CBS Canterbury ‘very happy’ with BB+ credit rating

South Island-based CBS Canterbury has been allocated a BB+/B counterparty credit rating with a stable outlook by agency Standard & Poor's, giving it the opportunity to take up the government's extension to the retail deposit guarantee scheme.

The rating agency said CBS should keep its "sound financial profile" intact through the economic downturn and that its non-performing assets and provision were "sound" by local and international standards.

"CBS has a sound regional franchise, organic growth opportunities in the Ashburton-Christchurch corridor when New Zealand's economy picks up, and a sound financial profile," said credit analyst Gavin Gunning in a statement.

CBS chief executive Bryan Inch said he was "very happy" with the rating, and that it is "best in class" for the non-bank deposit taking sector.