Parent company of Close Premium Finance now on long-term A2 rating and short-term P1 rating
Close Premium Finance, the premium finance provider to the insurance industry, today confirms that its parent company – Close Brothers Limited – has had its credit rating upgraded by Moody’s to a long-term rating of A2 and a short term rating of P1.
Tim Wilson, Sales & Marketing Director at Close Premium Finance, said: “As the credit crunch continues to unsettle both nerves and share prices across industries, we believe it’s worth reassuring our broker clients that Close remains in a very healthy financial position. Our parent – Close Brothers Limited - obtained a credit rating upgrade from Moody’s last year to a long term rating of A2 and a short term rating of P1. This reflects, amongst other things, the group’s consistently strong financial performance, healthy operating margins and diversified funding profile. Our strong Fitch ratings were unchanged (long term A, short term F1) and both Moody’s and Fitch classify our ratings as stable.”
“This means that our brokers can rest assured that, despite the ongoing credit market turmoil, their funding lines from Close remain secure.”
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