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Standard & Poor’s Rating
On 2 March 2010, Standard & Poor’s lowered its long term rating for South Canterbury Finance from ‘BB+’ to ‘BB’. At the same time, the ‘BB’ long term rating was placed on CreditWatch with negative implications. A CreditWatch Negative listing by Standard & Poor’s implies a one-in-two likelihood of a downgrade of the credit rating within the next three months.
Standard & Poor’s states that, under a long term issuer credit rating, an issuer rated 'BB' is less vulnerable in the near term than other lower-rated issuers. However, an issuer with a ‘BB’ long term rating faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the issuer having inadequate capacity to meet its financial commitments. Under a short term issuer credit rating, an issuer rated 'B' is regarded as vulnerable and having significant speculative characteristics.
Credit ratings issued by Standard & Poor's Ratings Services are solely statements of opinion and not statements of fact or recommendations to purchase, hold, or sell any securities or make any other investment decisions. Credit ratings may be changed, withdrawn or suspended at any time. Latest ratings can be found at www.standardandpoors.com
