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Australian Major Banks Ratings Affirmed, Says Report Card, Despite Property Market Slowdown Dec 04
Standard & Poors, Dec 2004
Abstract
MELBOURNE (Standard & Poor's) Dec. 7, 2004--Standard & Poor's Ratings Services said today that it has affirmed its 'AA-/A-1+' counterparty credit ratings on the four major banks in Australia: Australia and New Zealand Banking Group Ltd. (ANZ), Commonwealth Bank of Australia (CBA), National Australia Bank Ltd. (NAB), and Westpac Banking Corp. (WBC). The ratings outlook on each of the major banks remains stable, despite their growth ambitions and profitability prospects moderating with the slowdown in the property market. 'Three of Australia's four major banks all reported solid improvements in underlying profitability in fiscal 2004 on the back of a favorable operating environment characterized by strong consumer asset credit growth and good asset quality,' said Peter Sikora, director, Financial Services Ratings,...
Companies mentioned in this report are: Australia and New Zealand Banking Group Ltd.,National Australia Bank Ltd.,Westpac Banking Corp.,Commonwealth Bank of Australia
Action: Affirmed
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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