NZ NBDT rating rush over

Philip Bayley
With the Reserve Bank of New Zealand's deadline of March 1, by which non-bank deposit takers must have a credit rating fast approaching, S&P assigned ratings to four more non-bank deposit takers last week.

The highest long- and short-term ratings of 'BB/B' were assigned to Business Finance Ltd., followed by 'BB-/B' ratings for Broadlands Finance Ltd. NZF Money Ltd., and Vision Securities Ltd., both received 'B/B' ratings.

Reflecting the difficulties besetting the finance company sector in New Zealand at the present time, all the ratings were assigned a negative outlook. It is most unusual for new ratings to be issued with a negative outlook.