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BULLETIN: ALE Notes Unaffected by Foster's Bid for Southcorp Jan 05 Product Image

BULLETIN: ALE Notes Unaffected by Foster's Bid for Southcorp Jan 05

  • ID: 2092216
  • January 2005
  • Standard & Poors

Abstract
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.
Action: Bulletin

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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Australian Leisure & Entertainment Property Trust,Foster's Group Ltd.,Woolworths Ltd.

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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