Fitch rates Southland Building bonds BB+

Fitch Ratings said it assigned a BB+ rating to Southland Building Society's new 10-year New Zealand dollar-denominated tier 2 bonds. SBS has structured the bonds as a continuous issue, meaning that the bonds will be allocated to investors as soon as possible after application.

“The subordinated tier 2 bonds are rated two notches below the anchor rating, SBS' viability rating (VR) of bbb, consistent with the baseline approach for subordinated debt with no coupon flexibility in Fitch's bank rating criteria,” the agency said in a press release.

The outlook is positive.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.