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ASB Bank Ltd. Aug 09
Standard & Poors, Aug 2009
Abstract
Ownership by Commonwealth Bank of Australia Good local franchise and brand image in a highly competitive New Zealand banking market Asset quality supported by a high proportion of typically low-risk residential mortgages Significant reliance on wholesale funding The stand-alone credit profile could weaken if credit losses significantly exceed our base case expectations or ASB faces difficulties in accessing wholesale funding. As the bank's strategy to develop its profile and geographic reach outside its traditional Auckland base is largely complete, a new longer-term strategy for the bank is currently being developed. ASB's dividend policy is considered conservative, and Standard & Poor's expects that shareholders will allow the bank to continue to accumulate capital commensurate with the bank's growth and risk profile...
Companies mentioned in this report are: ASB Bank Ltd.,Commonwealth Bank of Australia,Bank of Western Australia Ltd.,CBFC Ltd.,ASB 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),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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