At the beginning of this year, NAC received a BBB+ credit rating from Kroll Bond Rating Agency (KBRA). NAC has predominately used secured funding as its main source of finance. Given the size of NAC and its growth aspirations, it will be looking to broaden its funding sources with a specific emphasis on the capital market. Given the need for operational flexibility, NAC will also look more to the unsecured debt markets for its funding sources going forward. Our current target over the next 3 years is to implement an unsecured funding program that covers 70% of the companies funding needs. As the unsecured funding develops, NAC will seek additional credit ratings.
|Sources of Funding||$US bn||% Total|