Moody's affirms Westpac

Moody's Investors Service said it affirmed with a stable outlook the Aa1/prime-1 deposit and debt ratings and B bank financial strength rating of Westpac Banking Corp. following news that it may merge with St.George Bank Ltd., which is rated Aa2/prime-1/B. St. George Bank is on watch with direction uncertain.

The affirmation reflects the minimal impact that the proposed transaction will have on the bank's financial metrics, as well as the enhancement to its franchise, Moody's said.

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