90 at 9: South Canterbury Finance may be downgraded to junk; Aussie Kiwibank?; Rio Tinto ructions

Bernard Hickey details the key news overnight in 90 seconds at 9am in association with ASB, including news that Standard and Poor’s has warned South Canterbury Finance it may downgrade the Timaru-based company’s BBB- credit rating to junk because of S&P’s concerns over liquidity and related party lending. Also, there have been calls in Australia for the government to create a version of Kiwibank there to challenge the increasing power of the big four banks. Meanwhile in China, four Rio Tinto employees involved in iron ore talks with Chinese buyers have been detained by authorities.