WEEKS after Greater Building Society claimed a positive rating from Standard & Poor's, its total assets have passed $5 billion.
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Greater chief executive Don Magin said yesterday that with this milestone, the company was well placed to challenge the big banks to benefit local people.
Last month S&P upgraded the Greater's counter-party credit rating to BBB/Positive/A-2.
As a result, the Greater had a one-in-three chance of its credit rating being upgraded to BBB+ over the next couple of years, Mr Magin said.
He said S&P had reported that the revised rating outlook was due to the Greater's strengthening risk management capabilities, particularly in IT, and its "measured approach" to modernising its core banking system.
The Greater made a profit of $28.4 million in 2012-13.
This was up 36 per cent on the previous year.
- Penelope Green
