia Bank Ltd.
Action: New Rating
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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