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BankWest Ratings Raised To 'AA/A-1+' Following Treasurer's Approval Of Acquisition By CBA Dec 08
Standard & Poors, Dec 2008
Abstract
MELBOURNE (Standard & Poor's) Dec. 19, 2008-Standard & Poor's Ratings Services said today that it had raised the ratings on the Bank of Western Australia Ltd. (BankWest) to 'AA/A-1+' from 'A+/A-1', following the Federal Treasurer's approval yesterday of its acquisition by Commonwealth Bank of Australia (CBA; AA/Stable/A-1+). The outlook on BankWest is stable. At the same time, the ratings were removed from CreditWatch with positive implications, where they were initially placed on Oct. 8, 2008, after the announcement of the acquisition. The ratings on BankWest have been equalized with those on CBA, reflecting Standard & Poor's opinion that BankWest will be a core subsidiary of CBA once the acquisition is settled, which is expected to be today. Standard & Poor's...
Companies mentioned in this report are: Bank of Western Australia Ltd.,Commonwealth Bank of Australia
Action: Outlook: Stable
Action: Upgraded
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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