Research Update: Australia-Based Westpac Banking Corp. And Subsidiaries' Ratings Lowered On Bank Criteria Change Dec 11

Standard & Poors, December 2011

Abstract
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: Downgraded
Action: Outlook: Stable

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.

- 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.

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