Fitch boosts Westpac Banking

Fitch Ratings said it upgraded Westpac Banking Corp.'s long-term foreign-currency issuer default rating to AA from AA-, along with the long-term foreign-currency and local-currency issuer default rating of Westpac's wholly-owned subsidiary, Westpac New Zealand Ltd. to AA from AA-. All other ratings were affirmed.

The upgrades reflect the group's strong performance through the global financial crisis, an improvement in the operating environment and the successful integration of St.George Bank Ltd., Fitch said.

Westpac now holds a much stronger position in the Australian retail banking market, with a significant market share in both residential mortgages and household deposits, the agency said.

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