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FINANCIAL CHRONICLE™ » FINANCIAL CHRONICLE™ » ARPICO Finance Upgraded!

ARPICO Finance Upgraded!

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1ARPICO Finance Upgraded! Empty ARPICO Finance Upgraded! Sun Jan 30, 2011 10:38 am

MarketResearch

MarketResearch
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics
Arpico Finance ‘BB’ rating confirmed, outlook lifted
Arpico Finance Company’s long-term rating has been confirmed at BB and its outlook lifted ‘positive’ from ‘stable’ on better asset quality and adequate capital, RAM Ratings said. Arpico Finance’s short-term rating has been confirmed at NP, RAM Ratings said. Outlook on the long-term rating has been revised to positive from stable. "The company’s ratings are supported by its better-than average asset quality and adequate capital base," RAM Ratings said in a statement. "However, the ratings are weighed down by high overheads."

Established in 1951, Arpico is the second-oldest registered finance company in the island but has remained small, accounting for less than one percent of the industry’s total assets as at end-March 2010.

The Company’s gross non-performing loans (NPL) ratio improved to 3.08 percent of total loans as at end-August 2010, from 4.83 as at end- March 2009.

Arpico has managed to bring down gross NPLS from high levels seen in 2004 despite a harsh economic climate while others in industry reported worsening bad loans, RAM Ratings said.

"Adequate provisioning has permitted Arpico to record a better net NPL ratio of 1.26 percent as at end-August 2010 compared to 2.41 in end-March 2009."

The company’s asset quality has improved while overhead costs have risen and demand for real estate has seen a decline in the past year.

Arpico’s cost-to-income ratio has increased to 94.35 percent by March 2010 compared with 90.48 percent, a year ago.

The ratings agency expects Arpico’s performance to improve once the new branches break-even.

"The Company’s capital cushioning is adequate with overall capital-adequacy ratios remaining at a respective 14.83 percent and 17.51 percent as at end-March 2010, well above the minimum statutory requirements of five and ten," the agency said. – LBO

Sunday Island



Last edited by Quibit on Sun Jan 30, 2011 1:32 pm; edited 1 time in total (Reason for editing : format condensed)

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