AUCKLAND: Fitch Rating (Fitch) has affirmed the Long-Term Issuer Default Ratings (IDR) of Heartland Group Holdings Limited (NZX/ASX: HGH) (Heartland Group) and Heartland Bank Limited (NZX: HBL) (Heartland Bank) at ‘BBB’, and the Long-Term IDR of Heartland Australia Group Pty Ltd (Heartland Australia) at ‘BBB-‘.
(Heartland Group, Heartland Australia and Heartland Bank, collectively known as Heartland).
Heartland Bank’s Outlook stays Stable. Heartland Bank additionally continues to be one of simply two Australasian banks to have no discount or adverse change to its ratings or outlook since January 2020, regardless of the financial impacts of COVID-19.
The Outlook on the IDRs of Heartland Group and Heartland Australia have been revised to Negative from Stable, reflecting a possible change in Fitch’s rating approach as a results of the proposed acquisition of StockCo Holdings 2 Pty Ltd (StockCo Australia). A ratings motion is customary within the occasion of an acquisition.
In its attached press release, Fitch famous that the acquisition was unlikely to have a materials impact on Heartland’s risk profile or asset quality, will enhance profitability, and increase Heartland Group’s publicity to wholesale funding.
shareholders.heartland.co.nz