ASB Finance Limited - ASB Ratings Revised by Fitch

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08/04/2020 10:55

RNS Number : 2154J

ASB Finance Limited

08 April 2020

 

ASB Finance Ltd

8 April 2020

 

ASB Ratings Revised by Fitch

ASB Bank Limited (ASB) notes the announcement by Fitch Ratings (Fitch) dated 7 April on the ratings of Australian and New Zealand major banks.

ASB's Issuer Default Rating (IDR) has been revised from 'AA-' to 'A+'. The outlook remains 'Negative'. ASB's short term rating has been revised from 'F1+' to 'F1'. These revisions also apply to senior unsecured debt issued by ASB Finance Limited.

ASB's IDR and short term rating are equalised with those of its ultimate parent, Commonwealth Bank of Australia (CBA), reflecting Fitch's view that ASB remains a key and integral part of the CBA group.

Fitch has affirmed the standalone Viability Rating (VR) of ASB at 'a'.

ASB's capital and funding position remains strong. As at the last reported disclosure date, 31 December 2019, ASB's Tier 1 Capital Ratio was 11.7% versus a regulatory minimum of 4.5%. As at 31 March 2020, ASB's Core Funding Ratio was 89.5% versus a regulatory minimum of 50%.

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