May 2, 2017 / 9:54 PM / 2 years ago

Canadian non-bank lender Home Capital delays first-quarter earnings to next week

The entry to the Home Capital Group's headquarters are seen in an office tower in the financial district of Toronto, Ontario, Canada, April 26, 2017. REUTERS/Chris Helgren

TORONTO (Reuters) - Canada’s biggest non-bank lender, Home Capital Group Inc (HCG.TO), has delayed its first-quarter earnings to after close of market on May 11, the company said in a statement on Tuesday.

Home Capital, which secured emergency funding last week after investors pulled out nearly three quarters of its deposits, said the delay would give the management time to update events that have occurred since the close of the first quarter..

Ratings agency Standard & Poors downgraded the long term credit ratings of the company to ‘B-‘ from ‘B+’, citing heightened liquidity risk.

S&P also revised Home Capital's creditwatch implications to 'developing' from 'negative', reflecting the possibility of a further downgrade as a result of funding concerns and weaker-than-expected performance.

Home Capital was scheduled to release earnings after close of market on Wednesday.

Reporting by Denny Thomas; Additional reporting by Abinaya Vijayaraghavan; Editing by James Dalgleish

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