FixedIncome -Fitch Transfers St. George Ratings to Westpac
Added: (Wed Mar 10 2010)
Pressbox (Press Release) -
Fitch has withdrawn the ratings of St.George Bank, following the
transfer of all its assets and liabilities to its parent Westpac. At the
same time, Fitch has affirmed the ratings of St.George's senior and
subordinated debt instruments upon their transfer to Westpac,
including its outstanding debt.
Westpac acquired St.George on 1 December 2008. All assets and
liabilities of St.George were transferred to Westpac on 1 March 2010.
Now the group operates with one banking license. The ratings of
Westpac and its subsidiaries, Westpac New Zealand Limited and
St.George Insurance Australia Pty Limited are unaffected by this action.
For more details visit our website :
http://www.fixedincome.com.au/