For me, the lowering of the NZ Money credit rating is not good news for either of the choices I can make regarding "electing to convert to new notes" or "take equity".

I doubt very much if the seniority of the new notes gives me any capital preservation advantages in the event of a failure of NZF Group.

I also think that any likely discount that applies to equity would also apply to the new notes.

Hobson's choice ...