Fitch puts Suncorp-Metway on evolving watch

Fitch Ratings said it placed Suncorp-Metway Ltd.'s long-term issuer default rating of A+, short-term issuer default rating of F1, senior unsecured rating of A+/F1, subordinated rating of A and preferred shares of A- on rating watch evolving, following news that several parties have approached the group and expressed interest in acquiring its banking and wealth management operations.

The resolution of the rating watch is contingent upon further details being provided on the acquiring entity and merger plans, Fitch said.

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