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Originally Posted by Xerof
Yep, start reading the last rites for this one - once Derryl and Peter (S&P) get their hooks into constant downgrades, and negative creditwatches, they don't have a show. They will be reporting to S&P weekly, with reviews now monthly
This reads exactly as it did with SCF - positives are highlighted by those charged with saving the institution - no lending until stabilised, buyers in the wings, retention rates holding up well, continue to meet all obligations - but at the end of the day 58% of the debentures are being repaid each and every day, asset sales won't keep up with outflows and usually a CCC negative is the death knell.
bye bye NZF IMO
and if you think it can't happen to Wrightsons Finance, Marac, and the like, think again - these books are crumbling around their ears
This is unsubstantiated speculation on your part, the S&P statements are "cover your butt", just in case and I think you know it, S&P's statements are both negative and positive, so like I say, cover your butt stuff!
This statement is what matters in my view:
"The company's forecast liquidity position was based on a number of
unconditional sales contracts in place that are due to settle in the next two
months, which would result in the company sitting on significant cash
reserves.
As a result, the company anticipated returning to new lending within the next
6 months on current forecasts. The company also continued to comply with all
of its Trust Deed covenants and ratios, including its Capital Adequacy Ratio,
Gearing Ratio, Liquidity Requirements and Related Party Exposure Limits."
I also think you are misguided regarding Marac, they lend on plant and equipment and they provide lease arrangements, this is relatively safe lending, they have a large war chest and they are now part of the Heartland Group.
I think there might be a few NZF share bottom feeders on this thread!!!!
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