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AUSTRALIA'S WESTPAC RATED AS STABLE AFTER BT NEWS BY FITCH.
AsiaPulse News, August, 2002
SYDNEY, Aug 27 Asia Pulse - Ratings for Westpac Banking Corp Ltd (ASX:WPT) are stable, according to international ratings agency Fitch Ratings, particularly after news it would buy most of the BT Financial Group for A$900 million (US$489.24 million).
Fitch's ratings for Westpac are AA- long term, F1 short term, individual B and support 2.
"The affirmation reflects Westpac's financial robustness, which enables it to fund the BT acquisition from internal capital resources," Fitch said in a statement.
"Integration risk also exists but Fitch believes Westpac will be able to manage it appropriately."
The agency added that Westpac would retain adequate capital ratios after internally funding the BT acquisition.
However, its tier one...
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