Summary: Elders Rural Bank Ltd. Apr 09

Standard & Poors, April 2009

Abstract
The issuer credit ratings on ERB Rural Bank Ltd. (ERB) reflect the bank's very low loan losses, strong rural-market expertise, good interest margins, and geographic diversification within Australia. ERB is jointly owned by Futuris Corp. Ltd. (Futuris; not rated) and Bendigo and Adelaide Bank Ltd. (Bendigo; BBB+/Stable/A-2). The ratings on ERB are moderated by the bank's smaller balance sheet compared to rated peers', and exposure to the rural lending sector, which is highly competitive and exhibits higher credit risk than residential home lending. Established in 2000 as a bank, ERB provides a broad range of banking and other financial services to the rural sector across Australia. For the half-year ended Dec. 31, 2008, the bank had total assets of A$4.6...

Companies mentioned in this report are:
- Rural Bank Ltd.
- Bendigo and Adelaide Bank Ltd.

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.

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.

- Rural Bank Ltd.
- Bendigo and Adelaide Bank Ltd.

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