Warning issued on Geneva Finance

By DAVID HARGREAVES – Fairfax Media | Tuesday, 11 September 2007Auckland-based consumer finance company Geneva Finance faces a possible future downgrade of its credit rating because of “increasing pressure” on its liquidity and funding, international credit ratings agency Standard & Poor’s said today.

“We believe that there is a possibility that current financial market disruptions may lead to Geneva being unable to manage liquidity and funding pressures affecting the New Zealand finance company industry,” S&P credit analyst Derryl D’silva said.

Five New Zealand finance companies have fallen over in the past three weeks and nine in the past 16 months, leaving investors owed about $1.1 billion.

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