Fitch: Suncorp-Metway unchanged

Fitch Ratings said the ratings of Suncorp-Metway Ltd., Suncorp Metway Insurance Ltd. and Vero Insurance Ltd. are unlikely to be impacted by the proposed group restructure announced by Suncorp-Metway.

Suncorp-Metway has a long-term issuer default rating of A+, short-term issuer default rating of F1, Australian government guaranteed debt rating of AAA, non-Australian government guaranteed debt of AA+, senior unsecured debt rating of A+, short-term debt rating of F1 and subordinated debt rating of A. The outlook is negative.

The insurance subsidiaries have insurer financial strength ratings of A+ with a stable outlook.

Under the restructure, a non-operating holding company would replace Suncorp-Metway as the listed parent of the Suncorp group, under which would sit three operating groups - banking, general insurance and wealth management, Fitch said.

The proposed structure appears to be neutral to mildly positive from a credit perspective, the agency said.

It increases transparency within the group while better aligning the legal entities with Suncorp's current management framework, Fitch said.

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