Summary: Heritage Building Society Ltd. Jun 11

Standard & Poors, June 2011

Abstract
The 'BBB' counterparty credit rating on Queensland-based Heritage Building Society Ltd. reflects the building society's low-risk lending profile, its well-established market position as Australia's largest building society, and its good risk-management framework. Heritage's asset-quality strength is shown in its low credit-loss record, which benefits from its focus on conservatively underwritten residential mortgage loans. Although Heritage has a good business franchise in its home market of the Australian State of Queensland, this positive credit factor is partly moderated by geographic concentration. Further offsetting these strengths is Heritage's small absolute capital base, which limits its ability to contend with an unexpected major negative event. Heritage's credit rating is supported by the company's good franchise and market position in Queensland; however, this strength...

Companies mentioned in this report are: Heritage Bank Ltd.
Action: Review

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Heritage Bank Ltd.

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