DBRS confirms Westpac

DBRS said it confirmed Westpac Banking Corp.'s deposits and senior debt at AA, subordinated debt at AA (low), commercial paper at R-1 (high) and Australian government-guaranteed long-term debt at AAA.

All trends are stable.

The agency said the ratings and trends of the non-guaranteed debt of Westpac are supported by its solid domestic banking franchise, good business line diversification and better-than-peer asset quality.

Westpac's asset quality deteriorated during 2008 and 2009 but has begun to show some signs of stabilization thus far in 2010, DBRS said.

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