Australian Fixed-Income Newsletter: Beyond The Curve Apr 08

Standard & Poors, April 2008

Abstract
Westpac, nab, Westfield Group, Wesfarmers, Telstra, Vector Ltd., KfW, AMP Bank, St.George Bank, Suncorp-Metway, Eurofima, CBA, BMW Australia Finance Ltd., Dunedin Cit y Treasury, Westpac New Zealand Ltd. Tabcorp Holdings Ltd., Auckland International Airport Ltd., Telecom Corp. of New Zealand Ltd., Bank of Queensland Ltd., Telstra Corp Ltd. S&P lowers ratings on 178 subordinated classes of RMBS and places 10 senior classes on CWN. PMI Mortgage Insurance Ltd., MGIC Australia Pty Ltd., Redbank Project Pty Ltd. (senior secured), RB Pass Through Pty Ltd. (SPUR), Sapphire VIII Series 2005-2 Trust Class BZ & Class CA. There were more signs of improving sentiment and activity levels in bond markets last week. In the domestic market issuance totalled A$2.25 billion, the largest weekly...

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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- EUROFIMA European Company for the Financing of Railroad Rolling Stock
- National Australia Bank Ltd.
- Westpac Banking Corp.
- Commonwealth Bank of Australia
- KfW
- Telstra Corp. Ltd.
- Telecom Corp. of New Zealand Ltd.
- Auckland International Airport Ltd.
- Suncorp-Metway Ltd.
- Bank of Queensland Ltd.
- St.George Bank Ltd.
- Dunedin City Treasury Ltd.
- Tabcorp Holdings Ltd.
- Vector Ltd.
- QBE Lenders' Mortgage Insurance Ltd.
- Wesfarmers Ltd.
- AMP Bank Ltd.
- Westfield Group
- WEA Finance LLC
- BMW Australia Finance Ltd.
- Sapphire VIII Series 2005-2 Trust
- Westpac New Zealand Ltd.
- MGIC Australia Pty Ltd.

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