(The following statement was released by the rating agency)
SYDNEY, June 21 (Fitch) Fitch Ratings has assigned senior unsecured ratings to
the ASB Finance Limited (ASB Finance) component of the joint USD70bn euro
medium-term note programme (the EMTN programme) it shares with its parent,
Commonwealth Bank of Australia (CBA, AA-/Stable/F1+). The ratings are 'AA-' and
ASB Finance is a wholly owned subsidiary of ASB Bank Limited (ASB,
AA-/Stable/F1+) and notes issued under the EMTN programme are unconditionally
and irrevocably guaranteed by ASB.
Fitch notes that the ratings are assigned to the EMTN programme and not to the
notes issued under the programme. There is no assurance that notes issued under
the programme will be assigned a rating, or that the rating assigned to a
specific issue under the programme will have the same rating as the rating
assigned to the programme.
KEY RATING DRIVERS
The ratings of the EMTN programme are aligned with ASB's Long- and Short-term
Issuer Default Ratings (IDRs), reflecting the unconditional and irrevocable
guarantee provided by ASB to the notes issued under the EMTN programme by ASB
Any change in ASB's Long- or Short-term IDRs will be reflected in the senior
unsecured ratings of the EMTN programme.
ASB Finance's primary purpose is to raise funds from offshore institutional debt
markets under approved debt issuance programmes and on-lend those funds to ASB.
ASB Finance can raise fixed- or floating-rate, or zero coupon senior unsecured
notes under the EMTN programme.
+61 2 8256 0343
Fitch Australia Pty Ltd.
Level 15, 77 King Street, Sydney, NSW 2000
+61 2 8256 0310
+65 6796 7229
Media Relations: Iselle Gonzalez, Sydney, Tel: +61 2 8256 0326, Email:
Additional information is available on 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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