Finance company FEI faces ratings downgrade after loan restructure to Tomizone

Finance company FEI faces ratings downgrade after loan restructure to Tomizone
Fiona Rotherham
By Fiona Rotherham April 22 (BusinessDesk) - NZ finance company FE Investments (FEI) had its ‘B’ long-term and short-term credit ratings placed on CreditWatch Negative by Standard & Poor’s following the restructuring of its $1.7 million loan to loss-making wi-fi company Tomizone. Standard & Poor’s said it had changed the ratings on FEI in response to a potential increase in its credit risk through the Tomizone deal. It expects to lower its long-term rating to ‘B-‘ and the short term to ‘C’ if the finance company’s forecast risk-adjusted c...