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S&P ASSIGNS RATINGS TO AUSTRALIA'S AWB HARVEST FINANCE.
SYDNEY, Oct 1 Asia Pulse - Standard & Poor's (S&P) has assigned its AA-minus/A-1-plus ratings to AWB Harvest Finance Ltd (AWBHF).
This follows the restructure of AWB Ltd (ASX:AWB) and the ring fencing of the export wheat pool operations from AWBs commercial activities.
S&P also assigned its A-1-plus rating to AWBHF's $2 billion short-term electronic promissory note program.
S&P also lowered the ratings on the parent company, AWB, to BBB from A-plus/A-1 and removed them from creditwatch negative where they were placed on Aug 29, 2003, following the announcement of AWB's acquisition of the Wesfarmers Landmark business of Wesfarmers Ltd and AWB's intention to implement a ring-fence structure for its export wheat pool operations.
The outlook is stable.
The A-1 ratings on AWB Finance Ltd's three commercial paper (CP) programs are withdrawn.
S&P's rating actions are in response to AWB's announcement today of the restructure of its export wheat pool operations.
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