Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Standard & Poor's assigns investment grade rating

Standard & Poor’s assigns “investment grade” rating to MARAC

MARAC Finance Ltd (MARAC) today announced it has been assigned an ”investment grade” rating by internationally recognised credit rating agency, Standard & Poor’s. The rating is BBB-* and has been issued as ‘stable’ for two years.

MARAC, a wholly owned subsidiary of listed Pyne Gould Corporation [NZX:PGC], is the first New Zealand owned and operated non-bank finance company to achieve a Standard & Poor’s ”investment grade” rating.

MARAC Managing Director, Brian Jolliffe, said this was a significant achievement for the company.

“This is an exciting milestone in MARAC’s development, confirming our status as a quality, top-tier finance company. We believe this sets a new credit rating standard for finance companies.

“The rating gives independent confirmation of the quality we strive to deliver to our customers and provides our investors with a reassurance that they have made the right investment decision.“

MARAC is one of the first finance companies in New Zealand to take proactive steps to seek a Standard & Poor’s credit rating. MARAC selected Standard & Poor’s as it believes it is important for investors and financial intermediaries to have complete confidence in the organisation undertaking such an important analysis.

The move provides investors with a benchmark by which they can make more informed investment decisions and distinguish the level of risk associated with different companies’ investment offerings.

“MARAC has proactively sought this rating and is at the forefront of what will hopefully be an industry trend toward greater transparency,” Mr Jolliffe said.

Standard and Poor’s Credit Analyst, Craig Bennett, said the rating was a reflection of MARAC's good asset quality experience, its experienced management, sound strategy and good market position in the New Zealand finance sector.

“We believe MARAC is well placed to maintain its business and earnings profile by continued focus on asset quality and liquidity management.”
ADVERTISEMENT

Standard & Poor’s also examined the company’s funding, profit and capitalisation as well as its ownership structure, governance and risk management.

Pyne Gould Corporation Chairman, Sam Maling, said the rating is an independent endorsement of the Board’s view of MARAC.

“It confirms the Board’s strategy of further investment in financial services and the benefits of moving MARAC more towards the quality end of the market.”

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Onetai Station: Overseas Investment Office Puts Ceol & Muir On Notice

The Overseas Investment Office (OIO) has issued a formal warning to Ceol & Muir and its owners, Argentinian brothers Rafael and Federico Grozovsky, for failing to provide complete and accurate information when they applied to buy Onetai Station in 2013. More>>

ALSO:

Tomorrow, The UN: Feds President Takes Reins At World Farming Body

Federated Farmers president Dr William Rolleston has been appointed acting president of the World Farmers’ Organisation (WFO) at a meeting in Geneva overnight. More>>

ALSO:

I Sing The Highway Electric: Charge Net NZ To Connect New Zealand

BMW is turning Middle Earth electric after today announcing a substantial contribution to the charging network Charge Net NZ. This landmark partnership will enable Kiwis to drive their electric vehicles (EVs) right across New Zealand through the installation of a fast charging highway stretching from Kaitaia to Invercargill. More>>

ALSO:

Watch This Space: Mahia Rocket Lab Launch Site Officially Opened

Economic Development Minster Steven Joyce today opened New Zealand’s first orbital launch site, Rocket Lab Launch Complex 1, on the Mahia Peninsula on the North Island’s east coast. More>>

Earlier:

Marketing Rocks!
Ig Nobel Award Winners Assess The Personality Of Rocks

A Massey University marketing lecturer has received the 2016 Ig Nobel Prize for economics for a research project that asked university students to describe the “brand personalities” of three rocks. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news