Finbond group’s rating upgraded

JOHANNESBURG – Global Credit Ratings (GCR) has upgraded the long term national scale rating of Finbond Group to BBB(ZA) and affirmed its short term national scale rating of A3(ZA), with the outlook accorded as stable. The group’s COO Carel van Heerden, said, “GCR’s ratings upgrade is extremely positive for Finbond. This is particularly so given the ratings downgrade of the five major South African banks and a number of other financial institutions by GCR, Fitch and Moody’s earlier this year.” GCR said its long-term ratings upgrade of Finbond stemmed from the group’s notably improved earnings diversification following business acquisitions during …read more