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Wide Bay Australia Ltd. Jun 09
Standard & Poors, June 2009
Good-quality, sustainable regional franchise in residential lending and retail deposit-taking Very good asset quality, and relatively stable, recurring earnings Business, product, and geographic concentration risk Small absolute capital base, by international standards The revision of the outlook to stable from negative reflects Standard & Poor's expectations that recent funding and liquidity improvements, and benefits derived from the MPBS acquisition, will be sustainable, over the medium term. The ratings on Wide Bay are lower than that assigned to some other Australasian financial institutions with a similar focus on residential mortgage lending and retail deposit-taking, including Newcastle Permanent Building Society Ltd. (BBB+/Stable/A-2), TSB Bank Ltd. (BBB+/Stable/A-2), and mecu Ltd. (BBB/Stable/A-2). The higher ratings of these institutions generally reflect their better capital, deposit,...
Companies mentioned in this report are: Wide Bay Australia Ltd.,Mortgage Risk Management Pty Ltd.
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
Wide Bay Australia Ltd.,Mortgage Risk Management Pty Ltd.