BNB's response
ASX Release
10 November 2008
B&B INTERNATIONAL RATING LOWERED TO BB- AMID DIFFICULT
ASSET SALE ENVIRONMENT; ON CREDITWATCH NEGATIVE
Please see attached a Press Release by Standard & Poor’s Ratings Services.
The lowering of the S&P rating in relation to Babcock & Brown International Pty
Ltd (“BBIPL”) announced in the attached release will have the effect of
increasing the interest rate payable under BBIPL’s corporate facilities by 50
BPS. If Babcock & Brown’s corporate facilities were fully drawn down for a full
twelve month period, this increase would result in a maximum additional interest
expense of approximately A$15 million. Recent declines in base interest rates
in Babcock & Brown’s key markets will mitigate the increase in the cost of the
facility.
ENDS
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