Fixed income-Fitch Transfers St. George Ratings to Westpac
Online, March 10, 2010 (Newswire.com) - Fitch has withdrawn the ratings of St.George Bank, following the transfer of all its assets and liabilities to its parent Westpac. At the same time, Fitch has affirmed the ratings of St.George's senior and subordinated debt instruments upon their transfer to Westpac, including its outstanding debt.
Westpac acquired St.George on 1 December 2008. All assets and liabilities of St.George were transferred to Westpac on 1 March 2010. Now the group operates with one banking license. The ratings of Westpac and its subsidiaries, Westpac New Zealand Limited and St.George Insurance Australia Pty Limited are unaffected by this action.
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