Suncorp's Bank Rating Lowered To 'A' but Insurance Cos. Retain 'A+'
Standard & Poor's Ratings Services has lowered the long-term rating on Suncorp Bank to 'A' from 'A+', and kept an 'A-1' short-term rating on the bank. The outlook is stable. The 'AAA' rated Australian government-guaranteed debt issued by Suncorp Bank is not affected by the rating action on the bank.
The Group was also removed from CreditWatch as uncertainty about Suncorp's future corporate structure has substantially lessened.
With Suncorp’s insurance businesses being the largest component of the Group, S&P reports it continues to view the insurance operations of Suncorp as 'core', with management showing a strong commitment to its insurance business as it is successfully integrating the Promina operations. All the group’s insurance operating companies have had their 'A+' ratings affirmed with a stable outlook. |
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