TORONTO, March 16 /CNW/ - Fitch Ratings, a leading global rating agency, has upgraded its long-term and short-term ratings for Home Capital Group Inc. (TSX:HCG) and its subsidiary Home Trust Company to BBB / F2 from BBB- / F3. The rating outlook has been revised to Stable from Positive.
Fitch stated that the upgrade and stable outlook are indicative of Home Capital's consistently strong financial performance during the challenging economic environment, which has been supported by robust earnings, minimal credit costs and a healthy net interest margin. The ratings also reflect the Company's strong capital levels, solid asset quality, sufficient reserves and increased liquidity.
"These upgraded ratings reflect our continuing ability to generate strong financial results while reducing the Company's risk profile," stated Gerald M. Soloway, CEO of Home Capital Group Inc. and Home Trust Company.
Home Capital Group Inc. is a public company, traded on the Toronto Stock Exchange (HCG), operating through its principal subsidiary, Home Trust Company. Home Trust is a federally regulated trust company offering deposit, mortgage lending, retail credit and payment card services. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia and Quebec.
SOURCE Home Capital Group Inc.
For further information: For further information: Gerald M. Soloway, CEO, or Martin Reid, President, (416) 360-4663, www.homecapital.com