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BA Australia Ltd. Sep 03
Standard & Poors, Sep 2003
Abstract
The counterparty credit ratings on BA Australia Ltd. (BA) reflect the guarantee and 100% ownership by, and integration with, U.S.-based Bank of America N.A. (BANA; AA-/Stable/A-1+). BANA is now writing its new Australian business in the Australian branch, and existing loans in BA are in run-off. The group's strategy is to replace the existing Euro CP program of BA with a new Euro CP program in the Sydney Branch. This is expected to be completed in the latter part of calendar 2003. Once the debt program is transferred to the branch, BA's local rating will be withdrawn. BANA's guarantee of its Australian subsidiary is broad in coverage, unlimited in amount, and offers the protection of an independent trustee. Legal opinion...
Companies mentioned in this report are: BA Australia Ltd. ,Bank of America Corp.,Bank of America N.A.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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