Published 12 August 2010
Standard & Poor’s (Australia) Pty Ltd’s ratings services affirmed Marac Finance Ltd’s credit rating as BB+ today and improved its outlook from negative to stable.
Marac is a subsidiary of Pyne Gould Corp Ltd. Pyne Gould managing director Jeff Greenslade said: “The rating outlook improvement is an acknowledgement by S&P of the substantial progress made within Marac’s business over the last 12 months and reflects improving asset quality, strong liquidity, a robust balance sheet & capital base and Marac’s good market position.” “The improved rating outlook adds further momentum to the ‘Heartland’ banking concept now being advanced in conjunction with Canterbury Building Society & Southern Cross Building Society”. S&P said in its research update Marac was well placed to comply with the new regulatory capital adequacy framework which will apply from December.
Marac & Pyne Gould’s full-year audited results will be released at the end of August.
2 November 2009: Pyne Gould completes shift of Marac loans
2 September 2009: $99 million of impairments take Pyne Gould to loss
1 October 2008: Pyne Gould seeks banking licence
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.