Fisher & Paykel Finance gets ratings news from S&P
The ratings agency says the company's exposure to the cyclical consumer segment and its reliance on continuing support from its bankers is offset by the finance company's good market position, its diversified customer base of personal borrowers and good risk-management capabilities.
The finance company, now New Zealand's second largest, recently renewed its banking facilities on more favourable terms but "its credit standing nonetheless depends on bankers' ongoing confidence and support," S&P says,.
At March 16, the finance company had a $385 million syndicated loan facility with three banks which replaced previous bilateral facilities. The new facility has tranches of one, two and three-year terms with sized of $175 million, $105 million and $105 million respectively.
On January 31, the finance company had used $237 million of its syndicated loan facility, about 63% of its funding requirements.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)