S&P Revises NZ’s Simply Insurance Outlook to “Developing”

Standard & Poor’s Ratings Services Melbourne office announced that it has revised its rating outlook on Simply Insurance New Zealand Ltd. to developing from stable. The rating remains at “B.”

S&P noted that “Simply Insurance and its sister company Pacific Retail Finance Ltd. (PRF; not rated) have been flagged for possible sale by its parent, New Zealand-based consumer product retailer Pacific Retail Group Ltd. (not rated), through a trade sale or initial public offering, by August 2005.

“The developing rating outlook indicates the uncertainty about future ownership and structure, and that the rating assigned could increase, decrease, or stay the same, depending upon the financial strength characteristics of an acquirer.”