Geneva on creditwatch

Geneva Finance has been left on creditwatch with developing implications by credit agency Standard & Poor's.

Geneva kept its "CC" long-term rating and stayed on creditwatch after being placed there in November, when the company secured a moratorium from investors on debenture withdrawals to April 30 this year.

S&P said the ratings had gone in limbo after "uncertainty regarding the company's future operating activities, funding, and recapitalisation".

S&P said a timely and satisfactory funding package might see the ratings upgraded to a B category but if Geneva was unsuccessful a D rating would apply.