- September 23, 1998
- Posted by: admin
- Category: Historical Investments
Ratings agency CA Ratings, the SA affiliate of Standard Poor’s has awarded a long-term rating of zaBBB and a short-term rating of zaA2 to finance house BFS Capital. The ratings indicate an adequate capacity to service long-term debt and a strong capacity to service its short-term obligations. CA-Ratings CEO Chari Kocks said the ratings reflected a short but good track record, high profitability and the earnings quality of the finance house. BFS Capital specialises in corporate finance, structured products as well as specialist treasury products. BFS MD Ian Matthews said the ratings were considered positive. They were also seen as a further endorsement of BFS’s ability to add value through its activities. CA-Ratings had assigned the ratings after an in-depth investigation into the structure, systems, management and future plans of the company. BFS was in the process of applying for a banking licence and planned to list in the second half of next year. Shareholders in the group include HCI (30, NBS Boland (30, and management (40, with total shareholders’ funds at R100 m, following HCI’s decision to become a shareholder earlier this year.
Source: Business Day