| Thu 30 Oct 2014, 14:00 | | FINBOND GROUP LIMITED - Finbond upgraded to investment grade rating |
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FGL 201410300037A
Finbond upgraded to investment grade rating
FINBOND GROUP LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER: 2001/015761/06)
SHARE CODE: FGL ISIN: ZAE00013895
(“FINBOND” OR “THE COMPANY”)
FINBOND UPGRADED TO INVESTMENT GRADE RATING
Shareholders are advised that Global Credit Ratings (“GCR”) has today
upgraded Finbond Group Limited’s national scale long term rating to BBB-(ZA),
with the outlook accorded as Stable.
GCR has accorded the above credit rating(s) to Finbond Group Limited
(“Finbond”, “the group”) based on the following key criteria:
Finbond Group Limited’s growing franchise as a leading player in mutual
banking and short-term microfinance, providing short- and medium-term credit,
insurance and savings products through its 281 branches. Adequate capital,
conservative credit/risk management, and improving profitability/earnings
diversification (despite regulatory risk) support the rating, which excludes
the prospect of systemic support, given its low likelihood. The rating
outlooks consider Finbond’s prospects/strategic direction, within the context
of the negative consumer health, debt affordability, and credit trends.
The ratings upgrade was achieved in difficult and challenging market
conditions and in an environment which has been characterised by recent
ratings downgrades.
Pretoria
30 October 2014
Sponsor
Grindrod Bank Limited
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