Business Services Industry
S&P AFFIRMS CREDIT RATING FOR AUSTRALIA'S WESTPAC BANK.
AsiaPulse News, August, 2002
SYDNEY, Aug 27 Asia Pulse - Standard & Poors has affirmed the credit ratings on Westpac Banking Corp Ltd (ASX:WBC) amid news it had bought most of BT Financial Group for $A900 million ($US489.24 million).
The international ratings agency affirmed Westpac's ratings at AA-minus/A1-plus and said the outlook for the bank's rating remains stable.
"This acquisition provides Westpac with a robust platform to improve its wealth-management offerings, especially in the area of wrap platforms, and increase levels of funds under management in a market segment where critical mass is important," S&P said Monday.
"The performance of BT's retail funds under management business has been disappointing in recent times.
"However, Standard & Poors expects...
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