NZF's position delicately placed: S&P
Early in March, S&P cut NZF's rating to "CCC,"citing its weakened liquidity position and questioning its ongoing viability.
S&P says it now expects the cash position of NZF, which is owned by the listed NZF Group, to be volatile and to "drop to very low levels through calendar 2011, absent a further cash injection into the business."
At the end of April, NZF missed yet another self-imposed deadline for announcing a deal with much-needed equity partners.
"Of greatest concern is that failure to progress the repayment of past-due loans could result in NZF running short of cash in calendar 2011, particularly if debenture-reinvestment experience is weak," says S&P credit analyst Nico De Lange.
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