UDC has had its credit rating down-graded following ANZ's announcement it plans to sell the business to a private Chinese conglomerate, and questions are raised about the future of the finance company.
S&P Global Ratings has lowered its credit rating on UDC Finance from A- to BBB, and this rating remain on CreditWatch with negative implications, meaning it is more likely to be downgraded in the future than lifted.
The downgrade reflects S&P's opinion that the likelihood of timely support from UDC's ultimate owner, ANZ, has reduced following the announcement of its sale to the privately owned Chinese conglomerate HNA Group, which is not rated...MORE»
Wednesday, January 11th, 11:21AM
ANZ Bank New Zealand has agreed to sell its asset finance business, UDC Finance, for $660 million to HNA Group.MORE»
Monday, November 21st, 9:58AM
BNZ has introduced a two-year deposit rate special of 4%.MORE»
A low interest rate environment is driving interest in finance company investments as the expense of bank deposits, one New Zealand operator says.MORE»
Non-bank deposit taker Liberty Financial has had its credit rating raised by Standard & Poors.MORE»
As part of its efforts to raise tier two capital in line with capital requirements, ASB is offering $250 million in subordinated unsecured convertible notes.MORE»
Z Energy is making an offer of unsubordinated, secured, fixed rate bonds across two series.MORE»
General Finance has increased its deposit rates by 50 basis points, taking its headline rate to 5.75% over three years.MORE»