Share
- Release Date: 27/11/13 10:42
- Summary: CREDIT: VCT: Revised Global Ratings Criteria and Methodology impacts VCT
- Price Sensitive: No
- Download Document 1.36KB
VCT
27/11/2013 08:42
CREDIT
REL: 0842 HRS Vector Limited
CREDIT: VCT: Revised Global Ratings Criteria and Methodology impacts VCT
Revised Global Ratings Criteria and Methodology impacts Vector
Rating agency Standard and Poor's have advised Vector that they have changed
their international rating methodology. As a result of the revised criteria,
Vector is being placed on a credit watch negative along with a number of
other companies in the Asia Pacific region.
Vector Chief Executive Simon Mackenzie said Standard and Poor's have advised
the reason for their change is due to their assessment of the regulatory
regime in New Zealand.
"Their assessment is that the regime is less stable than other regimes
internationally and they see it as a higher risk".
Mr Mackenzie said at this stage Vector does not believe this change has any
immediate financial or customer impact given the long dated duration of the
company's debt portfolios.
"Vector continues to work with the Government and other agencies to establish
a more mature and stable regulatory regime.
"Vector invests hundreds of millions of dollars in infrastructure across New
Zealand and in Auckland and hopes that this decision by Standard and Poor's
will provide the catalyst for change in regulatory outcomes for all regulated
entities," he said.
-Ends-
End CA:00244347 For:VCT Type:CREDIT Time:2013-11-27 08:42:40
