S&P rates Bank of Queensland notes BB+

Standard & Poor’s said it assigned a BB+ rating to Bank of Queensland’s proposed capital notes issue.

To arrive at the rating on the capital notes, S&P said it deducted four notches from the bank’s stand-alone credit profile of A-.

The BB+ rating reflects one notch for the securities’ subordinated status; two notches for the risk of partial or untimely payment; and one notch for a contingency clause requiring mandatory conversion into common equity on activation of a non-viability trigger, the agency said.

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