Summary: TSB Bank Ltd. Dec 11

Standard & Poors, December 2011

Abstract
Our ratings on TSB reflect the anchor stand-alone credit profile (SACP) for a bank operating only in New Zealand; plus TSB's "moderate" business position, "very strong" capital and earnings, "moderate" risk position, "average" funding, and "strong" liquidity. Our bank criteria use the BICRA economic risk and industry risk scores to determine a bank's anchor SACP, the starting point in assigning an ICR. The anchor SACP for a bank operating only in New Zealand is 'bbb+'. The BICRA score factors in our evaluation of economic risk, where we view that: New Zealand is an open, flexible, and well-developed economy; risk of economic imbalances have eased following some deleveraging in the private sector and an orderly wind down of real estate prices...

Companies mentioned in this report are: TSB Bank Ltd.
Action: Affirmed

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

TSB Bank Ltd.

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