Registered Prospectus And Investment Statement Disclosure
- Credit Rating -
PGG Wrightson Finance - See note A
PGG Wrightson Finance Limited (PGG Wrightson Finance) has a local currency (New Zealand dollar) long-term issuer credit rating of BB with a Stable outlook.
PGG Wrightson Finance obtained this credit rating on 17 February 2010. This is PGG Wrightson Finance’s first credit rating.
PGG Wrightson Finance has a guarantee under the New Zealand Deposit Guarantee Scheme. A BB rating meets the threshold to apply for participation in the Extended New Zealand Deposit Guarantee Scheme. PGG Wrightson Finance has applied for participation in this Scheme.
Who provided the credit rating?
The rating, which is an opinion of the creditworthiness of PGG Wrightson Finance, has been provided by Standard & Poor’s, an internationally recognised ratings agency approved by the Reserve Bank of New Zealand under section 157J of the Reserve Bank of New Zealand Act 1989.
What is a credit rating?
A Standard & Poor's issuer credit rating is an opinion about an obligor's overall financial capacity (its creditworthiness) to pay its financial obligations. This opinion focuses on the obligor's capacity and willingness to meet its financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation.
Issuer credit ratings can be either long term or short term. Long term issuer credit ratings reflect the obligor's creditworthiness over a time period of one year or more. Short term issuer credit ratings reflect a shorter time period.
A local currency rating is an obligor's capacity to repay obligations in its local currency, being New Zealand dollars.
What is the rating scale?
The rating scale used by Standard & Poor’s represents the breadth of opinions about the creditworthiness of an issuer. The long term issuer rating categories, from strongest creditworthiness to most vulnerable, are outlined in the following table.
| STRENGTH | RATING SCALE |
| Extremely Strong | AAA |
| Very Strong | AA |
| Strong | A |
| Adequate capacity | BBB |
| Less Vulnerable (PGG Wrightson Finance) | BB |
| More vulnerable | B |
| Currently vulnerable | CCC |
| Currently highly vulnerable | CC |
| Default | D |
Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
A Standard & Poor’s rating may also include an “Outlook” assessment. An Outlook assessment considers the potential direction of a long-term credit rating over the intermediate term (six to 24 months) but does not mean the rating will change. The principal Outlook definitions include: Positive – the rating may be raised; Negative – the rating may be lowered; and Stable – the rating is not likely to change.
An obligor, such as PGG Wrightson Finance, rated BB is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments.
The Directors note that Standard & Poor’s in its credit rating report on PGG Wrightson Finance, took the view that "PWF’s asset quality, in our opinion, is sound, reflecting the company’s good level of security over loans, good loan-to-value ratios, satisfactory credit policy, adequate provisioning, and geographically diverse loan book… Underpinning PWF’s credit quality is the company's reasonably diversified funding sources and good financial flexibility, which we consider are better than most of its peers in the non-bank financial institution sector." - See note B
Standard & Poor’s ratings are statements of opinion, not statements of fact or recommendations to buy, hold or sell any securities. Ratings may be changed, withdrawn or suspended at any time. For the latest ratings information please visit ww.standardandpoors.com or www.yourinvestments.standardandpoors.co.nz.
This statement is made on and is current as at 1 March 2010.
Registered Prospectus And Investment Statement Disclosure
- Credit Rating -
PGG Wrightson Finance - See note A
PGG Wrightson Finance Limited (PGG Wrightson Finance) has a local currency (New Zealand dollar) long-term issuer credit rating of BB with a Stable outlook.
PGG Wrightson Finance obtained this credit rating on 17 February 2010. This is PGG Wrightson Finance’s first credit rating.
PGG Wrightson Finance has a guarantee under the New Zealand Deposit Guarantee Scheme. A BB rating meets the threshold to apply for participation in the Extended New Zealand Deposit Guarantee Scheme. PGG Wrightson Finance has applied for participation in this Scheme.
Who provided the credit rating?
The rating, which is an opinion of the creditworthiness of PGG Wrightson Finance, has been provided by Standard & Poor’s, an internationally recognised ratings agency approved by the Reserve Bank of New Zealand under section 157J of the Reserve Bank of New Zealand Act 1989.
What is a credit rating?
A Standard & Poor's issuer credit rating is an opinion about an obligor's overall financial capacity (its creditworthiness) to pay its financial obligations. This opinion focuses on the obligor's capacity and willingness to meet its financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation.
