S&P affirms above average Residential Loan Servicer ranking on FirstMac (30-Aug-2007)
Standard & Poor's Ratings Services has affirmed its ABOVE AVERAGE residential loan servicer ranking on Australian servicer FirstMac.
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Rating on MARAC Finance unchanged following fiscal 2007 results
Standard & Poor's Ratings Services said that its BBB-/Stable/A-3 counterparty credit ratings on New Zealand finance company MARAC Finance remain unchanged, following MARAC Finance’s announcement of a 7.4% increase in net profit after tax in fiscal 2007 to NZ$24.9m.
According to Standard & Poor's Ratings Services, MARAC Finance’s improved earnings for fiscal 2007 have benefited from sound lending volume growth, continued strong asset quality, and maintenance of its operational efficiency.
However, MARAC Finance’s net interest margin was affected by high funding costs and may progressively be affected by MARAC Finance’s increased focus on better credit-quality lending.
Current disruptions caused by the failure of some finance companies, which are being placed in receivership or liquidation, may increase pressure on liquidity and growth in the broader market.
However, Standard & Poor’s expects that MARAC Finance’s spread of funding sources, which includes committed bank lines from four banks, a recently introduced securitization program, and retail debentures, will enable the company to contend with these challenges. The ability to access alternative funding avenues provides the company with additional flexibility to manage liquidity, which improves its operational resilience.
4-Sep-2007More Articles
Standard & Poor's Rating Services News
Rating on TSB Bank revised to positive (30-Aug-2007)
Standard & Poor's Ratings Services revised its rating outlook on New Zealand-based TSB Bank (TSB; BBB/Positive/A-2) to positive from stable, reflecting the bank’s resilient earnings profile and strong ability to manage and withstand market downturns.
Standard & Poor's Ratings Services revised its rating outlook on New Zealand-based TSB Bank (TSB; BBB/Positive/A-2) to positive from stable, reflecting the bank’s resilient earnings profile and strong ability to manage and withstand market downturns.
S&P rating on South Canterbury Finance unchanged after strong operating performance (30-Aug-2007)
Standard & Poor's Ratings Services said that its BBB-/Stable/A-3 counterparty credit ratings on New Zealand finance company South Canterbury Finance Ltd. (SCF) remain unchanged, following SCF’s announcement of a strong 29% increase in pre-tax profit in fiscal 2007 to NZ$51m.
Standard & Poor's Ratings Services said that its BBB-/Stable/A-3 counterparty credit ratings on New Zealand finance company South Canterbury Finance Ltd. (SCF) remain unchanged, following SCF’s announcement of a strong 29% increase in pre-tax profit in fiscal 2007 to NZ$51m.
S&P rating remains unchanged on Contact Energy after fiscal 2007 results (29-Aug-2007)
Standard & Poor’s Ratings Services said that its ratings and outlook on Contact Energy (Contact; BBB/Stable/A-2) remain unchanged after Contact’s fiscal 2007 financial results, which were consistent with its expectations.
Standard & Poor’s Ratings Services said that its ratings and outlook on Contact Energy (Contact; BBB/Stable/A-2) remain unchanged after Contact’s fiscal 2007 financial results, which were consistent with its expectations.
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PIMCO reports return of its former Managing Director and Senior Portfolio Manager (16-Oct-2007)
PIMCO has reported that its former Managing Director and Senior Portfolio Manager, Mohamed El-Erian will rejoin the company as the Managing Director and Co-CEO and Co-CIO in January 2008.
PIMCO has reported that its former Managing Director and Senior Portfolio Manager, Mohamed El-Erian will rejoin the company as the Managing Director and Co-CEO and Co-CIO in January 2008.
FPA launches online training courses in Anti-Money Laundering and Counter Terrorism Financing (16-Oct-2007)
Financial Planning Association (FPA) has launched online training courses in Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF).
Financial Planning Association (FPA) has launched online training courses in Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF).
FPA 2007 National Conference receives huge response from financial planning practitioners (16-Oct-2007)
Financial Planning Association (FPA) announced that almost three-quarters of registrations received until 25 September 2007 for the FPA 2007 National Conference come from financial planning practitioners and the percentage of registration for the conference was 71%, up from 61% last year.
Financial Planning Association (FPA) announced that almost three-quarters of registrations received until 25 September 2007 for the FPA 2007 National Conference come from financial planning practitioners and the percentage of registration for the conference was 71%, up from 61% last year.
Professor Michael Sherris receives Actuary of the Year 2007 award (16-Oct-2007)
The Institute of Actuaries of Australia presented Actuary of the Year 2007 award to Professor Michael Sherris at the Biennial Convention 2007 ‘Adventures in Risk’ in New Zealand.
The Institute of Actuaries of Australia presented Actuary of the Year 2007 award to Professor Michael Sherris at the Biennial Convention 2007 ‘Adventures in Risk’ in New Zealand.
Datamonitor report that rising prices does not discourage Australian first home buyers (4-Sep-2007)
A report by independent market analyst Datamonitor shows that lending commitments to first home owner-occupiers have grown from AUD$17.1bn in 2003 to AUD$29.2bn in 2006, and are forecasted to increase to AUD$45.9bn in 2011.
A report by independent market analyst Datamonitor shows that lending commitments to first home owner-occupiers have grown from AUD$17.1bn in 2003 to AUD$29.2bn in 2006, and are forecasted to increase to AUD$45.9bn in 2011.
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