Research Update: Australia-Based Westpac Banking Corp. And Subsidiaries' Ratings Lowered On Bank Criteria Change Dec 11
- ID: 2086272
- December 2011
- Standard & Poors
Following a review under Standard & Poor's revised bank criteria (published Nov. 9, 2011), we have lowered our long-term issuer credit rating on Westpac Banking Corp. (Westpac) to 'AA-' from 'AA'. Our 'A-1+' short-term rating on the bank is affirmed. The outlook is stable. Our ratings on subsidiaries of Westpac have also been lowered following our review (see Ratings List). Our ratings on Westpac reflect the anchor SACP for a bank operating mainly in Australia; plus the bank's strong business position; its adequate capital and earnings, risk position, and liquidity; average funding; and potential government support. The stable outlook reflects our expectation that: the bank's risk-adjusted capital ratios will remain adequate by our standards, the risk position will not deteriorate...
Companies mentioned in this report are:
- Westpac Banking Corp.
- Westpac Life-NZ-Ltd.
- Westpac Life Insurance Services Ltd.
- Westpac Lenders Mortgage Insurance Ltd.
- Westpac Europe Ltd.
- Westpac New Zealand Ltd.
- Westpac Securities NZ Ltd.
Action: Outlook: Stable
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Product Type: Research Update
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