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Bulletin: Westpac Banking Corp. Rating Unaffected By Acquisition Of RAMS' Distribution Business Oct 07
Standard & Poors, Oct 2007
Abstract
MELBOURNE (Standard & Poor's) Oct. 2, 2007--Standard & Poor's Ratings Services said today that Westpac Banking Corp.'s (Westpac; AA/Stable/A-1+) agreement with RAMS Home Loan Group Ltd. to acquire RAMS' brandname and distribution business for A$140 million has no impact on the ratings on Westpac. As part of the agreement, Westpac will also provide a liquidity facility of up to A$1.5 billion for RAMS' U.S. extendible commercial paper (CP) program. The liquidity facility will be part of a A$6.1 billion facility to be provided by a syndicate, and is conditional upon formation of a syndicate acceptable to Westpac. The acquisition will further Westpac's business-growth strategy of strengthening its distribution capabilities and capacity in its core residential lending and related banking businesses....
Companies mentioned in this report are: Westpac Banking Corp.
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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