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Suncorp will face higher funding costs after its banking operations were downgraded by Standard & Poor’s from A+ to A.
In a statement released to the ASX yesterday, Suncorp said the change was made after the ratings agency decided that its banking arm was no longer a “core” part of the Suncorp Group but rather a “strategically important member”.
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Standard & Poor’s emphasised “the bank’s standalone creditworthiness has not diminished, with a good market position in Queensland, good asset quality and a sound earnings profile”.
