Moody’s eyes ASB Bank for upgrade

Moody’s Ratings said it placed ASB Bank Ltd.’s ratings, including its A1 long-term issuer rating, A1 senior unsecured rating, (P)A1 senior unsecured medium-term note program ratings, A3(hyb) subordinated debt rating and (P)A3 subordinated medium-term note program ratings, under review for upgrade. The outlook was stable.

The review was triggered by the announcement that the bank’s immediate parent Commonwealth Bank of Australia is being considered for an upgrade, the agency said.

“Moody's currently incorporates one notch of affiliate support uplift in the A1 long-term ratings of ASB, given Moody's assessment of a very high likelihood of support from CBA, in times of need. Moody's expects to conclude ASB's review following the conclusion of the agency's review of the parent,” the agency said in a press release.

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