Six finance coys miss the cut for guarantee scheme
Asset Finance, Avanti Finance, Broadlands Finance, Geneva Finance, NZF Money and Vision Securities have all fallen short of the government's required BB rating from an internationally recognised credit rating agency.
Allied Nationwide Finance, the subsidiary of Allied Farmers which bought Hanover's trouble loan books in a debt-for-equity swap, is still in limbo as the market waits for the release of its rating, which was expected out on Monday.
Until it has a rating it is unable to raise money from the public.
Six finance companies, including Asset Finance, had already flagged that they would not seek entry into the extended guarantee scheme. The other five, Aotearoa Credit Union, Christchurch Emergency Services Credit Union, Mutual Credit Finance, Mutual Finance and Rockforte Finance, were all exempt from requiring a rating due to their size.
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