Summary: Westpac Banking Corp. Dec 11

Published: December 2011
Standard & Poors

FEATURED COMPANIES

Westpac Banking Corp.
Westpac Europe Ltd.
Westpac Life-NZ-Ltd.
Westpac New Zealand Ltd.
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Abstract
Our ratings on Westpac Banking Corp. (Westpac) reflect the anchor stand-alone credit profile (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. Our bank criteria use the BICRA economic risk and industry risk scores to determine a bank's anchor SACP, the starting point in assigning an ICR. The anchor SACP for a bank operating only in Australia is 'a-'. Westpac conducts almost 90% of its lending in its Australian home market. The BICRA score is informed by our evaluation of economic risk, where we view Australia as a wealthy, open, and resilient economy. We consider that build-up of private sector...

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: Various Rating Actions

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, READ MORE >

- 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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