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Australian Major Bank Ratings Affirmed; Outlooks on Two Revised Dec 01
Standard & Poors, Dec 2001
Abstract
MELBOURNE (Standard & Poor's) Dec. 18, 2001--Standard & Poor's today affirmed the counterparty credit ratings on four major Australian banks: National Australia Bank (NAB, double-'A'/Negative/'A-1+'); Commonwealth Bank of Australia (CBA, double-'A'-minus/Stable/'A-1+'); Westpac Banking Corp. (WBC, double-'A'-minus/Stable/'A-1+'); and Australia and New Zealand Banking Group Ltd. (ANZ, double-'A'-minus/Stable/'A-1+'). The ratings outlook on NAB, however, is revised to negative from stable, and that on CBA is revised to stable from positive. The stable outlooks on WBC and ANZ are unchanged. 'A weakening domestic and international economic environment, corporate lending concentrations, and the increased frequency of large corporate collapses have converged to heighten the risk profile of the Australian major banking sector,' said Gavin Gunning, director, Financial Services Ratings. 'We expect satisfactory performance from...
Companies mentioned in this report are: National Australia Bank Ltd.,Australia and New Zealand Banking Group Ltd.,Westpac Banking Corp.,Commonwealth Bank of Australia
Action: Various Rating Actions
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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