Rates Round Up
Standard & Poor has, not surprisingly, welcomed the news that it will be one of the Reserve Bank’s approved ratings agencies for the non-bank sector.
S&P managing director John Bailey says the company is committed to helping “improve financial literacy concerning the meaning and utility of credit ratings in the context of the NBDT sector.”
“Credit ratings are one of several tools that investors can use when making decisions about purchasing bonds and other fixed income investments. Credit ratings are opinions about relative credit risk, but it is important to emphasise that they are not investment advice, or buy, hold, or sell recommendations.”
PGG Wrightson Finance continues to grow
PGG Wrightson Finance has managed to grow its loan book, increase market share and strengthen its balance sheet in the six month period to December 31.
The company's loan book grew by 14% from a year earlier, to $513 Million, partly as other rural financiers appeared more reticent about lending in the prevailing economic climate.
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