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Research Update: Ratings On N.Z.?s PSIS Ltd. Raised To 'BBB-/A-3' On Resilient Business And Financial Risk Profiles; Outlook Stable May 11 Product Image

Research Update: Ratings On N.Z.?s PSIS Ltd. Raised To 'BBB-/A-3' On Resilient Business And Financial Risk Profiles; Outlook Stable May 11

  • ID: 1807751
  • May 2011
  • Standard & Poors

Abstract
PSIS Ltd. is a retail-focused financial services provider in New Zealand. We view PSIS' business profile as having demonstrated resilience through the recent difficult operating environment in New Zealand, particularly for non bank deposit takers, and also view its financial risk profile as supportive of its rating. We have raised the long-term counterparty credit ratings on PSIS Ltd. (PSIS) to 'BBB-/A-3' from 'BB+/B', and revised the outlook on the ratings to stable from positive. On May 27, 2011, Standard & Poor's Ratings Services raised its counterparty credit ratings on New Zealand-based PSIS Ltd. (PSIS) to 'BBB-/A-3' from 'BB+/B', and revised the outlook to stable, from positive. The rating upgrade reflects PSIS' strong membership support, which underpins a sound and reasonably...

Companies mentioned in this report are: PSIS Ltd.
Action: Upgraded

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

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PSIS Ltd.

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