BULLETIN: ALE Notes Unaffected by Foster's Bid for Southcorp Jan 05
- ID: 2092216
- January 2005
- Standard & Poors
MELBOURNE (Standard & Poor's) Jan. 18, 2005--Standard & Poor's Ratings Services said today that its 'BBB' rating on A$150 million of cumulative loan notes (ALE Notes) issued by the Australian Leisure and Entertainment Property Trust (APT) would be unaffected by Foster's Group Ltd.'s (BBB+/Watch Neg/--) takeover bid for Southcorp Ltd. (BB+/Watch Pos/--). Foster's provides a nontimely guarantee of principal and interest on the ALE Notes. Foster's was placed on CreditWatch with negative implications on Jan. 13, 2004 following its acquisition of an 18.8% shareholding in Southcorp and subsequent takeover offer. Standard & Poor's considers the stand-alone rating on the ALE Notes, which excludes any benefit from the Foster's guarantee, to be 'BBB'. The stand-alone rating primarily reflects the credit quality...
Companies mentioned in this report are: Australian Leisure & Entertainment Property Trust,Foster's Group Ltd.,Woolworths Ltd.
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