MELBOURNE (Standard&Poor's) April 7, 2005--Standard&Poor's Ratings Services said today that it raised the long-term counterparty credit rating on Bank of Queensland Ltd. (BOQ) to 'BBB+' from 'BBB' and, at the same time, affirmed the short-term rating at 'A-2'. The outlook is revised to stable from positive. "The rating upgrade reflects Standard&Poor's view that BOQ has transitioned into a financially stronger institution, with improvements evidenced across its business and financial profile over recent years likely to be sustained over the medium term," said Standard&Poor's credit analyst Craig Bennett, Financial Services Ratings. Factors constraining the previous 'BBB' rating have moderated, including the small absolute size of BOQ's capital base by international standards, integration risks
