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ASB Bank, ASB Finance Ratings Raised, Off CreditWatch; Commonwealth Bank Ratings Affirmed Oct 00
Standard & Poors, Oct 2000
Abstract
MELBOURNE (Standard & Poor's CreditWire) Oct. 4, 2000--Standard & Poor's today raised its counterparty credit ratings on ASB Bank Ltd. (ASB) and on its subsidiary ASB Finance Ltd. (ASB Finance) to double-'A'-minus/'A-1'-plus and removed them from CreditWatch with positive implications, where they were placed on Aug. 22, 2000. The outlook on both companies is stable. At the same time, Standard & Poor's affirmed its double-'A'-minus/Stable/'A-1'-plus counterparty credit ratings on Commonwealth Bank of Australia (CBA). The upgrade of ASB and ASB Finance follows CBA's move to 100% ownership of ASB Group Ltd. (ASB's parent) by acquiring ASB Bank Community Trust's 25% minority interest shareholding. Settlement for the transaction, which entailed a cash outlay of NZ$560 million, occurred on Oct. 3, 2000,...
Companies mentioned in this report are: ASB Bank Ltd.,Commonwealth Bank of Australia,ASB Finance Ltd.
Action: Various Rating Actions
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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