|
|
 |
|
Viewing report
|
|
|
|
Bulletin: Westpac Banking Corp. Rating Unaffected By Merger Bid For St.George Bank Ltd. May 08
Standard & Poors, May 2008
Abstract
MELBOURNE (Standard & Poor's) May 13, 2008-Standard & Poor's Ratings Services today said that its 'AA' rating on Westpac Banking Corp. has not been affected by Westpac's all-scrip merger bid for St.George Bank Ltd. (A+/Watch Pos/A-1). The outlook for Westpac remains stable. St.George and Westpac have agreed to undertake reciprocal due diligence and negotiate the detailed terms of the merger within two weeks. 'There has been no rating impact given an all-scrip funding would maintain capital ratios and other key credit metrics at existing levels,' Standard & Poor's credit analyst Maryanne Galea said. 'While we consider that there will be key challenges in integrating the two entities, we expect the combined entity to be effectively managed given both entities largely...
Companies mentioned in this report are: Westpac Banking Corp.,St.George 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.
|
|
|
|
