MELBOURNE (Standard&Poor's) Oct. 14, 2004--Standard&Poor's Ratings Services said today that it has revised its outlook on the 'BBB' long-term rating on Bank of Queensland Ltd. (BoQ) to positive from stable. The 'BBB' and 'A-2' counterparty credit ratings on BoQ are affirmed. The counterparty credit ratings on BoQ reflect its continued sound asset quality, strengthening franchise, increasing efficiency, sound capitalization ratios, and predominately retail-based funding profile. The bank's very sound asset quality position is supported by the low credit risk inherent in BoQ's largely mortgaged-secured loan book. "The outlook revision to positive reflects BoQ's improving credit profile, which has benefited from a strengthening of the bank's core earnings as a result of strong lending growth and sound
