Research Update: New Zealand-Based Police And Families Credit Union Affirmed At ?BB+/B? On Revised Bank Criteria; Outlook Stable Dec 11

Standard & Poors, December 2011

Abstract
Following a review of Police And Families Credit Union Ltd. (PFCU) under Standard & Poor's revised bank criteria (published Nov. 9, 2011), we have affirmed our issuer credit ratings on PFCU at 'BB+/B'. The outlook is stable. Our ratings on PFCU reflects the anchor stand-alone credit profile for financial institutions operating only in New Zealand, plus PFCU's weak business position, very strong capital and earnings, weak risk position, below average funding, and adequate liquidity. The stable outlook reflects our expectation that PFCU will remain a conservative mutual focusing primarily on residential lending to New Zealand police members and their families, funded predominantly by deposits from the members it services. As previously announced, on Dec. 13, 2011, Standard & Poor's Ratings...

Companies mentioned in this report are: Police and Families Credit Union
Action: Affirmed
Action: Outlook: Stable

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.

Police and Families Credit Union

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