Moody's rates Westpac securities Aa3

Moody's Investors Service said it assigned an Aa3 rating to Westpac Banking Corp.'s issuance of stapled securities.

The outlook is stable.

The securities, known as Westpac stapled preferred securities, are expected to be converted into ordinary shares in 2013 subject to certain conversion conditions. Westpac (B/Aa1/P-1) aims to raise about A$600million through the issue, although it retains the ability to raise more or less, the agency said.

The Aa3 rating reflects both the structure of the issue and Westpac's sound financial fundamentals, Moody's said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.