S&P raises UDC Finance's credit rating to 'BBB+'

Tue, 24 Sep 2019

By Jenny Ruth Sept. 24 (BusinessDesk) - International ratings agency Standard & Poor's has raised UDC Finance's credit rating a notch because of its view that the economic risks facing New Zealand's financial system have reduced and because of UDC's improved capital position. S&P now rates UDC as 'BBB+' from 'BBB' previously, putting it two notches above the minimum investment-grade rating, but it notes that its owner, ANZ Bank, continues to review its ownership and that divestment is "the most likely downside scenario over the next two y...

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