South Canterbury chief executive Lachie McLeod says this isn’t a prelude to any takeover.
He says South Canterbury have a lot of respect for Dominion and its chief executive Terry Butler.
Western Bay investors to get around 75c
The receivers at Western Bay Finance estimate that debenture holders to receive the majority of their investment back.
"From our early analysis, we expect to return 75-80 cents in the dollar of the principal outstanding at receivership to debenture holders", Grant Graham says.
He cautioned that there remain some risks to this estimate, given the profile of the book.
"We have taken immediate steps to bolster the collection function in-house, and we are examining a range of options such as external agencies, and outright sale of tranches of the book."
"In the interim, we project to be able to pay a first dividend to debenture holders of 10 cents in the dollar, before the end of September", he added.
HY FI rating lowered
It has moved from BB+/Stable to BB+/Watch Negative.
“The placing of Series 2 on credit watch negative is due to adverse credit rating movements in the underlying portfolio of reference entities. This means that S&P have assessed that the protection amount required for a BB+/Stable rating of Series 2 is greater than the current protection amount available to support Series 2 which remains unchanged.”
“S&P will continue to monitor the credit rating of Series 2. For example, if there are no adverse credit rating movements in the underlying portfolio of reference entities over the next three months, we expect that the Credit Watch Negative would be lifted and the rating outlook for Series 2 would be changed back to Stable.”
The change does not not affect the other HY-FIs Series 1, Series 3 and Series 4.
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