Big banks at risk of ratings downgrade
New Zealand's biggest banks are at risk of having their credit ratings cut, after Kiwibank and the big four Australian-owned banks were all placed on negative ratings outlook.
Kiwibank had its outlook lowered by Standard & Poor's, only a day after rival ratings agency Fitch made a similar move in placing the big four Australian-owned banks on credit watch.
S&P affirmed Kiwibank owner NZ Post Group's AA- rating but dropped the state-owned company's ratings outlook from stable to negative.
However, it wasn't Kiwibank S&P was concerned about; NZ Post chief executive Brian Roche said the agency had dropped the group's outlook due to the continuing decline in its mail business...MORE»
Rates round-up: January 31Tuesday, January 31st, 6:30AM
Deposits versus bonds; Ludlow gets more jail time MORE» |
Ex-CEO named in South Canterbury SFO caseTuesday, January 24th, 8:42AM
Name suppression has been lifted from former South Canterbury Finance chief executive Lachie McLeod, who faces charges relating to the company's collapse. MORE» |
Rates round-up: January 23
Name suppression lifted from two SCF accused; PGC investors offered a bargain.
MORE»SCF accused keep names suppressed
The five individuals facing fraud charges relating to the $1.7 billion collapse of South Canterbury Finance have had their names suppression continued until next month.
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Heartland director sells shares
Investors often react negatively to a director of a listed company selling shares but some sales are more noteworthy than others.
MORE»Rates round-up: January 16
South Canterbury Finance fraud case in court
MORE»Hubbard's Southbury companies unlikely to repay more than $186m
Allan Hubbard's Southbury Group and Southbury Corporation are unlikely to be able to repay the more than $186 million plus interest they owe South Canterbury Finance (SCF), the latest receivers' report says.
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