Flurry of finance company ratings continues
Broadlands chief executive Rudi Kats says he is "very pleased" with the rating "at this time given that a number of New Zealand's foremost finance companies are only one notch higher"
S&P says the outlook is negative due to the company's "vulnerable liquidity".
More than half of its outstanding retail debentures are maturing in the coming 12 months, and its cash position in part hinging on the collections from its higher-risk consumer loan portfolio.
S&P credit analyst Gavin Gunning notes Broadlands has a fairly diversified debenture investor base, and the company's sole shareholder has a track record of providing liquidity support to it where necessary.
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