Research Update: St.George Bank Stays On CreditWatch Positive After Revised Merger Proposal With Westpac Sep 08
- ID: 1924949
- September 2008
- Standard & Poors
On Sept. 8, 2008, Standard & Poor's Ratings Services said today that its 'A+' ratings on St.George Bank Ltd. and the bank's fully owned lenders' mortgage insurer, St.George Insurance Australia Pty Ltd. (SGIA), remain on CreditWatch with positive implications after St.George and Westpac Banking Corp. (AA/Stable/A-1+) announced a revised merger proposal earlier today. The ratings were initially placed on CreditWatch positive on May 13, 2008, following Westpac's all-scrip merger bid for St.George. The proposed merger revisions do not affect our previous expectation that the ratings on St.George are likely to be equalized with the ratings on Westpac if the merger succeeds, as we expect St.George to become a core subsidiary of the Westpac group. We expect that the operations of...
Companies mentioned in this report are:
- St.George Bank Ltd.
- Westpac Banking Corp.
- St.George Insurance Australia Pty Ltd.
Action: CreditWatch Update
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases. SHOW LESS READ MORE >