Close Brothers credit ratings upgraded by Moody’s

Close Brothers is now one of the highest rated banks in the UK, following an upgrade of their 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.

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.

CEO of Close Brothers Motor Finance, James Broadhead (pictured), 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.

“We are very proud to be part of such a strong company, which is now recognised as one of the highest rated banks in the UK. Their support will continue to prove invaluable as we seek to further improve the service we provide to our dealer partners and continue to grow our business.”