18 Jul 2013

Standard and Poor's says it may raise GFNZ credit rating

7:02 pm on 18 July 2013

International ratings agency, Standard & Poor's, says it may raise its credit rating of GFNZ, formerly Geneva Finance within the next three months.

S&P currently rates GFNZ "CCC," which means it regards the company as currently vulnerable and dependent on favourable business, financial and economic conditions to meet financial commitments.

GFNZ will repay its debenture investors the last of the money owed them on 1 August and will formally exit the moratorium on 5 November, six years after it began.

S&P says it expects GFNZ's new funding arrangements, which include a $30 million debt facility from Westpac Bank, will improve its liquidity profile, a key rating factor.