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