Originally Posted by
Joshuatree
HNZ / ANNOUNCEMENTS
Fitch Affirms Credit Rating for Heartland Bank
8:57am, 16 Oct 2015 | CREDIT
NZX Release
Fitch Affirms Credit Rating for Heartland Bank
16 October 2015
Heartland New Zealand Limited (Heartland) (NZX: HNZ) is pleased to announce that Fitch Australia Pty Ltd (Fitch) has affirmed its long term issuer credit rating on Heartland subsidiary Heartland Bank Limited (Bank) of ‘BBB’ outlook stable. The full report from Fitch is attached.
The Fitch report notes the Bank’s continuing improvements to its risk management practices and its simple and transparent business model which provides the Bank with pricing power in its target markets. Fitch expects the Bank’s “core asset quality to remain sound, benefiting from continued improvement in underwriting standards and good economic conditions”. Fitch notes its expectation that New Zealand’s economic growth will continue, albeit at a slower pace than the last two years.
Heartland is pleased with the report and the affirmation of the Bank’s ‘stable’ outlook which reflects Fitch’s view that the Bank is likely to continue its solid performance over the next 12 to 24 months.