International ratings agency Standard and Poor's has lifted the creditworthiness of finance company GFNZ Group and its wholly owned insurance subsidiary Quest Insurance Group.
The firms' long term rating rose one notch from CC to CCC, though the international ratings agency warns they may be downgraded in the future.
Standard and Poor's says the upgrade reflects a net $4.6 million gain from GFNZ's sale of its head office building at Mt Wellington in Auckland, and the expected sale of receivables under the company's Professional Investor Scheme for another $1.4 million.
It says this money, plus another $700,000 from existing investors, should allow it to repay its September 2013 payments ahead of schedule.
But Standard and Poor's warns that GFNZ is still under pressure to meet future debenture repayments through to March 2015.
