(3 April 2006 – Australia) Ratings service Standard & Poor’s has assigned an ‘A+’ rating to St George’s proposed A$700 million five-year issue of transferable deposits (TDs).The senior unsecured TDs will include a fixed rate series and a floating rate series to be priced in the near future, and will mature on 8 April 2011.
“The proposed A$700 million issue by St George is in line with our expectation of the bank’s growth, and is consistent with the bank’s rating of ‘A+’,” S&P credit analyst, Financial Services, Judy Kwok-Cheung said.
S&P raised the bank’s counterparty credit rating to ‘A+/Stable/A-1’ from ‘A/Stable/A-1’ in January.