News Round Up

Cullen gives hint on Australian investments, Plans to better look after unitholders, Generator off negative watch, Fitch rating for Trustees Executors.

Monday, February 20th 2006, 12:27AM

Finance minister Michael Cullen last week gave a hint that investments in Australia will be treated differently when new tax rules are implemented.

In response to a parliamentary question from National MP John Key asking whether “Australia warrants a special status going forward in terms of overseas taxation?” Cullen responded in the affirmative.

“I am sure that any changes going forward will include Australia. I think it is likely that a special case will be made in respect of Australia as part of the single economic market project.”

Plans to look after unitholders
ING Property Trust and its manager ING Property Trust Management plan to adopt governance practices that will lead the market in New Zealand for listed property trusts.

The measures have been taken by the ING entities on their own initiative to increase the involvement of unitholders in the governance of the trust, and to more closely align the rights of unitholders with the rights of shareholders of listed public companies.
"The decisions we have taken go far further than any previous reforms in this sector, and will establish a new benchmark," chairman Mike Smith said. [MORE]

Generator off negative watch
Standard & Poor’s Ratings Services has affirmed the A- rating on the Generator NZ repackaged notes, while at the same time removing it from CreditWatch with negative implications. It says the change was made as an authorised investment of the notes now passed S&P’s measurement threshold.

Fitch rating for Trustees Executors
Trustees Executors’s Mortgage Management division has achieved a servicer rating of 3 minus for the servicing of non-conforming RMBS in New Zealand. This rating is the first servicer rating that Fitch has assigned in the New Zealand marketplace.

The 3- rating which was achieved is considered “fully acceptable” for RMBS products, Trustees Executors says.

Its Mortgage Management division has been acting as originator and servicer of mortgage securities, principally on behalf of investment funds managed by Tower Managed Funds for 10 years.

Trustees Executors this rating enhances the services it can offer potential managed funds and securitisation clients.

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