S&P rates ANZ Banking notes BBB+

Standard & Poor's said it assigned its BBB+ long-term rating to the subordinated notes component of Australia and New Zealand Banking Group Ltd.'s (AA-/stable/A-1+) $25 billion medium-term note program.

At the same time, the agency withdrew its A- rating on the "old style" subordinated notes component of the medium-term note program.

The long-term AA- rating on ANZ Banking's senior unsecured notes and the long-term A- rating on the subordinated notes that have already been issued and are currently outstanding under the medium-term note program are unchanged.

S&P said the action reflects an update of program documentation by ANZ Banking that allows it in the future to issue subordinated notes that will incorporate a non-viability loss-absorbing feature. In accordance with the rating criteria, the agency will rate these notes two notches below ANZ Banking's stand-alone credit profile of a.

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