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S&P ups Australian hybrids
S&P said it upgraded the ratings on tier 1 and tier 2 hybrids issued by four Australian banks, citing reduced economic risk.
The agency raised the ratings on Basel II, tier 2-compliant hybrids issued by Australia and New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd. and Westpac Banking Corp. to A- from BBB+.
S&P also raised Basel II compliant tier 1 hybrid instruments issued by the CBA, NAB, and Westpac group entities to BBB from BBB-.
For Basel III compliant tier 2 hybrid instruments issued by the ANZ, CBA, NAB, and Westpac group S&P raised the ratings to BBB+ from BBB.
S&P also raised the ratings on the Basel III compliant tier 1 hybrid instruments issued by the ANZ, CBA, NAB, and Westpac group entities to BBB- from BB+.
The agency also affirmed the banks’ issuer ratings.
The outlook is stable.
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