RPT-Correction: Fitch Affirms QTC's Commonwealth Backed Securities at 'AAA'
(Repeat for additional subscribers)
April 9 (Reuters) - (The following statement was released by the rating agency)
This announcement corrects the version published on 08 April 2013 to include the rating assignment of a new bond. A correct version is as follows:
Fitch Ratings has assigned Queensland Treasury Corporation's (QTC) AUD4.6bn guaranteed June 2019 bond a 'AAA' rating. It has also affirmed QTC's senior unsecured rating and the rest of its outstanding guaranteed bonds at 'AAA'. A list of affected issues can be found below.
KEY RATING DRIVERS
The affirmation of the guaranteed senior unsecured debt rating reflects the affirmation of the Commonwealth of Australia at 'AAA' on 28 March 2013. The affirmed outstanding bonds and the newly rated bond benefit from a guarantee of the Commonwealth of Australia.
QTC is a funding vehicle wholly owned by the State of Queensland (AA/Stable).
The ratings of the Commonwealth of Australia-backed securities are linked to the ratings of the sovereign. A downgrade of the Long-term Issuer Default Rating of the Commonwealth of Australia will result in a downgrade of QTC's guaranteed senior unsecured debt rating.
Queensland Treasury Corporation (QTC):
Senior unsecured debt rating guaranteed by the Commonwealth of Australia affirmed at 'AAA'.
14-Aug-2013 AUD1,989,000,000 6% AU000QT40424 affirmed at 'AAA'
14-Oct-2015 AUD2,245,000,000 6% AU000QT40358 affirmed at 'AAA'
14-Sep-2017 AUD 4,723,588,000 6% AU0000XQLQH7 affirmed at 'AAA'
14-Jun-2019 AUD4,613,474,000 6.25% AU0000XQLQKI assigned 'AAA'
14-Jun-2021 AUD3,233,580,000 6% AU000QT40341 affirmed at 'AAA'