(5th October 2010 – Australia) Standard & Poor’s has upgraded SunCorp Bank’s long-term credit rating from A to A+, saying that the bank is a ‘core member’ of the SunCorp Metway Ltd group.The global ratings agency had previously viewed Suncorp Bank as ‘strategically important’ to the group, which includes an insurance and superannuation business.
The bank has said that in the long term the review would deepen its access to a wide range of diversified wholesale funding markets at more competitive rates.
David Foster, SunCorp Bank’s chief executive said that the upgrade further consolidated the bank’s position as the leader of the regional banking sector and a genuine alternative to the major banks.
Standard and Poor’s upgrade reflects the tough decisions the bank made to reshape the in the wake of the global financial crisis, Mr Foster said.
Mr Foster also highlighted that the upgrade would improve Suncorp’s access to global and domestic funding markets and reduces its wholesale funding cost differential relative to the major banks.