Westpac New Zealand assigned 'AA-' long-term ratings with stable outlook - Fitch |
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Published
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Fri, 26 Oct 2007 07:32
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BANGALORE (Thomson Financial) - Fitch Ratings said it has assigned Westpac New Zealand Ltd (WNZL), the New Zealand banking subsidiary of Australia's Westpac Banking Corp (WBC), long-term foreign currency issuer default rating (IDR) of 'AA-' with a stable outlook.The ratings agency also assigned a short-term foreign currency IDR of 'F1+', long-term local currency IDR of 'AA-', short-term local currency IDR of 'F1+', individual rating of 'B', and support rating at '1' with stable outlooks on the ratings.Fitch said it has also affirmed the existing ratings of the three other major banks in New Zealand - ANZ National Bank Ltd (ANZNB), ASB Bank Ltd (ASB) and Bank of New Zealand (BNZ). The ratings of these banks are as follows:The ratings agency affirmed the long-term foreign currency IDR of ANZNB at 'AA-' and the short-term foreign currency IDR at 'F1+' with a stable outlook.Fitch affirmed the long-term foreign currency IDR of ASB at 'AA' and the short-term foreign currency IDR at 'F1+' with a stable outlook.The long-term foreign currency IDR of BNZ was affirmed at 'AA' and the short-term foreign currency IDR at 'F1+' with a stable outlook.Fitch said ANZNB, ASB, BNZ and WNZL are the four major banks in New Zealand and control around 85 pct of the New Zealand banking system assets.The ratings agency said the individual ratings of the banks reflect the strong market position of each bank, their adequate capitalisation and strong asset quality ratios.TFN.newsdesk@thomson.comjjo/manCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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