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 CN2 offer is intended to raise about A$750 million for additional tier 1 capital-management purposes, S&P said.

The notes are rated three notches below the company's stand-alone credit profile of A, the agency said.

The rating on the notes reflect its risk of subordination, 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.

© 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.