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BULLETIN: Commonwealth Bank of Australia's Ratings Unaffected by Half-Year Results Feb 03
Standard & Poors, Feb 2003
Abstract
MELBOURNE (Standard & Poor's) Feb. 13, 2003--Standard & Poor's Ratings Services said today that Commonwealth Bank of Australia's (CBA; AA-/Stable/A-1+) counterparty credit ratings were unaffected following the announcement of its half-year profit. Core banking operations remain a stabilizing influence on the group's earnings, although the core earnings have been moderated by the write-down in carrying values of some assets, which largely reflects continued equity and financial market volatility globally. 'Although CBA has maintained strong market positions in key segments of the financial services sector, the bank is not immune from global influences. The bank's credit quality is underpinned by its very good asset quality and its soundly structured balance sheet,' said Craig Bennett, associate director, Financial Services Ratings. The level...
Companies mentioned in this report are: Commonwealth Bank of Australia
Action: S&P Event
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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