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S&P rates Westpac notes BBB
Standard & Poor's said it assigned a BBB rating to the proposed capital notes 2 (CN2) to be issued by Westpac Banking Corp.
The offer is intended to raise about A$750 billion for additional tier 1 capital-management purposes.
The notes are rated three notches below the bank's stand-alone credit profile of A, the agency said.
The rating reflects the securities' risk of subordination, risk of partial or untimely payment and a contingency clause requiring mandatory conversion into common equity on the activation of a non-viability trigger, S&P said.
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