(The following was released by the rating agency)
SYDNEY, October 02 (Fitch) Fitch Ratings has affirmed Bank of Western Australia’s (BankWest) ratings and simultaneously withdrawn them following the transfer of all its assets and liabilities to its parent, Commonwealth Bank of Australia (CBA; ‘AA-'/ Stable/‘F1+'), and its subsequent de-registration as a separate company.
BankWest’s ratings reflected Fitch’s view that it was core to CBA and there was an extremely high likelihood of support from the group if ever required.
CBA acquired BankWest on 19 December 2008. At the time, it was planned that all assets and liabilities of BankWest would transfer to CBA and that the group would operate with one banking licence. This process was completed on 1 October 2012 following the receipt of all necessary approvals.
The ratings of CBA and its other subsidiaries, ASB Bank Limited (‘AA-'/ Outlook Stable/‘F1+') and Colonial Finance Limited (‘A+'/ Outlook Stable/‘F1’), are unaffected by this action.
Bank of Western Australia:
- Long-Term Issuer Default Rating (IDR): affirmed at ‘AA-'/Outlook Stable and withdrawn
- Short-Term IDR: affirmed at ‘F1+’ and withdrawn
- Support Rating: affirmed at ‘1’ and withdrawn
- AUD domestic debt programme: affirmed at ‘AA-’ and withdrawn