Published 22 June 2010
South Canterbury Finance Ltd chief executive Sandy Maier said today the Government’s appointment of statutory managers for Allan & Margaret Hubbard had created uncertainty for the rating agency Standard & Poor’s, which has revised the company’s long-term rating to B-, the short-term rating to C, and placed both ratings on creditwatch negative.
Mr Maier said: “For eligible investors, nothing has changed regarding the Crown’s extended retail deposit guarantee scheme, which remains in place through to 31 December 2011.
“Investors should note that the Government has stated that South Canterbury Finance is specifically excluded from the statutory management order concerning Mr & Mrs Hubbard & certain of their business interests. Further, Treasury has reaffirmed that the extended retail deposit scheme continues to apply to eligible investors in South Canterbury Finance.
“If anything, the rating action reinforces the determination of the directors & management to build on the good progress already achieved to turn around the business of the company.”
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.