Issuer credit ratings can be either long term or short term. Long term issuer credit ratings reflect the obligor's creditworthiness over a time period of one year or more. Short term issuer credit ratings reflect a shorter time period.
A local currency rating is an obligor's capacity to repay obligations in its local currency, being New Zealand dollars.
The long term issuer rating scale, from strongest creditworthiness to most vulnerable, is AAA, AA, A, BBB, BB, B, CCC, CC and D.
Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
An obligor, such as PGG Wrightson Finance, rated BB is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments.
The Directors note that Standard & Poor’s in its credit rating report on PGG Wrightson Finance, took the view that "PWF’s asset quality, in our opinion, is sound, reflecting the company’s good level of security over loans, good loan-to-value ratios, satisfactory credit policy, adequate provisioning, and geographically diverse loan book… Underpinning PWF’s credit quality is the company's reasonably diversified funding sources and good financial flexibility, which we consider are better than most of its peers in the non-bank financial institution sector." - See note B
Standard & Poor’s ratings are statements of opinion, not statements of fact or recommendations to buy, hold or sell any securities. Ratings may be changed, withdrawn or suspended at any time. For the latest ratings information please visit ww.standardandpoors.com or www.yourinvestments.standardandpoors.co.nz.
This statement is made on and is current as at 1 March 2010.
Registered Prospectus And Investment Statement Disclosure
- Credit Rating -
PGG Wrightson Finance - See note A
PGG Wrightson Finance Limited (PGG Wrightson Finance) has a local currency (New Zealand dollar) long-term issuer credit rating of BB with a Stable outlook.
PGG Wrightson Finance obtained this credit rating on 17 February 2010. This is PGG Wrightson Finance’s first credit rating.
PGG Wrightson Finance has a guarantee under the New Zealand Deposit Guarantee Scheme. A BB rating meets the threshold to apply for participation in the Extended New Zealand Deposit Guarantee Scheme. PGG Wrightson Finance has applied for participation in this Scheme.
Who provided the credit rating?
The rating, which is an opinion of the creditworthiness of PGG Wrightson Finance, has been provided by Standard & Poor’s, an internationally recognised ratings agency approved by the Reserve Bank of New Zealand under section 157J of the Reserve Bank of New Zealand Act 1989.
What is a credit rating?
A Standard & Poor's issuer credit rating is an opinion about an obligor's overall financial capacity (its creditworthiness) to pay its financial obligations. This opinion focuses on the obligor's capacity and willingness to meet its financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation.
Issuer credit ratings can be either long term or short term. Long term issuer credit ratings reflect the obligor's creditworthiness over a time period of one year or more. Short term issuer credit ratings reflect a shorter time period.
A local currency rating is an obligor's capacity to repay obligations in its local currency, being New Zealand dollars.
The long term issuer rating scale, from strongest creditworthiness to most vulnerable, is AAA, AA, A, BBB, BB, B, CCC, CC and D.
Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
An obligor, such as PGG Wrightson Finance, rated BB is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments.
The Directors note that Standard & Poor’s in its credit rating report on PGG Wrightson Finance, took the view that "PWF’s asset quality, in our opinion, is sound, reflecting the company’s good level of security over loans, good loan-to-value ratios, satisfactory credit policy, adequate provisioning, and geographically diverse loan book… Underpinning PWF’s credit quality is the company's reasonably diversified funding sources and good financial flexibility, which we consider are better than most of its peers in the non-bank financial institution sector." - See note B
Standard & Poor’s ratings are statements of opinion, not statements of fact or recommendations to buy, hold or sell any securities. Ratings may be changed, withdrawn or suspended at any time. For the latest ratings information please visit ww.standardandpoors.com or www.yourinvestments.standardandpoors.co.nz.
This statement is made on and is current as at 1 March 2010.
Registered Prospectus And Investment Statement Disclosure
- Credit Rating -
PGG Wrightson Finance - See note A
PGG Wrightson Finance Limited (PGG Wrightson Finance) has a local currency (New Zealand dollar) long-term issuer credit rating of BB with a Stable outlook.
PGG Wrightson Finance obtained this credit rating on 17 February 2010. This is PGG Wrightson Finance’s first credit rating.
PGG Wrightson Finance has a guarantee under the New Zealand Deposit Guarantee Scheme. A BB rating meets the threshold to apply for participation in the Extended New Zealand Deposit Guarantee Scheme. PGG Wrightson Finance has applied for participation in this Scheme.
Who provided the credit rating?
