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 ...
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