Geneva still on creditwatch
Geneva Finance, which is currently about halfway through a moratorium on interest payments, has been left on creditwatch with developing implications by credit agency Standard & Poor's.
Thursday, February 14th 2008, 8:51AM
S&P said the ratings had gone in limbo after "uncertainty regarding the company's future operating activities, funding, and recapitalisation".
"Although Geneva subsequently failed to negotiate additional funding with a specific party, upside potential to the rating remains because the company is investigating other funding arrangements."
S&P said a timely and satisfactory funding package might see the ratings upgraded to a B category but if Geneva was unsuccessful a D rating would apply.
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