Close Brothers has had an upgrade of its credit ratings by Moody’s Investors Services.
The firm, which includes Close Brothers Motor Finance, has had its long-term deposit rating upgraded three notches to Aa3 from A3 and its short-term deposit rating increased to Prime-1 from Prime-2.
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The ratings seek to measure creditworthiness. According to Moody’s rating scale, agreements rated Aa are considered to be high quality and very low credit risk, whilst issuers rated Prime-1 have the best ability to repay short-term debt.
Close Brothers Group, the parent company of Close Brothers Limited, was also upgraded one notch to A3 from Baa1 with an unchanged short-term rating of Prime-2.
Chief executive officer of Close Brothers Motor Finance, James Broadhead, said: "We are very pleased to confirm that Close Brothers Limited has been upgraded to Aa3, with stable outlook.
"These rating actions are extremely encouraging; the market and regulatory environment is constantly evolving, but our proven business model, strong financial position and partnership approach has enabled us to go from strength to strength."
