Credit rating

Liberty Financial Limited has a New Zealand dollar long term issuer rating of BBB- (Outlook Stable).

A credit rating is an independent opinion of the capability and willingness of an entity to repay its debts (in other words, its creditworthiness). It is not a guarantee that the financial product being offered is a safe investment. A credit rating should be considered alongside all other relevant information when making an investment decision.

A BBB rating is considered an investment grade rating by market participants and is less vulnerable to non-payment than speculative issues. An institution rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to meet its financial commitment.

Liberty Financial Limited has been rated by S&P Global Ratings. S&P Global Ratings gives ratings from AAA through to C (excluding ratings attaching to entities in default). The rating scale used by S&P is shown below.

A S&P rating may also include an “outlook assessment”. An outlook assessment considers the potential direction of a long-term credit rating over the intermediate term (typically six months to two years). An outlook assessment is not necessarily a precursor of a rating change. The common rating outlook definitions are: Positive – means that a rating may be raised; Negative – means that a rating may be lowered; Stable – means that a rating is not likely to change; and Developing – means a rating may be raised or lowered.

Credit ratings are statements of opinion issued by a ratings agency. They are not statements of fact, an endorsement of the rated entity, or a recommendation to buy, hold, or sell securities.

For further information visit the website of S&P at www.standardandpoors.com.