S&P views Suncorp-Metway positively

S&P said it changed its outlook for Suncorp-Metway Ltd. to positive from negative and affirmed its A+ rating.

On Monday, Australia and New Zealand Banking Group Ltd. agreed to acquire Suncorp-Metway for A$4.9 billion.

“We revised our outlook on SML to positive to reflect our view that the bank is expected to become a core operating entity of the higher-rated ANZ (AA-/stable/A-1+) if ANZ's planned acquisition of 100% of SML is completed as proposed. Furthermore, we expect ANZ to fully integrate SML into its banking operations in the next two to three years, when ANZ transfers its operations to its new retail banking platform,” S&P said in a press release.

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