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Bank of Western Australia Placed On Watch Positive Following CBA Acquisition Announcement Oct 08
Standard & Poors, Oct 2008
Abstract
MELBOURNE (Standard & Poor's) Oct. 8, 2008-Standard & Poor's Ratings Services today said that its 'A+/A-1' ratings on Bank of Western Australia Ltd. (BankWest) have been placed on CreditWatch with positive implications. This follows today's announcement that Commonwealth Bank of Australia (CBA; AA/Stable/A-1+) is acquiring BankWest and St. Andrew's Australia Pty Ltd. from the HBOS PLC group (A+/Watch Dev/A-1) for A$2.1 billion. The CreditWatch is likely to be resolved when the acquisition plans are finalized and details in relation to the integration plans are available, which is expected by January 2009. The ratings on BankWest are likely to be raised by one or two notches if the acquisition proceeds as currently structured, because BankWest is likely to be categorized as...
Companies mentioned in this report are: Bank of Western Australia Ltd.,Commonwealth Bank of Australia,BOS International (Australia) Ltd.,HBOS PLC
Action: On CreditWatch:Positive
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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