Geneva Finance gets ratings downgrade

Geneva Finance has been downgraded by credit ratings agency Standard & Poor’s from B+ to B-.

Standard & Poor’s director Gavin Gunning said the change reflected a sense that Geneva’s short-term liquidity and funding position was increasingly under pressure.

“While Geneva continues to benefit from the demonstrable support of its primary bankers, the nature and extent of potential future support has changed since Standard & Poor’s previous rating action on September 10, 2007.”

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