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S&P gives Westpac Banking notes BBB-
S&P said it gave Westpac Banking Corp.’ planned Westpac capital notes 9 BBB-.
“We rate WCN9 four notches below the group's stand-alone credit profile (SACP) of a. The starting point of the group SACP reflects our view that the Australian government's support for Westpac Banking (WBC; AA-/stable/A-1+) and other Australian banks–if needed–would be unlikely to extend to hybrid capital instruments issued by the banks,” the agency said in a press release.
S&P said it drops a notch for subordination, two for risk of partial or untimely payment and another for a nonviability contingent capital feature that would require WBC to convert all or a proportion of the notes into ordinary shares or write them off if a nonviability trigger event occurred.
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