The rating, which is an opinion of the creditworthiness of PGG Wrightson Finance, has been provided by Standard & Poor’s, an internationally recognised ratings agency approved by the Reserve Bank of New Zealand under section 157J of the Reserve Bank of New Zealand Act 1989.
What is a credit rating?
A Standard & Poor's issuer credit rating is an opinion about an obligor's overall financial capacity (its creditworthiness) to pay its financial obligations. This opinion focuses on the obligor's capacity and willingness to meet its financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation.
Issuer credit ratings can be either long term or short term. Long term issuer credit ratings reflect the obligor's creditworthiness over a time period of one year or more. Short term issuer credit ratings reflect a shorter time period.
A local currency rating is an obligor's capacity to repay obligations in its local currency, being New Zealand dollars.
The long term issuer rating scale, from strongest creditworthiness to most vulnerable, is AAA, AA, A, BBB, BB, B, CCC, CC and D.
Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
An obligor, such as PGG Wrightson Finance, rated BB is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments.
The Directors note that Standard & Poor’s in its credit rating report on PGG Wrightson Finance, took the view that "PWF’s asset quality, in our opinion, is sound, reflecting the company’s good level of security over loans, good loan-to-value ratios, satisfactory credit policy, adequate provisioning, and geographically diverse loan book… Underpinning PWF’s credit quality is the company's reasonably diversified funding sources and good financial flexibility, which we consider are better than most of its peers in the non-bank financial institution sector." - See note B
Standard & Poor’s ratings are statements of opinion, not statements of fact or recommendations to buy, hold or sell any securities. Ratings may be changed, withdrawn or suspended at any time. For the latest ratings information please visit ww.standardandpoors.com or www.yourinvestments.standardandpoors.co.nz.
This statement is made on and is current as at 1 March 2010.
Registered Prospectus And Investment Statement Disclosure
- Credit Rating -
PGG Wrightson Finance - See note A
PGG Wrightson Finance Limited (PGG Wrightson Finance) has a local currency (New Zealand dollar) long-term issuer credit rating of BB with a Stable outlook.
PGG Wrightson Finance obtained this credit rating on 17 February 2010. This is PGG Wrightson Finance’s first credit rating.
PGG Wrightson Finance has a guarantee under the New Zealand Deposit Guarantee Scheme. A BB rating meets the threshold to apply for participation in the Extended New Zealand Deposit Guarantee Scheme. PGG Wrightson Finance has applied for participation in this Scheme.
Who provided the credit rating?
The rating, which is an opinion of the creditworthiness of PGG Wrightson Finance, has been provided by Standard & Poor’s, an internationally recognised ratings agency approved by the Reserve Bank of New Zealand under section 157J of the Reserve Bank of New Zealand Act 1989.
What is a credit rating?
A Standard & Poor's issuer credit rating is an opinion about an obligor's overall financial capacity (its creditworthiness) to pay its financial obligations. This opinion focuses on the obligor's capacity and willingness to meet its financial commitments as they come due. It does not apply to any specific financial obligation, as it does not take into account the nature of and provisions of the obligation, its standing in bankruptcy or liquidation, statutory preferences, or the legality and enforceability of the obligation.
Issuer credit ratings can be either long term or short term. Long term issuer credit ratings reflect the obligor's creditworthiness over a time period of one year or more. Short term issuer credit ratings reflect a shorter time period.
A local currency rating is an obligor's capacity to repay obligations in its local currency, being New Zealand dollars.
The long term issuer rating scale, from strongest creditworthiness to most vulnerable, is AAA, AA, A, BBB, BB, B, CCC, CC and D.
Ratings from AA to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.
An obligor, such as PGG Wrightson Finance, rated BB is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitments.
The Directors note that Standard & Poor’s in its credit rating report on PGG Wrightson Finance, took the view that "PWF’s asset quality, in our opinion, is sound, reflecting the company’s good level of security over loans, good loan-to-value ratios, satisfactory credit policy, adequate provisioning, and geographically diverse loan book… Underpinning PWF’s credit quality is the company's reasonably diversified funding sources and good financial flexibility, which we consider are better than most of its peers in the non-bank financial institution sector." - See note B
Standard & Poor’s ratings are statements of opinion, not statements of fact or recommendations to buy, hold or sell any securities. Ratings may be changed, withdrawn or suspended at any time. For the latest ratings information please visit ww.standardandpoors.com or www.yourinvestments.standardandpoors.co.nz.
This statement is made on and is current as at 1 March 2010.
Back to top