S&P corrects Westpac bond rating

S&P said it corrected its rating on Westpac Banking Corp.'s A$1.9 billion floating-rate medium-term notes to AA- from A-1+.

On Wednesday, the agency incorrectly assigned a short-term rating to these notes.

“The corrected rating reflects our understanding that the relevant market considers these notes as long-term debt and is in line with our long-term issuer credit rating on Westpac,” S&P said in a press release.

The outlook is stable.

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