Instant Finance Leads the Way
27th October 2006
Instant Finance Leads the Way in Public Transparency
Personal Loan Provider Has ‘Investment Grade’ Rating Renewed by New System
Instant Finance, one of the country’s longest established personal loan providers, has been given a B3 ‘Investment Grade’ rating by the local successor to global corporate credit rating agency Rapid Ratings.
Instant Finance was the first in the queue to open its books to Risk analysis Limited, the new ratings company, run by Ron Keene, which has secured the exclusive licence for the marketing of Rapid Ratings research in New Zealand and for the use of Rapid Ratings’ international qualitative rating system, methodology, templates and standards for the rating of companies.
Earlier this year Rapid Ratings decided to pull out of the New Zealand market because of a lack of demand for its services. However, after requests from Instant Finance and other finance companies the service has been resumed under licence by Risk Analysis Ltd.
Ron Keene commented: `What we provide is a true credit rating, not just a ranking, globally benchmarked against the industry and against global standards of ‘best practice’. Our rating scale also identifies the investment grade threshold recognised by the market. Instant Finance’s B3 credit rating suggests that the business of the company is of reasonably good quality. We noted that it has achieved a very good set of financial results, has a good record of profitability and is performing at a high level of financial efficiency.’
Recently launching the company’s new Prospectus, Richard de Lautour, Chief Executive of Instant Finance, announced that he believed it was important to invite the financial ratings experts to assess Instant Finance. He said: `This is all about transparency and giving the everyday investor an opportunity to have an independent viewpoint about the quality of the investment opportunity. Being entrusted with people’s hard earned money is a significant responsibility. At Instant Finance we recognise that investment involves a huge element of trust.
`At Instant Finance there is a separation of shareholder interest from the day to day management of the company. Management manage the business first and foremost with the best interests of investors at heart.
`This assessment system involves a minimum of 125 hours analysing the company including non-public data and interviews with all our key executives and has produced a comprehensive report on our financial health. We are more than pleased to welcome this ratings system back to New Zealand and without a doubt it should be universally adopted in order to reassure investors that their money is in responsible hands.’