Fitch affirms Suncorp-Metway

Fitch Ratings said it affirmed Suncorp-Metway Ltd.'s long-term issuer default rating at A+, short-term issuer default rating at F1, foreign-currency government guaranteed senior unsecured debt at AA+, local-currency government guaranteed senior unsecured debt at AAA, unguaranteed senior unsecured debt at A+/F1 and subordinated debt at A.

The ratings are underpinned by sound consolidated operating profitability as well as the group's strong capital position, Fitch said.

The ratings also consider the company's poor loan asset quality and low provisioning levels when compared with Australian peers, the agency said.

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