ASB Bank Limited Moody’s upgrades ratings for ASB Bank Limited

RNS Number : 3618Q

ASB Bank Limited

29 May 2024

ASB Bank Limited

30 May 2024

Moody's upgrades ratings for ASB Bank Limited

ASB Bank Limited (ASB) announces Moody's Ratings (Moody's) has upgraded certain of ASB's ratings. This follows the announcement made by ASB on 8 March 2024 that Moody's had placed components of ASB's long term credit rating on review for upgrade.

Moody's has upgraded ASB's Long-term issuer rating from A1 to Aa3, and Senior unsecured rating from A1 to Aa3. The announcement of upgrade reflects the one-notch upgrade in the baseline credit assessment of ASB's ultimate parent, Commonwealth Bank of Australia, as announced on 27 May 2024, resulting in a one-notch upgrade of ASB's adjusted baseline credit assessment.

Following the upgrade, Moody's have set the outlook for ASB's ratings as stable.

For a list of all the ratings actions on ASB, refer to Moody's press release published 29 May 2024 titled "Moody's Ratings has upgraded ASB to Aa3, outlook stable".

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