KEY POINTS:
The collapse of a spate of finance companies in the past two years has led to the demise of a company that rates them.
Axis Ratings, a New Zealand owned credit rating agency that focused on the non-bank sector, requires accreditation as an approved rating agency to continue to rate finance companies and has been pondering how to get this.
The company was closing even though upcoming changes in Reserve Bank Amendment Act No 3 will require finance companies to be rated to gain Reserve Bank approval as registered deposit takers.
Axis Ratings will continue to support and monitor ratings it has in the market until their expiry, but will not be undertaking any further assignments.
- NZPA
