Might pay HNZ to stay in Australia, if they were thinking of selling the OZ bit off
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Might pay HNZ to stay in Australia, if they were thinking of selling the OZ bit off
Great post thanks Winner
Cheers
Positive news that S&P raises HNZ's credit rating a notch:
NZX Release
S&P raises credit rating on Heartland Bank
22 May 2014
Heartland New Zealand Limited (NZX: HNZ) is pleased to announce that Standard
& Poor's (S&P) has raised its long term issuer credit rating on HNZ
subsidiary Heartland Bank Limited (Heartland) to 'BBB' from 'BBB-' and
assigned a negative outlook. The rating upgrade reflects S&P's view that:
o Heartland's business position strengthened over the past three years upon
the bank's transition toward its core niche markets (such as vehicle asset
finance, invoice financing, livestock financing and reverse mortgage loans)
and away from non-core assets.
o Contestability in these, typically higher-risk, specialist markets is lower
compared to traditional commoditised markets such as the residential mortgage
loans market.
o Heartland has made progress in exiting its non-core property portfolio and
reducing its residential mortgage lending portfolio.
The negative outlook reflects the negative economic risk trend assigned to
the New Zealand banking system and S&P's concerns around economic imbalances,
which are not specific to Heartland. S&P's full report is attached.
Heartland is delighted with the raised rating, and in particular with S&P's
acknowledgement of a strengthened business position for Heartland.
BBBoom
Positive sign and hopefully we will see more raised ratings. To see the ratings of all banks: http://www.rbnz.govt.nz/regulation_a...redit_ratings/
Buyers seem to lining up now.
Last sale 88c.