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. bit.ly/2p6DbMy
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