Heartland shares rise to 2-year high, debt rating affirmed after taking control of bad loans

Wed, 05 Jun 2013

By Paul McBeth June 5 (BusinessDesk) - Heartland New Zealand shares rose to a two-year high and its credit rating was affirmed by Standard & Poor’s after the lender decided to take over the management of distressed assets and wear the cost upfront. The shares jumped 7.6 percent to 85 cents, the highest level since February 2011, after the Christchurch-based bank cut its annual profit guidance to $7 million in the 12 months ending June 30, reflecting an $18 million impairment on the distressed assets. The company previously forecast earnings...

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