Fisher&Paykel Appliances Holdings Ltd said Standard&Poor's Ratings Services has assigned a BB long-term issuer credit rating with a stable outlook to its wholly owned subsidiary, Fisher&Paykel Finance Ltd.A BB rating is necessary to qualify fo
Fisher&Paykel Appliances Holdings Ltd said Standard&Poor's Ratings Services has assigned a BB long-term issuer credit rating with a stable outlook to its wholly owned subsidiary, Fisher&Paykel Finance Ltd.
A BB rating is necessary to qualify for the extended Crown Deposit Guarantee Scheme. F&P is evaluating if it will apply to be part of the extended scheme, but the rating means it is eligible.
"We are very pleased with this rating outcome as it confirms the solid position of Fisher&Paykel Finance Ltd as a public issuer of retail debentures and means the company is eligible to apply to join the new extended Crown Deposit Guarantee Scheme," said Fisher&Paykel Appliances Holdings' chairman, Ralph Waters.
The company has offered retail debentures for nearly 30 years in the New Zealand market.
"Funding the finance business from both retail deposits and wholesale facilities will continue. The BB Stable credit rating for Fisher&Paykel Finance Ltd is therefore a key factor for continuing to attract retail deposits to support the growth of the Finance business," he said.
