Australis Media CCC+ Rating on S&PWatch-Developing.MELBOURNE--(BUSINESS WIRE)--Standard & Poor's CreditWire 10/14/97--Standard & Poor's today revised its CreditWatch on Australis AUSTRALIS AMS for Ultra Sensitive Trace Element And Isotope Studies Media Ltd.'s (Australis) triple-'C'-plus rating to developing from positive, reflecting the possibility that the Australian Competition and Consumer Commission For the other Australian organisation with the same acronym, see . The Australian Competition and Consumer Commission (ACCC) is an independent authority of the government of Australia. (ACCC ACCC Association of Canadian Community Colleges ACCC Australian Competition & Consumer Commission ACCC Association of Community Cancer Centers ACCC Academic Computing and Communications Center ACCC American College of Chiropractic Consultants ) may not give regulatory approval to the merger of the two pay-TV entities, Australis and Foxtel, and that final resolution of this issue may need to be determined by the courts. At the same time, the triple-'C'-plus rating on Australis' US$150 million senior secured discount notes and the triple-'C'-minus rating on Australis' US$175 million subordinated notes have been revised to CreditWatch-Developing from CreditWatch-Positive. Australis currently is seeking approval for the merger from U.S. bond holders. Without this approval, Australis is unlikely to remain a financially viable entity. On balance, Standard & Poor's believes U.S. bondholders are likely to agree to the merger, as a merged entity is more likely to strengthen the position of bondholders. Assuming approval from bond holders is received, approval for the merger falls back to the Australian Australian pertaining to or originating in Australia. Australian bat lyssavirus disease see Australian bat lyssavirus disease. Australian cattle dog a medium-sized, compact working dog used for control of cattle. regulatory authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , the ACCC. Here, Standard & Poor's is less certain of a positive determination, as the ACCC previously has indicated that a merger of Australis and Foxtel could diminish competition in the broad band and local telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. markets. Consequently, Standard & Poor's believes that court action is highly likely to be mounted by either Australis or Foxtel. Such action will challenge the ACCC's interpretation of the Trade Practices Act. Resolution of the CreditWatch primarily will depend on approval to the proposed merger, Standard & Poor's said. -- CreditWire CONTACT: Duncan Warwick-Champion, Melbourne (61) 3-9250-4565 Robert E Richards Rich·ards , Dickinson Woodruff 1895-1973. American physician. He shared a 1956 Nobel Prize for developing cardiac catheterization. , Melbourne (61) 3-9250-4570 For more information on criteria or subsctiptions: http://www.ratings.standpoor.com |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion