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BA Australia Ltd. Aug 02
Standard & Poors, Aug 2002
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 booking its new Australian business in its Australian branch and existing loans in BA will be allowed to run off. The group's strategy going forward is to replace the existing euro CP program within BA with a new euro CP program in the Bank of America Sydney Branch. This is expected to be completed in the latter part of calendar 2002, at which time BA's rating is likely to be withdrawn. BANA's general guarantee of its Australian subsidiary is broad in coverage, unlimited in amount, and offers the protection of an...
Companies mentioned in this report are: BA Australia Ltd. ,Bank of America Corp.
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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