(The following statement was released by the rating agency)
SYDNEY, April 22 (Fitch) Fitch Ratings has affirmed Colonial Finance Ltd.'s
(CFL) ratings and simultaneously withdrawn them as they are no longer considered
by Fitch to be relevant to the agency's coverage. A full list of rating actions
is at the end of this commentary.
The withdrawal follows the full novation of CFL's debt instruments to its
immediate parent, Colonial Holding Company Limited (CHCL), on 15 April 2013.
CHCL is 100% owned by Commonwealth Bank of Australia (CBA; AA-/Stable
KEY RATING DRIVERS - IDRs AND SENIOR DEBT
CFL's IDRs, Stable Outlook and senior debt ratings reflect Fitch's view that it
is a strategically important subsidiary of its ultimate parent, CBA, and that
there is a high likelihood of support if ever required.
The ratings of CBA and its other subsidiary, ASB Bank Limited (AA-/Stable
Outlook/F1+), are unaffected by this action.
Colonial Finance Ltd.:
- Long-Term Issuer Default Rating (IDR): affirmed at 'A+'/Stable Outlook and
- Short-Term IDR: affirmed at 'F1' and withdrawn
- AUD domestic debt programme: affirmed at 'A+'/'F1' and withdrawn
- Non-guaranteed senior unsecured debt: affirmed at 'A+' and withdrawn.
+61 2 8256 0310
Fitch Australia Pty Ltd.
Level 15, 77 King Street, Sydney, NSW 2000
+61 2 8256 0343
+65 6796 7229
Media Relations: Iselle Gonzalez, Sydney, Tel: +61 2 8256 0326, Email:
Additional information is available at www.fitchratings.com.
Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15
August 2012, are available at www.fitchratings.com.
Applicable Criteria and Related Research
Global Financial Institutions Rating Criteria
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