18 Jun 2011

Heartland move positive, says credit agency

8:30 am on 18 June 2011

Credit rating agency Standard and Poor's says Heartland Building Society's planned purchase of PGG Wrightson Finance is positive for the rural lender.

If the acquisition is successful, the agency says, PGG Wrightson Finance's BB rating may be upgraded in line with Heartland's BBB- rating.

If it doesn't go ahead, PGG Wrightson Finance's present rating will stay.

Heartland says the agency's view is an endorsement of the purchase.