General Capital (NZX: GEN) Announces Credit Rating Upgrade

General Capital Limited
Level 8, General Capital House,
115 Queen Street, Auckland CBD
PO Box 1314, Shortland Street,
Auckland, New Zealand. 1140.
Phone +64 9 304 0145


General Capital (NZX: GEN) Announces Credit Rating Upgrade of Subsidiary General
Finance Limited to BB+ (Stable)

General Capital Limited is pleased to announce that global credit rating agency Equifax Credit
Ratings Australasia Pty Ltd (Equifax) has upgraded the credit rating of General Capital's
wholly owned subsidiary, General Finance Limited, to BB+ with a Stable Outlook following
completion of its annual review of the audited accounts for the financial year ended 31 March
2026.

The rating upgrade reflects the significant growth in General Finance's loan book and its
resilient operating performance, underpinned by strong earnings, disciplined risk management
and a healthy capital adequacy ratio that remains well above regulatory requirements. Equifax
highlighted General Finance's established position as a specialist bridging finance provider, its
long trading history, robust funding profile supported by strong deposit growth, and its sound
capital position, which provides capacity to support future growth opportunities.
Managing Director Brent King said: "The upgraded rating reflects confidence in General
Finance's market position, financial strength, and ability to continue delivering sustainable
growth while maintaining prudent lending and funding practices. The rating agency also
acknowledged the benefits arising from ongoing regulatory reforms in New Zealand's
deposit-taking sector, including the Depositor Compensation Scheme and the evolving
regulatory framework under the Deposit Takers Act."
Mr King added: "The upgrade of General Finance's Equifax credit rating to BB+ with a
Stable Outlook marks an important milestone and reflects the strength of General Finance's
business model and execution. Equifax cited the Company's rapid loan book growth,
improved asset quality, consistent profitability, and strong competitive position as a
specialist lender serving market segments that are often underserved by major banks. The
rating also recognises General Finance's successful growth in customer deposits and its
demonstrated ability to scale while maintaining sound operational and financial
performance."


The full Equifax report is available at: https://generalfinance.co.nz/about-us/#credit-rating.


ENDS


This announcement has been authorised by Brent King, Managing Director, General Capital
Limited.


For further Information please contact:


Brent King
Managing Director
General Capital Ltd.
Brent.King@GenCap.co.nz
021-632-660

4 August 2026