(Australia) – Rating agency, Standard & Poor’s, has placed its ‘A’ long-term counterparty credit and senior unsecured debt ratings on Bank of Western Australia Ltd. (BankWest) on CreditWatch with positive implications.Caused by UK-based HBOA, BankWest’s 57 percent shareholding parent, looking to acquire, by scheme of arrangement, all outstanding shares held by minority shareholders. S&P has also affirmed its ‘A-1’ short-term ratings on BankWest and its long and short term ratings on HBOS and related entities, including the ‘AA-/A-1+’ counterparty credit ratings on HBOS. The outlook on HBOS remains negative.
HBOS’ estimated consideration of £417 million is seen as manageable in the context of the group’s resources.