Cash And Trade Magazine For Cash and Trade professionals in the Middle East
Tuesday 19 January
Fitch Ratings has upgraded Falcon Group’s Long-term Issuer Default Rating (IDR) to ‘BB-’ with a stable outlook
Leading specialist financier, Falcon Group’s Long-term Issuer Default Rating (IDR) has been upgraded to ‘BB-’ from ‘B+’ by Fitch Ratings. The upgrade reflects continued improvements in Falcon’s management quality and corporate culture, as well as the introduction of more effective corporate governance standards. The rating, as well as its “stable” outlook, also considers Falcon’s cohesive strategy and its track-record of delivering on business and financial goals.
Falcon’s business continued to grow by product offering and geography during 2015, which has translated into ongoing improvements in financial performance. What’s more, Falcon has strengthened its corporate governance – including the appointment of two additional independent directors to its board. Falcon has also expanded its compliance and risk capabilities: hiring senior professionals from the market.
“The upgrade reflects our increasingly sophisticated approach,” says Falcon CEO Will Nagle. “We have established a strong board of directors and expanded and enhanced our risk and compliance capabilities significantly. As the specialist financing industry gains new players it is crucial that we demonstrate our security and strength alongside our flexibility and creativity – Fitch’s recognition suggests we are on the right track.”
