SCF's bond issue gets rating

Standard & Poor's has assigned a BBB- issue rating on the proposed South Canterbury Finance $75 million secured bond offer.

Monday, May 19th 2008, 11:17PM
The bonds are issued under a prospectus and a trust deed structure that is overseen and managed by an independent trustee, Trustees Executors Ltd., which has been established specifically for the issuance of these securities.

S&P says the rating on the secured bond has been equalised with that on SCF as the bonds are senior secured obligations which rank on a pari passu basis with other secured bonds, secured debenture stock, and a US private placement facility.

The secured bond and other senior secured obligations are secured under the trust deed by a charge over all the assets of SCF and other charging companies within the SCF group. Thus, any change to the rating on SCF will affect the rating assigned to this secured bond.

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