Credit Union South #BB-/B# Ratings Affirmed, Then Withdrawn At Issuer#s Request

Stocks and Financial Services Press Releases Thursday December 7, 2017 16:01
SYDNEY--7 Dec--S&P Global Ratings

SYDNEY (S&P Global Ratings) Dec. 7, 2017--S&P Global Ratings today said it has affirmed its 'BB-/B' ratings on New Zealand-based Credit Union South (CUS). We then withdrew the ratings at the issuer's request. At the time of the withdrawal, the outlook on the ratings was stable.

The ratings on CUS reflected our expectation that the credit union will maintain very strong capitalization; it was around 15.8% according to our risk-adjusted capital ratio (as of June 30, 2017). We expect CUS to remain a small lender in New Zealand focused on personal loans and residential mortgage loans to lower-socioeconomic members relative to larger peers. These characteristics expose the credit union to higher through-the-cycle loss rates and competition from larger, and more diversified competitors. In addition, we consider that CUS' material program of change, including multiyear technology investments, exposes it to heightened operational risk, relative to peers, though this is likely to moderate as implementation progresses.


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