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Westpac Life-NZ-Ltd Oct 05

Description:

Abstract
Exclusive access to parent bank's customer base in New Zealand Good profitability, supported by good claims experience Very strong capitalization on a risk-based measure Implicit very strong parental support Modest competitive position The ratings on Westpac Life-NZ-Ltd. (Westpac Life; AA-/Stable/--) reflect its ultimate ownership by, and operational and strategic integration with, Westpac Banking Corp. (WBC; AA-/Stable/A-1+). Additionally, the ratings reflect that Westpac Life is financially well structured, has good earnings fundamentals, and has exclusive access to WBC's client base in New Zealand. These strengths are partially offset by Westpac Life's somewhat modest competitive position within the wider market and relatively modest cross sell to the bank's customer-base. Westpac Life plays a key role in WBC's wealth-management strategy, providing a range...

Companies mentioned in this report are:
- Westpac Life-NZ-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

Companies Mentioned

- Westpac Life-NZ-Ltd.
- Westpac Banking Corp.

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Westpac Life-NZ-Ltd Oct 05

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Westpac Life-NZ-Ltd Oct 05

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Report Formats

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Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

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Please fax this form to: (646) 607-1907 or (646) 964-6609 (from USA) +353-1-481-1716 or +353-1-653-1571 (from Rest of World)

Please fax this form to:
(646) 607-1907 or (646) 964-6609 (from USA)
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