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Summary: Bendigo and Adelaide Bank Ltd. Jul 11

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Abstract
The issuer credit ratings on BEN reflect our view that the bank has a sound business profile underpinned by its sound franchise, good geographic and business diversity, and a relatively low-risk strategy. The bank's low credit-risk focus and good capitalization also supports its credit profile. Moderating these strengths is BEN's indirect exposure to the Australian banking system's material reliance on off-shore wholesale borrowings, similar to many other Australian financial institutions in Australia; and BEN's below-par earnings performance over recent years, albeit that we view that its earnings are on an improving trend. We believe BEN's franchise--built on its customer service focus and community-based banking model--is a relative positive for its rating and supports BEN's sound market position. Enhancing its good...

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

Companies Mentioned

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

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Summary: Bendigo and Adelaide Bank Ltd. Jul 11

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Contact information

Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

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Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
(646) 607-1907 or (646) 964-6609 (from USA)
+353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
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+353-1-481-1716 or +353-1-653-1571 (from Rest of World)