Ford Credit Australia

Asset finance function to be expanded at Clydesdale & Yorkshire

Clydesdale and Yorkshire Bank offer a full suite of traditional asset finance products as well as having a loan and mortgage capability for use in the marine and aviation markets. Typical transactions will be in the £1 million to £25 million range. Each transaction will be structured to match the asset lifecycle and the client’s repayment capability and can include, for example, seasonal or staged payments and agency arrangements. The bank can also offer foreign currency lending. Neil Roberts and Peter Burton, who join as associate directors, have each spent over ten years in banking and finance and have particular experience in wholesale vehicle funding. At Fortis, Neil was responsible for developing pan-European relationships with vehicle vendors, while Peter was a senior credit analyst, having previously worked in a similar role at Ford Credit. Paul Shephard, divisional director, Clydesdale and Yorkshire Bank Corporate & Structured Finance, said: “The launch of our corporate asset finance service recognises that larger companies often have more complex finance requirements. It allows us to build on our existing relationships with corporates and provide a service tailored to their needs. “The new service also highlights the continued growth of Clydesdale and Yorkshire Bank Corporate & Structured Finance. Having become established as a key player in acquisition finance, we have also built a solid reputation in the corporate arena and over the past two years have participated in refinancing arrangements for some of the UK’s best known names. The launch of corporate asset finance follows that of corporate real estate as we continue to develop our offering.

Woodside's credit rating reviewed | Whitsundays Business ...

A SECOND agency has flagged downgrading Woodside Petroleum Ltd's credit rating following last week's $900 million cost blowout and delays to its flagship offshore gas project.

Standard & Poor's Ratings Services released a statement on Tuesday saying the credit outlook for Australia's second-biggest oil and gas company had been revised to negative from stable.

Woodside announced last week that the cost of its flagship Pluto project, offshore from Western Australia, had blown out to $US14.9 billion ($A14.13 billion) - 25 per cent above original estimates - and the scheduled first shipment of LNG would be delayed by 15 months.

Standard & Poor's said on Tuesday that while it had affirmed its 'BBB+' long-term corporate credit and senior-unsecured debt ratings, they could be lowered in future.

"In our opinion, further delays and cost overruns for Pluto reduce the buffer in the Woodside rating to weather any challenges, such as volatility in oil prices and exchange rates," Standard & Poor's credit analyst May Zhong said.

"Furthermore, the project delay means that the time gap between completing Pluto and Woodside's next investment project is likely to be shorter, providing less time to establish a sustained improvement in the company's cash-flow-protection metrics."

The 'BBB+' rating may be lowered if Woodside's adjusted funds from operations to debt ratio falls below 30 per cent or free-operating cash flow after capital expenditure remains negative for a prolonged period, Ms Zhong said.

Moody's Investors Service has also placed Woodside on review for a possible credit downgrade.

Woodside shares were up 78 cents at $40.69 at 1529 AEST.

Standard & Poor's creditweek

Ford Credit Australia Uo7 Primus Financial Services Ltd. Counterparty credit rtg B-/Negative/ — BUSINESS RISK PROFILE: Vulnerable FINANCIAL RISK PROFILE: ...

Moody's bond survey

9.375% Notes, 1998 Aa3 Ford Credit Australia, Ltd.: 50 mill. AUS S Gtd. Eurobond 12.75s, 1995 (Gtd. by Ford Motor Credit Co.) A2 All Outstg. ...

Who owns whom, North America

35,36,54 Malaysia Taiwan Finland Venezuela Australia West Germany Netherlands ... Philco GmbH Ford Asia-Pacific Inc. Ford Communications Inc. Ford Credit ...

Moody's bond survey

Ratings Assigned Security Ford Credit Australia Limited: Australian Dollar Medium-Term Notes A2 AS300 million Euro Commercial Paper Program Prime-1 ...

Moody's bank and finance manual

Ford Consumer Finance Company Ford Credit Australia Ltd. Ford Credit Australia Wholesale Ltd. Scrite Limited Ford Holdings, Inc. American Road Services Co. ...