Broadlands terribly frustrated with S&P

This shift "in our view will increase the concentration of its credit risk profile," S&P said.

Broadlands is doing a small amount of lending to businesses for their own purposes, such as financing the purchase of plant and equipment.

However, most of its commercial lending is wholesale funding, mostly to car dearlerships and other finance companies which provide vehicle purchase finance, Broadlands' area of specialisation.

Previously, Broadlands' had provided vehicle buyers with finance directly.