(The following was released by the rating agency)
SYDNEY (Standard & Poor's) Sept. 10, 2012--Standard & Poor's Rating Services said today that its BB/Stable/B issuer credit rating and outlook on Fisher & Paykel Finance Ltd. (F&PFL) are unchanged following the announcement of a potential takeover of F&PFL's ultimate parent company, Fisher & Paykel Appliances Holdings (F&PAH) by Haier Electronics Group Co. Ltd. (Haier, not rated).
On Sept. 10, 2012, F&PFL's ultimate parent company, F&PAH, announced via the New Zealand Stock Exchange that it has been approached by Haier, a current 20% shareholder, expressing its interest in making a takeover offer. At that stage, a formal bid was not submitted, and there is no certainty that an offer for shares in F&PAH or any other transaction will result.
Should additional information be available, we may review F&PFL's rating linkages with the creditworthiness of its corporate group in accordance with 'Corporate Criteria - Parent/Subsidiary Links; General Principles; Subsidiaries/Joint Ventures/Nonrecourse Projects; Finance Subsidiaries; Rating Link to Parent,' published Oct. 28, 2004.