UDC retains investment grade rating

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Standard and Poor's has reaffirmed UDC Finance's AA- long term credit ratings.

Wednesday, May 10th 2006, 8:59AM

This is the fourth consecutive year this rating has been confirmed. The AA- rating continues to position UDC as one of the top-rated finance companies in New Zealand.

"On a stand alone basis UDC has a sound business and financial profile underpinned by its leading market position in the New Zealand finance company industry," Standard & Poor's credit analyst Derryl D'silva said .

UDC’s Chairman David Hisco said "I am pleased to see our asset and credit quality, strong brand and business position continue to be affirmed by Standard & Poor's, which also recognises our ownership by and linkage to ANZ National Bank Limited and the Australia and New Zealand Banking Group".

Hisco said the breadth of industry diversification within UDC’s loan portfolio moderates the potential effect of a downturn in any one-market sector, on overall asset quality.

"This, coupled with the confirmed high rating, will continue to give investors confidence in UDC's ability to deliver returns and remain part of any quality investment portfolio," Hisco said.

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