South Canterbury Finance has had its credit rating slashed two levels from B- to CC by Standard & Poor’s.

South Canterbury has had ongoing liquidity trouble as it looks to realign its loanbook away from property investment, and is working to meet a self-imposed August 31 deadline to raise capital.

Chief Executive Sandy Maier says the company is making ‘good progress’ in meeting that, and a successful recapitalization would likely prompt another credit review from S&P.

“Hopefully they’ll be as quick to review us as things get better as they were when things got worse!", he said.

"We’re very comfortable with progress so far, out target is still to get a buyer and transaction announced by the end of this month – that’s been our continuous goal and aim.”