S&P rewards improved operations at St George
(31 January 2006 – Australia) Ratings agency Standard & Poor’s has upgraded St George’s long term counterparty credit rating to ‘A+’ from ‘A’; and has affirmed the bank’s ‘A-1’ short-term counterparty credit rating.
S&P said it had upgraded St George’s rating because of improvements in the bank’s operations over recent years.
"The rating upgrade reflects the improvements in quality and diversity of its earnings profile, continued very strong asset quality, and solid and improving market position," S&P Financial Services credit analyst Judy Kwok-Cheung said.
S&P said the bank’s business profile had benefited from a progressive broadening of its product base, geographic coverage, and sound management team.
"The higher rating fully reflects the bank’s improved business and geographic diversity, and maintenance of its strong financial profile, although there is some tolerance of asset quality deterioration if the credit cycle retracts," Kwok-Cheung said.
St George is Australia’s fifth largest bank with A$77.6 billion total assets and outstanding securitised assets of A$13.2 billion.
"The rating upgrade reflects the improvements in quality and diversity of its earnings profile, continued very strong asset quality, and solid and improving market position," S&P Financial Services credit analyst Judy Kwok-Cheung said.
S&P said the bank’s business profile had benefited from a progressive broadening of its product base, geographic coverage, and sound management team.
"The higher rating fully reflects the bank’s improved business and geographic diversity, and maintenance of its strong financial profile, although there is some tolerance of asset quality deterioration if the credit cycle retracts," Kwok-Cheung said.
St George is Australia’s fifth largest bank with A$77.6 billion total assets and outstanding securitised assets of A$13.2 billion.
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