Australis Media Lowered to CC Rating; S&P Watch Neg.LONDON--(BUSINESS WIRE)--Standard & Poor's CreditWire 11/10/97 -- Standard & Poor's today lowered its corporate credit rating on Australis AUSTRALIS AMS for Ultra Sensitive Trace Element And Isotope Studies Media Ltd. to double-'C' from triple-'C'-plus. At the same time, the rating on Australis' US$175 million senior subordinated discount notes is lowered to single-'C' from triple-'C'-minus. The company's CreditWatch placement is revised to negative from developing. This rating action follows an announcement by Australis that it is unlikely to make the next interest payment on its senior secured discount notes due Nov. 15, 1997. The company has been unable to obtain commitments from either News Corp. Ltd. or Telstra Corp. Ltd. to complete a previously announced merger: Australis is likely to commence insolvency insolvency Condition in which liabilities exceed assets so that creditors cannot be paid. It is a financial condition that often precedes bankruptcy. In the context of equity, insolvency is the inability to pay debts as they become due; insolvency under the balance-sheet proceedings before Dec. 1, 1997. If Australis does not meet its interest obligations on Nov. 15, 1997, the credit rating will be lowered to single-`D' (default), Standard & Poor's said.---CreditWire CONTACT: Duncan Duncan, city (1990 pop. 21,732), seat of Stephens co., SW Okla., in an oil, farm, and cattle area; inc. 1892. There is an oil industry, and electronics, concrete, and apparel are manufactured. During the late 19th cent. Warwick-Champion, Melbourne Melbourne, city, Australia Melbourne, city (1991 pop. 2,761,995), capital of Victoria, SE Australia, on Port Phillip Bay at the mouth of the Yarra River. Melbourne, Australia's second largest city, is a rail and air hub and financial and commercial center. (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 subscriptions: http://www.ratings.standardpoor.com |
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