UDC downgraded and flagged as possibly for sale
Tuesday, October 25th 2016, 2:24PM
UDC Finance has had its credit rating dowgraded from AA- to A- as the finance company is no longer considered to be of "strategic importance" to its parent, ANZ.
Ratings agency S&P Global believes that the ANZ group may sell its ownership in UDC within one year. "Consequently, we no longer consider UDC's business an integral part of the ANZ group strategy.
"In addition, we also no longer consider that UDC's business is integrated with the ANZ group to such an extent that it would be improbable to sever the subsidiary from the group."
If ANZ proceeds with a sale of UDC in its current form, S&P's ratings on UDC would depend on its assessment of three factors:
• The stand-alone credit profile of UDC;
• The group credit profile of its new owner; and
• The strategic importance of UDC within its new group..
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