24 Jun 2010

South Canterbury Finance relaunches prospectus

4:56 pm on 24 June 2010

South Canterbury Finance has relaunched its prospectus for the second time this week after updating the document to include the downgrade of its credit ratings.

Standard & Poor's lowered its long-term rating for the South-Island-based lender two notches, from B+ to B-, and warned that further downgrades cannot be ruled out.

South Canterbury Finance had already pulled its prospectus to add that its owner, Allan Hubbard, had been placed under statutory management.