Ratings Rating Description G1 Excellent ability to meet obligations, high level of security G2 Very good ability to meet obligations, very good level of security, more vulnerable to adverse change in business conditions than issuers rated higher G3 Good levels of security, however material adverse change in business conditions may damage capacity to fulfill commitments G4+   G4 Reasonable ability to meet obligations, possibility of credit concerns developing should future business conditions become less favourable G4-   G5+   G5 Adequate ability to meet current obligations, but uncertainty about levels of security over the longer term particularly under adverse business conditions G5-   G6 Ability to meet current obligations dependent upon favourable economic and/or business conditions, concerns about security over the longer term G7 Highly exposed to unfavourable economic and/or business conditions, ability to repay highly conditional on assumptions made in the Investment Statement and Prospectus being met, more suited to sophisticated investors G8 Recommended for sophisticated investors only. The Investment Statement and Prospectus are unlikely to contain sufficient information on which to evaluate credit risk NR (Not Rated) No BondWatch rating has been produced for the particular issue - this is generally because the issuer has less than two years of normal operating history or there is limited financial information publicly available. It may also be due to the issue not being a pure debt security, too small or not part of an ongoing debt programme. RNA (Rating No Longer Applicable) The continued rating of this issue is no longer appropriate, due to a significant recent event. Loading…

Issuer Name Issue Name Rating Comment   Air New Zealand Fixed Rate Bonds G4+     APN Media (NZ) Fixed Rate Bonds G4+     Auckland International Airport Fixed Rate Bonds G3     Blue Star Print Group Subordinated Bonds G8     Contact Energy Bonds G3     Fletcher Building Capital Notes G4+     Goodman Fielder Fixed Rate Bonds G4+ Under Review   Goodman Property Trust Secured Bonds G4+     Guinness Peat Group Capital Notes G4     Heartland Building Society Senior Bonds G5+     Infratil Infrastructure Bonds G4     Meridian Energy Renewable Energy Bonds G3     Mighty River Power Fixed Rate Bonds G3     Nuplex Industries Capital Notes G4+     Powerco Guaranteed Fixed Rate Bonds G4+     Sky City Capital Notes G3     Sky Television Bonds G3     Telecom Telebonds G3 Under Review   TrustPower Senior Bonds G3     TrustPower Subordinated Bonds G4+     Vector Capital Bonds G4     Vector Senior Bonds G3     Warehouse Group Bonds G3     Wellington International Airport Bonds G3     Works Finance (NZ) Limited Bonds G4- Under Review   Z Energy Bonds G4+     FE Investments (First Eastern) Secured Deposits NR     Fisher & Paykel Finance Secured Debenture Stock G5-     General Finance Secured Debenture Stock NR     Heartland Building Society Deposits G5-     UDC Secured Term Investments G4-     Allied Nationwide Finance Secured Deposits RNA Receivership (was G6)   Belgrave Finance Secured Debenture Stock RNA Receivership (was G6)   Beneficial Finance Secured Debenture Stock RNA Moratorium (was G7)   Bridgecorp Secured Debentures RNA Receivership (was G6)   Broadlands Finance Debenture Stock RNA Prospectus Withdrawn (was G7)   Cadmus Developments First Secured Notes RNA Parent in Receivership   Capital and Merchant Finance Capital Secured Debentures RNA Receivership (was G5-)   Capital and Merchant Finance Investment Debentures RNA Receivership (was G7)   Compass Capital Secured Bonds RNA Receivership (was NR)   Dominion Finance Group Secured Debenture Stock RNA Receivership (was G5)   Dominion Finance Holdings Capital Notes RNA Receivership (was G8)   Dorchester Finance Secured Debentures RNA Moratorium (was G6)   Dorchester Finance Subordinated Notes RNA Moratorium (was G7)   Equitable Mortgages First Mortgage Debentures RNA Receivership (was RNA)   FAI Finance Secured Deposits RNA Prospectus Withdrawn (was NR)   Five Star Consumer Finance Secured Debenture Stock RNA Receivership (was G6)   Geneva Finance Secured Debenture Stock RNA Moratorium (was G7)   Hanover Finance Limited Secured Deposits RNA Moratorium (was G5-)   Instant Finance Secured Debenture Stock RNA Prospectus Withdrawn (was G6)   Lombard Finance Secured Debenture Stock RNA Receivership (was NR)   Mascot Finance Secured Debenture Stock RNA Receivership (was G6)   Mutual Finance Secured Debenture Stock RNA Receivership (was RNA)   Nathans Finance Secured Debenture Stock RNA Receivership (was G7)   National Finance 2000 Secured Debenture Stock RNA Receivership (was G6)   North South Finance Secured Debenture Stock RNA Moratorium (was G5)   Numeria Finance Secured Debenture Stock RNA Receivership (was G7)   NZF Money (was NZ Finance) Secured Debenture Stock RNA Receivership (was G6)   OPI Pacific Finance (was MFS) Secured Debenture Stock RNA Receivership (was G5-)   Oxford Finance Debenture Stock RNA Prospectus Withdrawn (was G4-)   Propertyfinance Securities Secured Debenture Stock RNA Receivership (was G6)   Provincial Finance Secured Debenture Stock RNA Receivership (was G6)   South Canterbury Finance Secured Bonds RNA Receivership (was G6)   South Canterbury Finance Secured Debenture Stock RNA Receivership (was G6)   South Canterbury Finance Unsecured Deposits RNA Receivership (was G6)   St Laurence Limited Debenture Stock RNA Moratorium (was G5)   St. Kilda Finance Secured Debenture Stock RNA Receivership (was NR)   Strategic Finance Secured Debenture Stock RNA Moratorium (was G5)   United Finance Secured Deposits RNA Moratorium (was G6)   Western Bay Finance Secured Debenture Stock RNA Receivership (was G6) Loading…

* The ratings shown are based primarily on publicly available information, including the issuer’s latest annual report or prospectus. The list of securities rated is not exhaustive, but represents those issues for which our opinion has been requested by our clients.

Exclusion of liability: The Grosvenor BondWatch values and ratings set out above are solely statements of opinion. They are not recommendations to buy, sell or hold any securities. Grosvenor relies on information obtained from public sources and does not perform an audit or review in connection with any rating. Grosvenor has assumed that such information is accurate. The opinion expressed in each rating is a relative assessment made at that time and may not reflect unknown circumstances or changes to known circumstances since the opinion was formed, as Grosvenor is not required to update any rating once made.

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