Wednesday 25th June 2008
|Text too small?|
The ratings are underpinned by UDC's core status within the Australia and New Zealand Banking Group's (AA/Stable/A-1+) New Zealand operations, which include UDC's sole owner ANZ National Bank (AA/Stable/A-1+).
"We consider that UDC is riding out current difficult local industry conditions better than many New Zealand finance companies, evidenced in part by its higher debenture reinvestment rates," S&P credit analyst Derryl D'Silva said. "Furthermore, UDC's half-year results for the six months ended March 31 2008 were within our expectations."
The stable outlook reflects primarily that of its ultimate parent, ANZ Group, and the close integration with its immediate parent ANZ National. A weakened commitment to asset finance by ANZ Group will lessen S&P's view on the importance of UDC to the group's future strategy, which will likely result in a lower rating.
UDC is expected to continue to soundly manage risks, underpinned by a predominantly organic growth strategy.
No comments yet
Tourism Holdings Limited (NZX: THL) thl to acquire MaxiTRANS NZ
NZ Compare announces the acquisition of PriceMe
25th January 2022 Morning Report
Fonterra Shareholders Fund (NZX: FSF) Fonterra lifts forecast Farmgate Milk Price range
Green Cross Health Limited (NZX: GXH) Trading update
Ebos Group Limited (NZX: EBO) Retail Offer Oversubscribed
24th January 2022 Morning Report
ArborGen Holdings Limited (NZX: ARB) Updates Market on FY22 Guidance
My Food Bag Group Limited (NZX: MFB) Q3 FY22 Trading Update
ikeGPS Group Limited (NZX: IKE) signs $0.9m deal with tier-1 electric utility