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Article: Just 2% of loans at risk, investors told; GENEVA FINANCE
- Article from:
- The Press
- Article date:
- September 14, 2007
- Author:
CopyrightCopyright 2007 The Press. Provided by ProQuest LLC. (Hide copyright information)
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Geneva Finance says less than 2 per cent of its receivables (loans
and interest) are at risk and it is a healthy, profitable company.
Geneva was placed on credit watch this week by international
ratings agency Standard & Poor's (S&P) which said Geneva might not be
able to manage the cashflow and funding pressures affecting the
finance sector. It placed Geneva's B+ credit rating on watch.
Trustee for investors in Geneva, Graham Miller of Covenant
Trustees, said S&P had not raised issues about the quality of
Geneva's loans and investors could take comfort from that.
Investors have $112.6m of debentures with Geneva, with $16m of
that in Canterbury and the upper South island and $23m in the ...