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Australian Guarantee Corp. Ltd. Aug 01
Standard & Poors, Aug 2001
Abstract
The counterparty credit ratings on Australian Guarantee Corp. Ltd. (AGC) are based on the full ownership by, strong support from, and high level of integration with Westpac Banking Corp. (Westpac, AA-/Stable/A-1+). Although the Australian Prudential Regulation Authority (APRA) precludes the extension of a guarantee by an Australian bank on the obligations of a subsidiary company, Westpac provides a high degree of explicit and implicit support to AGC. This support includes Westpac's close management control of AGC and its provision of a range of services to the company, including banking facilities, standby credit arrangements, and customer servicing through its branch network. With assets of A$9.6 billion at Sept. 30, 2000, AGC is Australia's second-largest finance company (see table 1). As a...
Companies mentioned in this report are: Australian Guarantee Corp. Ltd.,Westpac Banking Corp.
Action: Review
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: Full Analysis
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