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S&P still may up St.George Bank
Standard & Poor's said the A+ ratings on St.George Bank Ltd. remain on CreditWatch with positive implications, where they were placed on May 13, following Westpac Banking Corp.'s (AA/stable/A-1+) all-scrip merger bid for St.George.
The rating on St.George is likely to be equalized with that on Westpac if the merger succeeds, as it is expected to become a core subsidiary of the Westpac group, S&P noted.
If the merger proceeds as currently structured, St.George's creditors should benefit from an enhanced business and funding profile of the merged entity, the agency said.
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