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Bulletin: NOHC Proposal Is Not Likely To Affect Suncorp-Metway Ltd.'s Group Ratings Oct 10
Standard & Poors, Oct 2010
Abstract
MELBOURNE (Standard & Poor's) Oct. 28, 2010--Standard & Poor's Ratings Services said today that Suncorp-Metway Ltd.'s (Suncorp's) announcement that it is planning a corporate restructure involving the creation of a non-operating holding company (NOHC) is not anticipated to affect the 'A+' ratings and stable outlooks on the Suncorp-Metway Ltd. group of companies. These entities include: Suncorp-Metway Ltd., Suncorp Metway Insurance Ltd., Suncorp Life and Superannuation Ltd., GIO General Ltd., Vero Insurance Ltd., Vero Insurance New Zealand Ltd., Vero Liability Insurance Ltd., and AA Insurance Ltd. The ratings are unlikely to change because the proposed restructure is not expected to significantly alter the group's activities, risk appetite, business and financial metrics (including capitalization) and policies and procedures. While the proposal simplifies...
Companies mentioned in this report are: Suncorp-Metway Ltd.,GIO General Ltd.,Suncorp Metway Insurance Ltd.,Suncorp Life and Superannuation Ltd.,AA Insurance Ltd.,Vero Insurance Ltd.,Vero Insurance New Zealand Ltd.,Vero Liability Insurance Ltd.
Action: Bulletin
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.
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