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Allied Nationwide going with S&P

Allied Nationwide Finance says it has formally engaged Standard & Poors to undertake a credit rating on the company in early 2008.

Wednesday, 14 November 2007
The move was in response to the requirements of the proposed new regulations which will make credit ratings mandatory for non-bank deposit takers, including finance companies.

"We have decided to proceed with the credit rating process early as we consider it is important, both to meet current investor expectations and to position Allied Nationwide as a quality finance company," chief executive John Mallon said.

"While Allied Nationwide has always adhered to 'best practice' in managing its business; which has been required by the board, we welcome the introduction of a new regulatory regime and believe it will help build investor confidence in the sector."

Mallon said that he anticipated that the ratings process will be completed around March 31, with the audited six monthly accounts to December 31 available to Standard & Poors.

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