Research Update: Wide Bay Australia Ltd., MRM Outlook Revised To Stable On Improved Liquidity And Funding; Ratings Affirmed Jun 09
Standard & Poors, June 2009
Abstract
-- Wide Bay has recently sourced an additional funding facility from a major Australian bank and successfully obtained an additional funding line for its RMBS. -- The acquisition of Mackay Permanent Building Society is progressing satisfactorily. -- We have revised the outlook on Wide Bay and its captive insurer, Mortgage Risk Management Pty Ltd. to stable from negative, reflecting Wide Bay's improved liquidity and funding, and satisfactory integration of Mackay Permanent Building Society. -- The 'BBB-/A-3' ratings on Wide Bay and 'BBB-' rating on MRM were affirmed. On June 5, 2009, Standard & Poor's Ratings Services revised its outlook on Queensland-based building society Wide Bay Australia Ltd. and on Wide Bay's captive insurer Mortgage Risk Management Pty Ltd. (MRM) to...
Companies mentioned in this report are: Wide Bay Australia Ltd.,Mortgage Risk Management Pty Ltd.
Action: Affirmed
Action: Outlook: Stable
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Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
Wide Bay Australia Ltd.,Mortgage Risk Management Pty Ltd.
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