(8 December 2011 – Australia) More Australian banks have had their credit ratings altered by agency Standard & Poor’s (S&P) as it changes its criteria for assessing banks.Bank of Queensland (BoQ) had its issuer credit rating downgraded from BBB+ to BBB, while Bendigo and Adelaide Bank had its issuer credit rating upgraded from BB+ to A-.
BoQ chief executive Stuart Grimshaw said S&P’s outlook for the bank was stable.
‘While obviously we are disappointed that S&P has lowered their long-term issuer credit rating on BoQ, as at 31 August 2011 our reliance on offshore wholesale funding was actually just 1.5 percent of the bank’s total funding,’ he said in a statement.
‘We believe BoQ remains a well capitalised Australian bank with a strong funding and liquidity position.’
Bendigo and Adelaide Bank managing director Mike Hirst welcomed S&P’s ratings upgrade.
‘Maintaining our hard won position will require continued focus,’ he said.
S&P kept its ratings for AMP Bank, Members Equity Bank and Suncorp-Metway steady.
Earlier this week the big four banks all had their issuer credit ratings downgraded by one notch from AA to AA minus by S&P.