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
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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

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

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