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Bulletin: Bendigo and Adelaide Bank Ratings Unaffected By Exposure To Great Southern Ltd. MIS Investors May 09
Standard & Poors, May 2009
Abstract
MELBOURNE (Standard & Poor's) May 29, 2009--Standard & Poor's Ratings Services said today that Australia-based Bendigo and Adelaide Bank Ltd.'s (BEN; BBB+/Stable/A-2) recent announcement regarding the bank's exposure to Great Southern Ltd. managed investment scheme (MIS) investors does not by itself have an impact on the ratings assigned to BEN. Great Southern recently entered into voluntary administration and subsequently receivership. Standard & Poor's current expectation is that the level of losses from BEN's exposure to the investors in such MIS can be absorbed within the bank's capital base and earnings at the current rating level. Nevertheless, we will continue to monitor any new information including any update on likely losses, customer behavior as well as possible workout scenarios. Any significant...
Companies mentioned in this report are: Bendigo and Adelaide Bank Ltd.,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.
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