S&P rates Westpac notes BBB-

S&P said it assigned its BBB- long-term issue rating to Westpac Banking Corp.'s capital notes 10.

The rating starts with Westpac’s stand-alone credit profile of a. The agency said it then deducts a notch for the notes’ subordinated status, two notches for the risk of untimely or partial payment and another for a nonviability contingent capital feature that would require Westpac to convert all or a part of the notes into ordinary shares or write them off if a nonviability trigger event happened.

The outlook is stable.

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