S&P rates Westpac Banking notes BBB-

Standard & Poor’s said it assigned a BBB- rating to Westpac Banking Corp.’s proposed Westpac capital notes 3 (WCN3).

The agency said it rates the notes four-notches below the bank’s stand-alone credit profile of A.

S&P said the bank’s stand-alone rating is considered the starting point for the rating on the notes because it is unlikely that the Australian government’s support for Westpac Banking and other Australian banks would extend to the hybrid capital instruments issued by the banks.

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