11 May 2011

NZF Money credit rating lowered

5:57 am on 11 May 2011

Rating agency Standard & Poor's has downgraded NZF Money's credit rating from CCC to CCC-.

The ratings remain on credit watch negative, which implies a one-in-two likelihood that the rating may be lowered in the next three months.

Standard & Poor's says NZF's liquidity position remains delicately placed, with the company's cash levels expected to be volatile and drop to very low levels this year unless there is a further cash injection into the business.