(6 April 2010 – Australia) Fitch Ratings has upgraded Westpac Banking Corporation’s Long-term Foreign Currency Issuer Default Rating (IDR) to ‘AA’ from ‘AA-‘ and its Individual rating to ‘A/B’ from ‘B’.Fitch Ratings also upgraded the Long-term Foreign Currency and Local Currency IDR’s of Westpac New Zealand Limited to ‘AA’ from ‘AA-‘. The ratings outlook is stable.
In upgrading the ratings, Fitch cited Westpac’s strong performance through the global financial crisis, an improvement in the operating environment and its successful integration with St George Bank Limited.