Fitch assigns AA credit rating to Public Trust
29 May, 2017
Fitch assigns AA credit rating and stable outlook to Public Trust
Public Trust, New Zealand’s largest and most experienced trustee services organisation, has received an independent long term credit rating of AA with a stable outlook from independent ratings agency Fitch Ratings Pty Limited.
Public Trust’s Board and Chief Executive, Bob Smith, sees the rating as a great reinforcement of Public Trust's enduring and trusted position in the New Zealand market.
“We are known for our specialised expertise and have a long tradition of helping New Zealanders protect their interests and the interests of their families and businesses. By obtaining this rating we are providing our personal customers and corporate clients with independent assurance and extra peace of mind that we are well qualified to keep doing that.”
The AA credit rating is only one notch below the New Zealand Government rating and is a higher rating than the senior unsecured long term ratings of major banks in New Zealand.
Mr Smith believes this high rating reflects Public Trust’s efforts to minimise its exposure to risk, and its delivery of improved commercial results.
“Our investment profile and risk policies have changed dramatically in the last five years as we’ve refocused the business back to its core function – being the market expert and leading provider of trustee services to New Zealanders. It’s beginning to show in our results and this rating is consistent with that,” said Mr Smith.
This is reinforced by Fitch who reported its key rating drivers included Public Trust’s low-risk investment portfolio, its de-risked business and the social services it provides through the Ministry of Justice.
“Helping Kiwis, their families and our business community for nearly 150 years is something we’re extremely proud of. We have over quarter of a million customers that trust us as their experts in estate and trustee services. This rating provides continued confidence in our strong, growing and profitable business to provide services for generations to come.”
- Ends -