Credit rating agency Standard and Poor's has given BB gradings with stable outlooks to PGG Wrightson Finance, Credit Union South and Fisher and Paykel Appliances Holdings.
All finance companies require a credit rating by March 1 under new Reserve Bank regulations, and to qualify for the extended Crown deposit guarantee scheme.
PGG Wrightson Finance head Mark Darrow said the firm had reached its goal in the company's first rating assessment.
"The fact we have met the target is very good news.
It validates the business model, provides additional assurance to our depositors and lending clients and highlights the value of steps taken over recent years to enhance the company's capital base and performance."
Standard and Poor's said PGGW Finance (PWF) was well positioned, with a competitive advantage from leveraging the company's distribution platform and large rural client base, along with its access to on-farm expertise.
Its asset quality was described as "sound", reflecting the level of security over loans, its loan-to-value ratios, credit policy, provisioning and the geographic spread of its loan book.
"Underpinning PWF's credit quality is the company's reasonably diversified funding sources and good financial flexibility, which we consider are better than most of its peers in the non-bank financial institution sector."
Credit Union South (CUS) has also been given a BB grading based on what Standard and Poor's saw as a loyal Otago-Southland membership, the absence of other major competing credit unions in its catchment and a conservative approach to lending and growth.
"Like other mutuals, however, we believe CUS's flexibility is limited, with retained earnings the only source of capital. In the short term, CUS's liquidity is adequate relative to needs."
Its credit outlook was stable, based on the expectation the mutual would continue to grow organically.
Fisher and Paykel Appliances Holdings chairman Ralph Waters said the BB credit rating for its wholly-owned subsidiary, Fisher and Paykel Finance, confirmed its "solid position" as a public issuer of retail debentures and meant it was eligible to apply to join the extended Crown deposit guarantee scheme.
