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ASB Bank Ltd. Sep 10
Standard & Poors, Sep 2010
Abstract
Ownership by Commonwealth Bank of Australia Strong local franchise and brand image Asset quality supported by a high proportion of typically low-risk residential mortgages Low-risk traditional retail and commercial banking model Significant dependence on wholesale offshore funding, which could disrupt funding access Modest earnings relative to the rating The counterparty credit ratings on ASB Bank Ltd. (ASB; AA/Stable/A-l+) reflect the bank's ownership by, and high level of integration with, its ultimate parent, Commonwealth Bank of Australia (CBA; AA/Stable/A-1+). The ratings on ASB are equalized with those on its parent because the bank is considered a 'core' subsidiary of CBA, under Standard & Poor's Ratings Services' criteria for rating group entities. We consider ASB's stand-alone credit profile to be strong, reflected...
Companies mentioned in this report are: ASB Bank Ltd.,Commonwealth Bank of Australia,Bank of New Zealand,Bank of Western Australia Ltd.,CBFC Ltd.,ANZ National Bank Ltd.,ASB Finance Ltd.,Colonial Finance Ltd.,The Colonial Mutual Life Assurance Society Ltd.,Colonial Holding Co. Ltd.,The Colonial Mutual Life Assurance Society Ltd. (NZ Branch),CBA Funding NZ Ltd.,ASB Capital Ltd.,ASB Capital No.2 Ltd.,CBA Capital Australia Ltd.,Preferred Capital Ltd.,ASB Finance Ltd. (London Branch),Westpac New Zealand Ltd.,CommBank Europe Ltd.
Action: Review
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: Full Analysis
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