ASB Bank Ltd. Apr 08

Standard & Poors, April 2008

Abstract
100% ownership by Commonwealth Bank of Australia Solid business franchise and sound market position Very strong asset quality and credit risk management Strong capital adequacy Relatively high geographic concentration High reliance on wholesale funding Exposure to market segments that are highly competitive The counterparty credit ratings on ASB Bank Ltd. (ASB; AA/Stable/A-1+) reflect the bank's ownership by, and high level of integration with its ultimate parent Commonwealth Bank of Australia (CBA; AA/Stable/A-1+). The rating on ASB is equalized with that on its parent because ASB is considered a core subsidiary to the CBA group, under Standard & Poor's Rating Services' criteria for rating group entities. On a stand-alone basis, ASB has a strong credit profile based on a solid business...

Companies mentioned in this report are:
- ASB Bank Ltd.
- Commonwealth Bank of Australia
- CBFC Ltd.
- ASB Finance Ltd.
- Colonial 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

- ASB Bank Ltd.
- Commonwealth Bank of Australia
- CBFC Ltd.
- ASB Finance Ltd.
- Colonial 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.

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