Summary: Australian Postal Corp. Mar 11

Standard & Poors, March 2011

Abstract
The ratings on Australian Postal Corp., Australia's state-owned postal carrier, are based on our view of the group's stand-alone credit profile (SACP), which Standard & Poor's assesses at 'aa-', as well as on our opinion that there is a "very high" likelihood that the Australian government (Commonwealth of Australia, AAA/Stable/A-1+) would provide timely and sufficient extraordinary support to Australia Post in an event of financial distress. In accordance with our criteria for government-related entities (GREs), our view of a "very high" likelihood of extraordinary support is based on our assessment of Australia Post's: "Very Important" role in the national economy, due to the group's social importance as Australia's public postal operator, providing collection, processing, distribution of letters and associated services,...

Companies mentioned in this report are: Australian Postal Corp.
Action: Review

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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.

Australian Postal Corp.

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