SBS, Cooperative banks expect little impact from Fitch downgrade

Jenny Ruth
Tue, 19 May 2020

SBS Bank and Cooperative Bank expect little immediate impact from Fitch Ratings downgrading their subordinated debt to below investment grade. Fitch affirmed both banks' main "BBB" ratings although it changed the outlook to negative because of the economic impact of the coronavirus crisis. It also downgraded both banks' subordinated debt from "BBB-" to "BB+." Cooperative has $45 million in subordinated debt on issue, $15 million of that being a retail issue listed on NZX and the rest wholesale. SBS has $104 million comprised of two wholes...
Finance
Regulator sues ANZ over credit card insurance
Dan Brunskill | Fri, 05 Jun 2020

The Financial Markets Authority has filed High Court proceedings against ANZ Bank New Zealand, alleging it charged some customers for credit card repayment insurance policies that offered those custom...

Markets
MARKET OPEN: Profit taking may be the flavour of the day, US jobs data in focus
Rebecca Howard | Fri, 05 Jun 2020

Weaker offshore markets may spill over into New Zealand as investors look to lock in profits after several positive days. Wall Street is set to end its four-day rally ahead of the May non-farm payr...

Infrastructure
Loss expected from NZ Steel on covid shutdown
Gavin Evans | Fri, 05 Jun 2020

BlueScope Steel’s New Zealand business could post its first half-yearly loss in four years on the back of the country’s strict covid-19 shutdown, Jarden analysts say. The New Zealand Steel and Paci...

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