Ratings Raised On Six Classes Of Wide Bay Australia Ltd. (WB Trusts) RMBS Notes; Seven Classes Affirmed Aug 12
- Language: English
- Published: August 2012
- Region: Australia
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.
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Research Type: Full Analysis
Wide Bay Australia Ltd.,Mortgage Risk Management Pty Ltd.