Baywide second NBFI to seek receive credit rating

Credit Union Baywide has become the next New Zealand non-bank deposit-taking institution to seek a credit rating to qualify for continuing coverage under the New Zealand government's deposit guarantee scheme from October next year. Standard & Poor's assigned the minimum required 'BB' long-term credit rating to CUB, along with a 'B' short-term rating. The rating outlook is stable.

As with other credit unions in New Zealand, Credit Union Baywide is updating its branding, and is now trading as NZCU Baywide. One aim is to achieve more consistent branding for credit unions (using "NZCU").