Marac first non-bank finance coy to get S&P rating
Marac Finance has been given a BBB- rating by Standard and Poor’s which puts it just into the investment grade category.
Tuesday, April 4th 2006, 9:44PM
Marac is a wholly owned subsidiary of NZX-listed Pyne Gould Corporation.
It is the first non-bank finance company to get a “secure grade” rating. The other non-bank finance company with an S&P rating is Geneva Finance, which has a B+ rating which S&P calls “speculative grade”.
Marac managing director Brian Jolliffe believes Marac’s rating “sets a new credit rating standard for finance companies.”
“The rating gives independent confirmation of the quality we strive to deliver to our customers and provides our investors with a reassurance that they have made the right investment decision.“
Marac decided to seek an S&P rating as it believes it is important for investors and financial intermediaries to have complete confidence in the organisation undertaking such an important analysis.
“The move provides investors with a benchmark by which they can make more informed investment decisions and distinguish the level of risk associated with different companies’ investment offerings.”
S&P says the rating was a reflection of Marac's good asset quality experience, its experienced management, sound strategy and good market position in the New Zealand finance sector.
“We believe MARAC is well placed to maintain its business and earnings profile by continued focus on asset quality and liquidity management.”
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