Fitch Withdraws Colonial Finance Ltd's Ratings

Mon Apr 22, 2013 10:52pm EDT

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(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agency) SYDNEY, April 22 (Fitch) Fitch Ratings has affirmed Colonial Finance Ltd.'s (CFL) ratings and simultaneously withdrawn them as they are no longer considered by Fitch to be relevant to the agency's coverage.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 Outlook/F1+). 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 Colonial Finance Ltd.: - Long-Term Issuer Default Rating (IDR): affirmed at 'A+'/Stable Outlook and withdrawn - Short-Term IDR: affirmed at 'F1' and withdrawn - AUD domestic debt programme: affirmed at 'A+'/'F1' and withdrawn - Non-guaranteed senior unsecured debt: affirmed at 'A+' and withdrawn. Contact: Primary Analyst Tim Roche Senior Director +61 2 8256 0310 Fitch Australia Pty Ltd. Level 15, 77 King Street, Sydney, NSW 2000 Secondary Analyst Andrea Jaehne Director +61 2 8256 0343 Committee Chairperson Mark Young Managing Director +65 6796 7229 Media Relations: Iselle Gonzalez, Sydney, Tel: +61 2 8256 0326, Email: Additional information is available at Applicable criteria, 'Global Financial Institutions Rating Criteria', dated 15 August 2012, are available at Applicable Criteria and Related Research Global Financial Institutions Rating Criteria here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S FREE WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. Fitch Australia Pty Ltd holds an Australian financial services licence (AFS licence no. 337123) which authorises it to provide credit ratings to wholesale clients only. Credit ratings information published by Fitch is not intended to be used by persons who are retail clients within the meaning of the Corporations Act 2001.