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Standard & Poor's says it will launch a new ratings scale to measure the relative financial strength of New Zealand non-bank finance companies.
The launch of the new scale was based on strong industry support for the proposed ratings scale and methodology, as well as a significant number of companies that were committed to undertaking and releasing a rating, the agency said.
The relative strength ratings would provide an opinion on the default risks of New Zealand non-bank finance entities.
The ratings scale and symbology were unique, and tailored specifically for New Zealand finance companies, building societies, credit unions, and mortgage trusts, Standard & Poor's said.
"Our service has been introduced in response to an overwhelming demand ... for credible ratings that enable comparisons within the non-bank sector," the company said.
