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


SBS Bank’s Outlook revised to 'Positive’ from 'Stable'

SBS Bank’s Outlook revised to 'Positive’ from 'Stable' by Fitch Ratings.

Fitch Ratings has affirmed SBS Bank’s BBB credit rating and revised the outlook to "positive" from "stable" based on the Bank’s recently adjusted strategic approach and opportunity to grow its membership base in a targeted manner.

The affirmation of the Long-Term and Short-Term Issuer Default Ratings (IDR), Viability Ratings (VR) and senior debt rating, reflects Fitch’s view that SBS Bank is likely to continue to perform solidly over the next 12 to 24 months.

SBS Bank CEO Wayne Evans said the Positive Outlook was affirmation of the Bank’s strategic direction.

“This decision is great news for the Bank and our members. It affirms and supports the robust strategy we have worked hard to develop and put into place to position our business for future sustained growth.”

Fitch’s Rating Action Commentary stated the change in strategy had already shown early signs of performance improvements and membership growth. It was expected that the greatest benefits to the Bank’s competitive position would emerge over the next 18-24 months. A conservative risk appetite, improving asset quality and earnings, and sound capital ratios, offset by a modest domestic franchise and limited pricing power also contributed to the improvement in SBS’ Outlook.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Energy Resources Aotearoa: New Law On Decommissioning Could Be Costly Overkill
A new law on decommissioning oil and gas fields passed by Parliament today has good intentions but is overkill, according to Energy Resources Aotearoa. "We strongly support operators taking responsibility and paying the costs for decommissioning, which is what all good operators do," says chief executive John Carnegie... More>>

Commerce Commission: News Publishers’ Association Seeks Authorisation To Engage In Collective Bargaining

News Publishers’ Association of New Zealand Incorporated seeks authorisation and provisional authorisation to engage in collective bargaining with Facebook and Google. The Commerce Commission has received applications from News Publishers’ Association of New Zealand Incorporated (NPA) seeking authorisation and provisional authorisation on behalf of itself... More>>

Reserve Bank: MPC Continues To Reduce Monetary Stimulus
The Monetary Policy Committee agreed to raise the Official Cash Rate (OCR) to 0.75 per cent. The Committee agreed it remains appropriate to continue reducing monetary stimulus so as to maintain price stability and support maximum sustainable employment... More>>

PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>

NZ Skeptics Society: Announce Their 2021 Awards, And Dr Simon Thornley Wins The Bent Spoon

Every year the New Zealand Skeptics presents its awards to people and organisations who have impressed us or dismayed us, and this year it’s been hard to pick our winners because there have been so many choices!.. More>>

REINZ: Sales Volumes Leveling Out

Data released today by the Real Estate Institute of New Zealand (REINZ) shows there were 44 fewer lifestyle property sales (-2.6%) for the three months ended October 2021 than for the three months ended September 2021... More>>

BNZ: Auckland Retail Card Spending Bounces Back In Step Two
Bank of New Zealand (BNZ) card spending data released today shows one week of retail therapy at Alert Level 3 Step 2 has been enough to raise card spending in Auckland to levels greater than before the Delta lockdown... More>>