UDC to return $922m to investors
Friday, January 25th 2019, 3:31PM
ANZ-owned finance company UDC plans to repay all its debenture holders by the end of this year.
Currently it has around 8,000 debenture holders with $922 million invested in the debenture programme.
Ratings agency S&P Global Ratings said that continued funding support from ANZ will allow UDC Finance to repay existing debenture holders.
"We view this development as credit neutral for UDC. Our outlook on UDC remains positive, and our likely trigger for an upgrade remains unchanged. We expect to raise our rating on UDC within the next two years if we gain greater confidence that the company's risk-adjusted capital (RAC) ratio will remain above 15% on a sustainable basis," S&P says.
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