| Title: | Research Update: Geneva Finance, Quest Upgraded To 'CCC' On Debtholder Acceptance Of Funding Plan; Outlook Neg |
| Price: | $175.00 |
| Publication Date: | Apr 29, 2008 |
| Report Type: | Research Update |
| Abstract: | On April 29, 2008, Standard&Poor's Ratings Services raised its long-term counterparty credit rating on New Zealand finance company Geneva Finance Ltd. (Geneva) to 'CCC' from 'CC'. The two-rating-notch upgrade follows Geneva debtholders' acceptance of a recapitalization and new funding proposal, and Geneva's banker support to the proposal. The proposal will provide more funding certainty in the short term, and will materially strengthen the company's capitalization. At the same time, the rating was removed from CreditWatch with developing implications, where it was initially placed on Nov. 5, 2007. The outlook on the rating is negative. Concurrently, the insurer financial strength and counterparty credit ratings on Geneva's sister company Quest Insurance Group Ltd. (Quest) were removed from CreditWatch developing and |
| Brief Excerpt: | RESEARCH Ratings Definitions Research Update: Geneva Finance, Quest Upgraded To '###' On Debtholder Acceptance Of Funding Plan; Outlook Neg Publication date: ##-Apr-#### Primary Credit Analyst: Gavin Gunning, Melbourne (##) #-####-####;... |
| Word Count: | 1013 |
| Ticker: | 1335075Z@NZ |
| Issuer: | Geneva Finance Ltd. |
| GICS: | Regional Banks (40101015) |
| Sector: | Global Issuers, Financial Institutions, Insurance |
| Country: | New Zealand |
| Region: | Pacific |
| Format: | 
HTML
|
| Free Sample: |
Click
Here
to Download
|
Looking For Something Else?
