MELBOURNE -- Standard&Poor's CreditWire 10/24/97 -- Standard&Poor's today assigned its triple-'B'-plus long-term and 'A-2' short-term ratings to the Bank of Queensland Ltd.'s US$500 million Euro medium-term note program. The rating outlook is stable. The program will diversify the bank's funding base, which is mainly sourced from retail deposits, and lengthen the bank's maturity profile. These factors are viewed favourably by Standard&Poor's. Bank of Queensland's ratings reflect the bank's very good asset quality, sound capital ratios, and stable funding base. The ratings are constrained by the bank's relatively small capital base; susceptibility to competition, given its small market position within Queensland; and deteriorating profitability, as indicated by its return on average total assets for fiscal
