S&P lowered SCF by a notch from BB+ but the BB rating is the minimum threshold required to enter the new scheme in October.
Without the BB rating, SCF would have struggled to keep investors' money flowing in.
S&P changed the outlook from Creditwatch Negative to Negative Outlook which SCF chief executive Sandy Maier said indicated the possibility of a further review.
The Otago Daily Times understands that SCF is negotiating now with the Government regarding entering the new scheme.
SCF is regarded as too big to fail, given its size and importance to the New Zealand financial industry, and it is unlikely the company will be turned away from the retail guarantee scheme.
The appointment of Mr Maier and three independent directors - Bill Baylis, Stuart McLauchlan and Denham Shale - is seen as bringing to the management and boardroom discipline which was previously lacking.
The new directors decided to take the big hit and write off loan impairments that had been there for a long time but which had seen no action taken.
SCF still has a huge amount of refinancing to consider but is understood to have access to new capital and the bringing in of Scales Corp and Helicopters (NZ) to the wider structure will give revenue and profit.
Mr Maier said S&P had correctly noted the company continued to enjoy strong shareholder support but had not given the same weight as the company's board to recent changes.
They included the new management team, a group restructuring and private placement raising $26.4 million of new equity, an improvement in the liquidity position which allowed the early repayment of noteholders and a substantive and complete review of assets.
The board acknowledged there was further work to do.
