Moody's affirms Westpac at Aa1

Moody's Investors Service said it affirmed the Aa1/Prime-1 ratings of Westpac Banking Corp. following an unfavorable tax ruling in New Zealand.

The outlook remains negative in line with the broader Australian and New Zealand banking sectors, due to the ongoing asset quality and earnings pressures arising from the weakened operating environment.

"The tax ruling has no impact on Westpac's ratings because the bank has sufficient capital and earnings strength to absorb the full cost," said Patrick Winsbury, a senior vice president at Moody's Sydney office, in a news release.

© 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.