NZ's Baptist Savings rated B+ 26 March 2015 5:11PM Bernard Hickey Fitch Ratings has assigned a B+ rating to New Zealand's Baptist Savings, a first-time rating for the savings society which was set up to provide loans to Baptist church organisations. A 2013 rule change allowed it to loan to non-Baptist organisations. Fitch said the rating was constrained by its "high risk appetite, low levels of capitalisation and modest earnings considering its risk profile." It said these factors were partly offset by the society's funding and liquidity strengths, niche market focus and stable asset quality. The rating agency added that Baptist Savings's risk appetite appeared higher because lending to churches was perceived as higher risk due to the potential volatility in gift and donation income.