Heritage Bank awarded for ‘strong operating model’

Moody’s Investors Service recently affirmed Heritage Bank’s ratings of A3/P2 following a three-month review.

Heritage chief executive John Minz said he was pleased the Moody’s review had recognised the underlying strength of the Heritage business model.

“Moody’s has acknowledged our very strong asset quality and sound capitalisation relative to our asset risk profile,” he said.

“Moody’s has also recognised that as a mutual, it does not face shareholder pressure for profit, which provides greater flexibility to manage funding and capital.

“Heritage’s business remains strong and stable, and we are investing in growth for the future.”