MELBOURNE (Standard&Poor's) Aug. 16, 2006--Standard&Poor's Ratings Services today said its credit ratings on Bank of Queensland Ltd. (BOQ; BBB+/Stable/A-2) are not expected to be affected by BOQ's proposed acquisition of Queensland-based Pioneer Permanent Building Society (PPBS; not rated). The stable outlook is unchanged. BOQ announced its intention to acquire PPBS for A$49.6 million, or A$4.78 per share of issued capital on current estimated valuations. If successful, the transaction is expected to be completed by November 2006. "Standard&Poor's expects the bank, if successful in its proposed acquisition, to satisfactorily manage integration risks," said Standard&Poor's credit analyst Craig Bennett, Financial Services Ratings. The nature of PPBS's business is aligned with the bank's core capabilities,
