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Bulletin: Bendigo and Adelaide Bank Ltd. Ratings Remain Unchanged On Proposed Acquisition Of Rural Bank Ltd. From Elders Australia Oct 10 Product Image

Bulletin: Bendigo and Adelaide Bank Ltd. Ratings Remain Unchanged On Proposed Acquisition Of Rural Bank Ltd. From Elders Australia Oct 10

  • ID: 1857640
  • October 2010
  • Region: Australia
  • Standard & Poors

Abstract
MELBOURNE (Standard & Poor's) Oct. 27, 2010Standard & Poor's Ratings Services said today that Bendigo and Adelaide Bank Ltd.'s (BEN; BBB+/Stable/A-2) ratings are unchanged on its proposed acquisition of the remaining 40% stake on Rural Bank Ltd. (RBL) from Elders Australia Ltd. Although BEN's capitalization ratio would slightly weaken, we consider it would remain supportive of the current ratings. Furthermore, we do not view the announced acquisition as a departure from BEN's strategy. Rather, it is in line with BEN's increase in equity in RBL in May 2009 and our previous expectation that BEN would increase its exposure to rural lending. While we do not expect the acquisition will lead to any material cost savings or material changes in RBL's...

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

Action: Bulletin

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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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

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