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Mortgage Risk Management Pty Ltd. Feb 13 Product Image

Mortgage Risk Management Pty Ltd. Feb 13

  • ID: 2419496
  • February 2013
  • Standard & Poors

Implicit support from stronger-rated parent, Wide Bay Australia Ltd. Good risk-based capitalization Good liquidity Marginal competitive position as a company in wind-down Concentrated underlying book of business Somewhat aggressive investment allocations compared to peers The 'BBB-' financial strength and issuer credit ratings on Mortgage Risk Management Pty Ltd. (MRM) reflects the company's 'bb+' stand-alone credit profile (SACP) and one notch of ratings benefit from being a moderately strategically important (MSI) subsidiary of Queensland-based building society Wide Bay Australia Ltd. (WBA; BBB/Stable/A-2). In our opinion, MRM has a 'bb+' SACP because of its good risk-based capitalization and good liquidity. These strengths are moderated by the company's marginal competitive position as a company in wind-down, plus its concentrated underlying book of business...

Companies mentioned in this report are:
- Mortgage Risk Management Pty Ltd.

Action: Review

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: Full Analysis

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