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Bridgecorp gets four star rating

Tuesday 11th July 2006

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Bridgecorp has recently been awarded another rating, this time from an Australian provider of independent property funds research, Property Investment Research (PIR)

PIR was commissioned by financial planning firm Northplan to rate a selection of New Zealand non­-bank finance companies late last year. Bridgecorp was awarded a PIR 4 star security rating. This is the highest rating awarded to any New Zealand finance company reviewed by PIR. A security rating below 2.5 stars is not considered investment grade.

The PIR Security Rating system is applied to debt based property investments such as mortgage and mezzanine funds and debenture or note offers (secured or unsecured). It assesses a range of risk/return factors associated with the funds as well as the ability of the manager to manage arrears and defaults.

To produce a ratings report, PIR utilises a rigorous system based on an enhanced evaluation model, a comprehensive review of due diligence material and offer documentation, property inspections where appropriate, specialist interviews of management and a compliance review.

"As we move into a climate where ratings are a significant differentiator between finance companies, it is pleasing to see Bridgecorp achieve another consistent result from a respected and established ratings organisation," Bridgecorp managing director Rod Petricevic said.

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