TORONTO, April 2, 2012 /CNW/ - Standard & Poor's ("S&P"), a leading credit rating agency, has affirmed its BBB+/A-2 long-term and short-term counterparty ratings to Home Trust Company and BBB/A-2 to Home Capital Group Inc. (TSX:HCG). The outlook on both entities remains stable.
S&P stated that the stable outlook reflects S&P's view that Home Capital is well positioned to manage credit risks and competitive pressures across a range of future economic and housing market conditions. The ratings reflect the Company's strong capital position and consistent earnings performance,
"Home Trust is the only trust company in Canada, not a subsidiary of a major financial institution, to maintain an investment grade credit rating from Standard & Poor's," said Gerald M. Soloway, CEO of Home Capital and Home Trust. "We are pleased to have maintained our ratings, a reflection of our strong financial performance and enhanced risk profile."
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, residential and non-residential mortgage lending, securitization of insured residential first mortgage products, consumer lending, Visa and payment card services. Licensed to conduct business across Canada, Home Trust has offices in Ontario, Alberta, British Columbia, Nova Scotia and Quebec.
For further information:
Gerald M. Soloway, CEO, or
Martin Reid, President