UDC Finance to opt into Government deposit guarantee scheme

UDC Finance announced that it plans to opt into the Government's new deposit guarantee scheme. UDC is owned by ANZ and has an AA credit rating from Standard and Poor's, which is the highest Standard and Poor's rating of any debenture fund raising finance company in New Zealand. UDC specialises in providing asset finance for plant, machinery, vehicles, equipment and a range of other diversified assets, it says in its current prospectus. Here is the full statement from UDC Finance:

As a non-bank deposit-taker, UDC Finance is covered by the Government's deposit guarantee scheme announced yesterday and intends to opt into the scheme. UDC Finance offers its investors the assurance of a "AA" credit rating from Standard & Poor's which is the highest credit rating of all the New Zealand finance companies. Specialising in asset finance, UDC celebrates 70 years in business this year. This is an uncertain time for New Zealand investors and UDC is pleased to be able to provide this additional level of assurance for its investment clients.