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Suncorp?s Proposed Convertible Preference Shares Issue Rated 'A-' May 08
Standard & Poors, May 2008
MELBOURNE (Standard & Poor's) May 7, 2008--Standard & Poor's Ratings Services today said it had assigned its 'A-' rating on the proposed A$325 million convertible preference shares (CPS; with the ability to accept oversubscriptions for up to A$75 million) issued by Suncorp-Metway Ltd. (Suncorp; A+/Positive/A-1). The issue rating is two notches below the issuer credit rating on Suncorp, reflecting the debt issue's equity-like features of no fixed maturity date, and payment deferral, as well as its subordination to other obligations. Standard & Poor's regards these securities as a "Category 2 - Strong" hybrid instruments that have intermediate equity content. The Suncorp rating and outlook continue to reflect the bank's core status within the Suncorp Metway group of companies. Suncorp's integration...
Companies mentioned in this report are: Suncorp-Metway Ltd.,Suncorp Metway Insurance Ltd.
Action: New Rating
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.
Suncorp-Metway Ltd.,Suncorp Metway Insurance Ltd.