credit card plans<\/a> and what it says is a much-needed fillip for rivalry in a market dominated by traditional players.<\/p>\nS&P Global said: \u201cWe view RPNZ\u2019s credit profile as weaker than the New Zealand major banks, noting the startup nature of RPNZ\u2019s business activities in New Zealand.\u201d<\/p>\n
The \u2018BBB+\u2019 long-term issuer credit rating was accompanied by a positive outlook.<\/p>\n
Rationale<\/p>\n
\u201cThe positive outlook reflects that on the guarantor, which is due to the group\u2019s intention to build up an additional loss-absorption capacity [ALAC] buffer over the next two years.\u201d<\/p>\n
S&P Global said in a note that it had equalised its rating and outlook on RPNZ with those on Revolut, reflecting the guarantor\u2019s unconditional and irrevocable guarantee of RPNZ\u2019s obligations.<\/p>\n
\u201cIn our assessment, Revolut would have strong visibility of any impending liquidity issues at RPNZ and would be prepared to facilitate timely payment, if required, under the guarantee.\u201d<\/p>\n
Rapid Growth<\/p>\n
S&P Global said that RPNZ\u2019s business in NZ would likely grow rapidly, as it is off a small base. The company had seen strong growth in a number of global markets.<\/p>\n
\u201cWe expect RPNZ will target local transaction accounts and credit cards from larger bank peers,\u201d the ratings firm said.<\/p>\n
\u201cDespite likely rapid growth, we expect RPNZ to remain a small lender in the overall New Zealand market.\u201d<\/p>\n
S&P Global added that as the RPNZ business grows in NZ, it was expected to continue benefiting from Revolut\u2019s technology, treasury capabilities, and other shared group services.<\/p>\n
\u201cFurther group support is demonstrated by the capital contribution made by the group to support RPNZ meeting regulatory capital expectations to support rapid growth.\u201d<\/p>\n
RPNZ plans to shortly and formally rename itself as Revolut Bank NZ. It has already used that name in media statements.<\/p>\n
The bank\u2019s chief executive, Ryan Brosnahan, said the NZ banking market was \u201cprimed for disruption\u201d. <\/p>\n
He said RPNZ\u2019s arrival was a \u201cstructural wake-up call for the industry\u201d and it would inject \u201cmuch-needed competition\u201d into the NZ banking market.<\/p>\n
Change of ratings<\/p>\n
The positive outlook on RPNZ reflected S&P Global\u2019s expectation that it would likely raise its ratings \u201cif we viewed the creditworthiness of the guarantor, Revolut, to have improved\u201d.<\/p>\n
It said it could raise Revolut\u2019s rating if it increased its ALAC buffer in the next two years.<\/p>\n
\u201cWe would likely lower our rating on RPNZ by multiple categories if the guarantee on its debt were to expire and not be replaced,\u201d S&P Global said.<\/p>\n
\u201cWe could raise the rating on RPNZ if we raise the rating on Revolut.<\/p>\n
\u201cThis could occur over the next 12-24 months once Revolut Group Holdings starts issuing bail-in debt and we are certain the group\u2019s ALAC buffer will exceed our adjusted 4% threshold of S&P Global Ratings\u2019 risk-weighted assets.\u201d<\/p>\n
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