GFL
27/06/2014 16:55
GENERAL
REL: 1655 HRS GFNZ Group Limited
GENERAL: GFL: Geneva Finance ceased its Financial Strength Rating
GENEVA FINANCE CEASED ITS FINANCIAL STRENGTH RATING
The GFNZ Group Ltd board have decided to terminate the Group's' financial
strength rating arrangements with Standard Poors effective immediately.
The rationale for this being:
- GFNZ Group Ltd is no longer required to maintain a formal financial
strength rating as it is no longer a Non Bank Deposit taker. GFNZ Group Ltd
ceased being a Non Bank Deposit taker when all public debentures were repaid
in full and the company exited moratorium on 1 August 2013.
- When Quest Insurance Group Ltd obtained its insurance licence, as a small
insurer, on 29 April 2013 that company was no longer required to maintain a
formal financial strength rating.
- Terminating these arrangements generates meaningful operating costs
savings for the group.
David O'Connell
GFNZ Group Limited
[email protected]
End CA:00252178 For:GFL Type:GENERAL Time:2014-06-27 16:55:25
(20min delay)