Fitch rates Westpac notes A+

Fitch Ratings said it assigned a rating of A+ to Westpac Banking Corp.'s Basel-III compliant tier 2 instrument.

The direct, unsecured and subordinated obligations will be issued under Westpac's unlimited domestic debt issuance program and sized at A$1 billion.

The notes can be called after five years subject to regulatory approval by the Australian Prudential Regulatory Authority. The notes are due March 14, 2024.

The notes include a non-viability clause and will qualify as regulatory tier 2 capital for the bank, Fitch said.

Westpac's tier 2 instrument is classified as subordinated debt and is rated one notch below the bank's viability rating of AA-, reflecting its below-average recovery prospects compared to senior unsecured instruments, the agency said.

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