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Australian Guarantee Corp. Ltd. on CreditWatch Developing May 02
Standard & Poors, May 2002
Abstract
MELBOURNE (Standard & Poor's) May 3, 2002--Standard & Poor's said today it has placed the double-'A'-minus counterparty credit ratings on Australian Guarantee Corp. Ltd. (AGC) on CreditWatch with developing implications. This follows the announcement that AGC's current owner, Westpac Banking Corp. (double-'A'-minus/Stable/'A-1'-plus), has agreed to sell both the Australian and New Zealand operations of AGC to GE Capital. The deal, which still requires the approval of the Australian Competition and Consumer Commission and the Foreign Investment Review Board, will likely see Westpac realize a profit on sale of A$750 million in its second-half 2002 accounts. 'The placing of AGC's rating on CreditWatch with developing implications recognizes the fact that should the deal proceed, all outstanding AGC debenture obligations will likely...
Companies mentioned in this report are: Australian Guarantee Corp. Ltd.,Westpac Banking Corp.,GE Capital Australia Ltd.
Action: On CreditWatch:Developing
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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