7 Dec 2011

Heartland rating affirmed

12:31 pm on 7 December 2011

Heartland says Standard & Poor's has affirmed its BBB- credit rating and improved its rating outlook to stable.

Heartland was established earlier this year through the merger of CBS Canterbury, Southern Cross Building Society and Marac Finance, and in August it purchased PGG Wrightson Finance.

Chief executive Jeff Greenslade says the improved outlook is particularly pleasing given many banks around the world are being downgraded.

He says the investment grade rating underpins Heartland's strength and strategy.