S&P affirms, withdraws IMB

S&P said it affirmed its BBB long-term and A-2 short-term issuer credit ratings on IMB Ltd. and withdrew the ratings at the issuer's request.

At the time of the withdrawal, the outlook was negative.

The agency said the affirmation reflects a view of IMB's very strong capitalization, stable earnings and low credit-loss experience.

Offsetting these factors are the bank's high concentration in residential mortgages in the southern part of the Australian state of New South Wales, and small market share.

S&P also said it believes the bank's market position puts it at a competitive disadvantage to Australia's major banks in sourcing funding under a stress scenario.

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