S&P: Suncorp-Metway on developing watch

Standard & Poor's said it placed its A+/A-1 ratings on Suncorp-Metway Ltd. and Suncorp's core operating companies on Creditwatch with developing implications.

The agency said that the Creditwatch placement, which also applies to Suncorp's insurance operations, reflects uncertainty about Suncorp's future corporate structure following the potential divestment of its banking and wealth management operations.

Creditwatch developing indicates that the ratings assigned could be upgraded, downgraded, or affirmed, depending on the outcome of the divestment negotiations, S&P noted.

According to the agency, Suncorp announced earlier that it had received several approaches by entities interested in acquiring its banking and wealth management operations.

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