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Credit Rating

The creditworthiness of Fisher & Paykel Finance Limited was first rated by Standard & Poor’s Ratings Services (“S&P”) on 17 February 2010. The local currency (New Zealand dollar) long-term issuer credit rating assigned to us at that time was BB (Outlook Stable). S&P reaffirmed this rating on each of 30 March 2011 and 17 April 2012.

 

Pending the outcome of the takeover offer described under the "Announcements" tab of our website, S&P changed its outlook on us from “Stable” to “CreditWatch Positive”.

 

On 20 November 2012, S&P changed its rating of us from “BB (CreditWatch Positive)” to “BB+ (Outlook Stable)”. As at 23 November 2012 our local currency (New Zealand dollar) long-term issuer credit rating is:

 

BB+ (Outlook Stable)

 

The rating outlook assigned by S&P assesses the potential direction of a long-term credit rating over the intermediate term (typically six months to two years). A Stable Outlook means that a rating is not likely to change and reflects S&P’s expectation that our financial characteristics will remain stable in the medium term.

 

Other than those described above, there have been no other ratings assigned to Fisher & Paykel Finance Limited in the last two years.

 

The ratings assigned to us are statements of opinion issued by S&P, which is a rating agency approved under section 157J of the Reserve Bank of New Zealand Act 1989 (see www.standardandpoors.com). They are not statements of fact, an endorsement of Fisher& Paykel Finance Limited, or a recommendation to buy, hold or sell securities.


Standard and Poor’s long-term issuer credit ratings categories

AAA An obligor rated ‘AAA’ has extremely strong capacity to meet its financial commitments. ‘AAA’ is the highest issuer credit rating assigned by Standard & Poor’s.
AA An obligor rated ‘AA’ has very strong capacity to meet its financial commitments. It differs from the highest-rated obligors only to a small degree.
A An obligor rated ‘A’ has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligors in higher-rated categories.
BBB An obligor rated ‘BBB’ has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitments.
BB An obligor rated ‘BB’ is less vulnerable in the near term than other lower-rated obligors. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions which could lead to the obligor’s inadequate capacity to meet its financial commitments.
B An obligor rated ‘B’ is more vulnerable than the obligors rated ‘BB’, but the obligor currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the obligor’s capacity or willingness to meet its financial commitments.
CCC An obligor rated ‘CCC’ is currently vulnerable, and is dependent upon favourable business, financial, and economic conditions to meet its financial commitments.
CC An obligor rated ‘CC’ is currently highly vulnerable.


Plus (+) or minus (-)

The ratings from ‘AA’ to ‘CCC’ may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

 


^ Please note that our Rates Calculator is only a guide and is not intended to offer any financial advice. Fisher & Paykel Finance is not to be held liable for any direct, special, incidental, indirect or consequential damages or monetary losses of any kind arising out of, or in connection with the use of this Rates Calculator. Please speak to an independent financial advisor for professional guidance.
 
 

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