(12 March 2010 – Australia) Bendigo and Adelaide Bank announced yesterday that it has received an upgrade on its credit rating outlook from Fitch Ratings services, the first of any Australian bank since the onset of the GFC.The upgrade takes Bendigo and Adelaide Bank’s corporate rating from BBB+ with a stable outlook, to BBB+ with a positive outlook.
The outlook change is the first Fitch Ratings outlook upgrade for any Australian bank since the onset of the Global Financial Crisis (GFC).
Bendigo and Adelaide Bank group managing director Mike Hirst said the outlook upgrade was recognition of the low-risk nature of the business, and of the resilience and hard work of staff through the GFC.
Bendigo and Adelaide Bank prides itself on providing a genuine banking alternative and does so with industry-leading customer satisfaction levels, Mr Hirst said.
This rating outlook upgrade is testament to the bank’s low-risk business, the tremendous support of its customers and shareholders over the past two-years, and of the successful integration of the Bendigo Bank and Adelaide Bank businesses since their merger in late 2007, Mr Hirst added.