DBRS confirms Westpac

DBRS said it confirmed the long- and short-term ratings of Westpac Banking Corp. at AA, AA (low) and R-1 (high).

The trend is stable.

Ratings are supported by the bank's solid domestic banking franchise, good business line diversification and resilient asset quality, the agency said.

Despite deterioration in asset quality through the global economic crisis and subsequent weakening in the domestic economy, Westpac managed through the cycle well, the agency said.

A key longstanding challenge is a dependence on offshore wholesale funding markets, although Westpac has reduced the risks related to this issue by extending the duration of its offshore wholesale funding portfolio and increasing its liquidity portfolio, the agency noted.

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