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Moody’s Investors Service has upgraded the long term deposit and debt ratings of BankWest from Aa3 to Aa1 with stable outlook as a result of its acquisition by CBA.
Marina Ip, an assistant vice president at Moody’s, said BankWest’s deposit and debt ratings were now aligned with CBA, which the ratings agency deem to be “providing a very high level of support”.
However BankWest’s BFSR (bank financial strength rating) of C is below that of CBA 's BFSR B, which “reflects the still separate credit profiles of BankWest and CBA, as the two banks are not expected to merge into one trading entity with a single ADI banking licence in the near term,” she said.
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