S&P revises Bendigo and Adelaide Bank credit rating to positive outlook
Ratings agency Standard & Poor’s has today revised Bendigo and Adelaide Bank’s (BEN) credit rating from BBB+ stable, to BBB+ positive.
The announcement follows BEN’s upgrade to A- by Fitch Ratings agency in May. Moody’s already assigns BEN with a long-term credit rating of A2.
In addition, S&P has revised the ratings outlook of BEN’s 100 per cent owned subsidiary, Rural Bank, from BBB+ stable, to BBB+ positive.
Bendigo and Adelaide Bank group managing director Mike Hirst said the announcements reflected BEN’s sound risk management practices, low-risk funding and balance sheet structure, sound capital ratios, and a sustained improvement in profitability.
“Bendigo and Adelaide Bank continues to provide a sustainable, low-risk alternative to the major banks,” Mr Hirst said.
“The strength of our business model – based on our commitment to our customers and the communities that we operate in – is being recognised by all three ratings agencies. We look forward to building on this strong momentum,” he said.
BEN announces its full-year financial results in Melbourne on August 8, 2011.