S&P lifts Suncorp-Metway stand-alone to A-

Standard & Poor’s said it affirmed the A+ and A-1 issuer credit rating on Suncorp-Metway Ltd.

The agency also said it affirmed the related issue ratings on the bank’s debt.

Because the company’s business position has improved, S&P also said it raised the bank’s stand-alone credit profile to A- from BBB+.

The outlook remains stable.

The ratings are based on a view that Suncorp-Metway remains a core member of the wider Suncorp Group Ltd., S&P said.

This core status results in the issuer credit rating on the bank being tied to that of the group, the agency said.

The ratings also reflect Suncorp-Metway’s improved business position, strong capitalization and earnings capacity, S&P said, and enhanced asset quality.

The bank is starting to deliver sustainable growth, having moved beyond significant issues that emerged from the financial crisis, the agency added.

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