19 Jul 2013

GFNZ credit ratiing may be raised by agency

6:32 pm on 19 July 2013

Standard and Poor's says it may raise its credit rating of GFNZ, formerly Geneva Finance, within the next three months.

It currently rates GFNZ as triple C, which means it regards the company as currently vulnerable and dependent on favorable business, financial and economic conditions to meet financial commitments.

GFNZ, which will repay its debenture investors the last of the money owed them on 1 August and will formally exit the moratorium on 5 November, six years after it began.

Standard and Poor's says it expects GFNZ's new funding arrangements, which include a $30 million debt facility from Westpac Bank, will improve its liquidity profile - a key rating factor.