Instant Finance keeps its B3

Instant Finance has been given a B3 ‘Investment Grade’ rating by the local successor to global corporate credit rating agency Rapid Ratings.

Friday, October 27th 2006, 11:40AM
Earlier this year Rapid Ratings decided to pull out of the New Zealand market because of a lack of demand for its services. However, after requests from Instant Finance and other finance companies the service has been resumed under licence by Risk Analysis.

Instant Finance’s B3 credit rating suggests that the business of the company is of reasonably good quality, the rater says. "We noted that it has achieved a very good set of financial results, has a good record of profitability and is performing at a high level of financial efficiency."

Instant Finance chief executive Richard de Lautour says the rating process "is all about transparency and giving the everyday investor an opportunity to have an independent viewpoint about the quality of the investment opportunity."

www. depositrates.co.nz understands two other finance companies, Strategic and St Laurence, are close to releasing their new ratings.

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