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Fitch raises credit rating on Heartland Bank
8:30am, 29 Oct 2014 | CREDIT
NZX Release
Fitch raises credit rating on Heartland Bank
28 October 2014
Heartland New Zealand Limited (NZX: HNZ) is pleased to announce that Fitch Rating (Fitch Australia Pty Ltd) has raised its long term issuer credit rating on HNZ subsidiary Heartland Bank Limited (Bank) to ‘BBB’ from ‘BBB-’ outlook stable. The full release from Fitch Rating is attached.
Fitch Rating noted the Bank’s consistent reduction in non-core assets resulting in improved asset quality and stronger earnings, and that its business model focuses on niche markets in which it has a leading market share.
Heartland is pleased with the raised rating, which follows Standard & Poor’s raising the Bank’s credit rating earlier this year (22 May 2014).
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For further information please contact:
Jeff Greenslade
Managing Director
Heartland New Zealand Limited
DDI 09 927 9149