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ASB Bank Ltd. Jan 05
Standard & Poors, Jan 2005
Abstract
Sound business franchise and profitability Solid capitalization 100% ownership by Commonwealth Bank of Australia Geographic concentration in Auckland Increasing reliance on wholesale funding The counterparty credit ratings on ASB Bank Ltd. (ASB; AA-/Stable/A-1+) are based on the bank's position as one of New Zealand's largest commercial banks and its sound financial profile, which is underpinned by the bank's solid capitalization, good asset quality, and adequate profitability. The bank's credit profile is enhanced by its 100% ownership by Commonwealth Bank of Australia (CBA; AA-/Stable/A-1+). Based on total assets of NZ$33.0 billion at June 30, 2004, ASB is New Zealand's fourth-largest bank, servicing the retail, rural, commercial, and corporate banking sectors. As a bank that operates nationally and offers a full range...
Companies mentioned in this report are: ASB Bank Ltd.,Commonwealth Bank of Australia,ASB Finance 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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