Moody's ups Bank of Queensland to A3

Moody's Investors Service said it upgraded Bank of Queensland's (BOQ) long-term rating to A3 from Baa1, reflecting an improvement in the bank's standalone financial profile to C-/baa1 from C-/baa2.

"The upgrade reflects BOQ's improved credit risk profile and balance sheet strength," Moody's vice president and senior analyst Frank Mirenzi said in a news release.

"BOQ's new management has taken proactive steps to address the bank's legacy asset quality issues, by selling large non-performing loans, raising capital and thereby strengthening its balance sheet."

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