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S&P stabilizes Westpac New Zealand view
S&P said it revised Westpac New Zealand Ltd.’s outlook to stable from negative and affirmed its AA- rating.
Westpac Banking Corp. decided to keep full ownership of its New Zealand banking subsidiary, Westpac New Zealand Ltd.
“This decision reinforces our view that WNZL will remain a core part of the Westpac group, and highly likely to receive extraordinary financial support from the group in all foreseeable circumstances,” S&P said in a press release.
The agency said it equalizes the subsidiary’s ratings with that of its parent because it believes WNZL will get extraordinary support from Westpac Banking if needed.
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