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S&P's ASSIGNS BBB- RATING TO PRESSES OF AUSTRALIA'S FAIRFAX.
SYDNEY, Nov 1 Asia Pulse - International ratings agency Standard & Poor's has given its BBB-minus long term rating to a proposed $A200 million issue of preferred reset securities exchangeable for shares (also known as Presses) by Australian publisher John Fairfax Holdings (ASX:FXJ).
At the same time, Standard & Poors affirmed its BBB-plus/ A2 corporate credit ratings on Fairfax, and the ratings on its senior debt issues and programs.
The outlook on the corporate credit ratings is stable, S&P said.
Proceeds raised from the proposed Presses issue will be used to pay down senior debt.
"The proposed transaction is viewed as a positive and proactive move by the company to protect the interests of both debt and equity holders in the face of an uncertain economic environment," said Paul Stephen, director, Corporate & Infrastructure Finance ratings.
"This action forms part of the company's strategy to actively manage its capital base through the economic cycle, and to mitigate, to some extent, the inherent cyclicality of its earnings streams."
S&P said that the nonredeemable, noncumulative Presses will represent about 10.2 per cent of Fairfax's lease-adjusted total capital base, and incorporate a number of equity characteristics, including Fairfaxs ability to: Not declare a dividend; In the event that a dividend has not been paid, the company has the opportunity to declare a shortfall dividend, at a later date, for any dividend not made within the preceding 12-month period.
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Source: HighBeam Research, S&P's ASSIGNS BBB- RATING TO PRESSES OF AUSTRALIA'S FAIRFAX.