Fitch assigns Westpac notes A+

Fitch Ratings said it assigned a rating of A+ to Westpac Banking Corp.’s (AA-/stable) RMB 1.25 billion Basel-3 compliant tier-2 instrument, to be issued on Feb. 9.

The fixed-rate notes are direct, unsecured and subordinated.

The final maturity is Feb. 9, 2025, although an earlier redemption in February 2020 and each interest payment date thereafter is possible, subject to prior written approval by the Australian Prudential Regulation Authority (APRA). The notes include a non-viability clause and will qualify as regulatory Tier-2 capital for Westpac.

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