Fitch places Westpac New Zealand IDR on watch

Fitch Ratings said it placed Westpac New Zealand Ltd.’s foreign- and local-currency long-term issuer default ratings of A+ and support rating of 1 on Rating Watch negative following Westpac Banking Corp.'s (WBC, A+/negative) announcement to review its New Zealand business, which may consider a partial or full sale of WNZL.

Australia-based Westpac Banking owns 100% of Westpac New Zealand.

The senior unsecured debt ratings of instruments issued by WNZL and Westpac Securities NZ Ltd., a funding vehicle whose debt is guaranteed by WNZL, have also been placed on Rating Watch negative.

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