Research Update: Commonwealth Bank of Australia Ratings Raised On Strong Market Position Feb 07
Standard & Poors, February 2007
Abstract
On Feb. 22, 2007, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Australia-based major bank, Commonwealth Bank of Australia (CBA) and core subsidiaries to 'AA' from 'AA-'. The short-term counterparty credit rating is affirmed at 'A-1+'. The ratings were removed from CreditWatch with positive implications, where they were placed on Nov. 8, 2006. The outlook is stable. The ratings on CBA are underpinned by the bank's extensive distribution networks, solid brand, and high level of diversification. CBA's very good asset quality, low loss record, strong earnings profile, and diversified funding base also support the ratings, as does its progress regarding Basel II accreditation. The bank's capital adequacy is sound for its risk profile although weaker than...
Companies mentioned in this report are:
- Commonwealth Bank of Australia
- ASB Bank Ltd.
- 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)
Action: Affirmed
Action: Removed From CreditWatch
Action: Upgraded
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.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
- Commonwealth Bank of Australia
- ASB Bank Ltd.
- 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)
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