Geneva still on creditwatch

Geneva kept its "CC" long-term rating and remained on creditwatch after being placed there in November, when the company secured a moratorium from investors on debenture withdrawals to April 30 this year.

S&P said the ratings had gone in limbo after "uncertainty regarding the company's future operating activities, funding, and recapitalisation".

"Although Geneva subsequently failed to negotiate additional funding with a specific party, upside potential to the rating remains because the company is investigating other funding arrangements."

S&P said a timely and satisfactory funding package might see the ratings upgraded to a B category but if Geneva was unsuccessful a D rating would apply.