Standard & Poor's has cut the credit rating of Auckland used-car financier Broadlands Finance to CCC- from CCC with a negative outlook, because of a delay in the registration of a prospectus to raise fresh funding.The ratings agency said it had expected the registration by the end of calendar year 2012, but the delay had "further strained Broadlands' already vulnerable funding and liquidity position."S&P said Broadlands was dependent on short-term funding from its owner, Tony Radisich, a former racing car driver and used car salesman. It said the prolonged funding constraint restricted new lending and earnings. Broadlands' most recent accounts show it made a loss of NZ$5.4 million on operating income of NZ$2.7 million in the year to March 31, 2012.Broadlands owed NZ$12.5 million in debentures to individual investors as at March 31, 2012, with NZ$8.8 million due to mature between March 2013 and March 2014. Companies office records also show Broadlands' trustee, Trustee Executors, stood down on November 30 and was replaced by Covenant Trustees, which was the trustee for many of the biggest finance company collapses in New Zealand over the past six years.S&P said it understood Broadlands planned to register the prospectus in the next "few weeks", but the ratings agency said any more delays would further weaken the financier's cash position, raising the risk that Radisich might withdraw his support. The next rating move was likely to be another downgrade, it said.