(The following statement was released by the rating agency)
SYDNEY, April 22 (Fitch) Fitch Ratings has affirmed Colonial
(CFL) ratings and simultaneously withdrawn them as they are no
by Fitch to be relevant to the agency's coverage. A full list of
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
CHCL is 100% owned by Commonwealth Bank of Australia (CBA;
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
Outlook/F1+), are unaffected by this action.
Colonial Finance Ltd.:
- Long-Term Issuer Default Rating (IDR): affirmed at 'A+'/Stable
- Short-Term IDR: affirmed at 'F1' and withdrawn
- AUD domestic debt programme: affirmed at 'A+'/'F1' and
- Non-guaranteed senior unsecured debt: affirmed at 'A+' and
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Applicable criteria, 'Global Financial Institutions Rating
Criteria', dated 15
August 2012, are available at www.fitchratings.com.
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Global Financial Institutions Rating Criteria
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