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ASB Capital Preference Shares Rated 'A-' Oct 02
Standard & Poors, Oct 2002
Abstract
MELBOURNE (Standard & Poor's) Oct. 31, 2002-- Standard & Poor's Ratings Services said today it has assigned its single-'A'-minus rating to ASB Capital Ltd.'s NZ$150 million perpetual preference share issue. The rating on the security is supported by an issue of similar perpetual preference shares by ASB Bank Ltd. (double-'A'-minus/Stable/'A-1'-plus) and the granting of security over these shares, enforceable by an independent trustee. 'The security is rated three notches below that assigned to ASB Bank, reflecting its subordinated nature, interest deferral features, and effective limitations on payments of interest from past years' earnings,' said Kate Thomson, associate director, Financial Services Ratings. 'The rating on ASB Bank reflects its core role within the Commonwealth Bank of Australia's operations, sound financial profile,...
Companies mentioned in this report are: ASB Capital Ltd.,Commonwealth Bank of Australia,ASB Bank Ltd.
Action: New Rating
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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