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AUSTRALIA: MOODY'S AFFIRMS ADELAIDE BANK'S RATINGS ON BENDIGO BANK MERGER.
IPR Strategic Business Information Database, December, 2007
Moody's has affirmed the A2 / Prime-1 deposit and debt ratings of Adelaide Bank, in addition to its bank financial strength rating of C, following the completion of its merger with Bendigo Bank (not rated) after the Adelaide Bank schemes were implemented last Friday. All the ratings continue to have a Stable outlook.
"The affirmation of Adelaide Bank's ratings follows Moody's previous ratings affirmation in August 2007 when the two banks proposed the merger", said Marina Ip, an Analyst with Moody's Sydney office. The rating outlook for Adelaide Bank has remained stable throughout the wholesale funding market disruptions that started end July 2007. However, the BFSR is now at the bottom of its range as a result of gradually building funding pressures and the...
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