REG - ASB Finance Limited - ASB Ratings Revised by Fitch
RNS Number : 2154JASB Finance Limited08 April 2020ASB 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%.
END
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDDOCKZGGDLRZGGZG