Suncorp-Metway Ltd. Dec 02
- ID: 1953207
- December 2002
- Standard & Poors
The counterparty credit ratings on Suncorp-Metway Ltd. (SML) reflect its diversified business profile and solid market position, sound group capitalization, and good profitability. Moderating features are an increasingly competitive domestic environment and more challenging economic outlook, which will make it difficult for SML to improve its credit standing in the medium term. SML's funding profile (with a relatively high reliance on wholesale funding), the bank's geographic concentration in Queensland, and the group's relatively efficient approach to capitalization, particularly backing banking operations, also constrain the rating. The banking operations display acceptable asset quality, but have a greater proportion of higher risk commercial construction lending than its domestic peer group. Supported by its sound insurance and banking franchises, SML has a more...
Companies mentioned in this report are:
- Suncorp-Metway Ltd.
- GIO General Ltd.
- Suncorp Metway Insurance Ltd.
- Suncorp Life and Superannuation Ltd.
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Research Type: Full Analysis