MELBOURNE (S&P Global Ratings) Nov. 1, 2021--A more positive economic outlook and Westpac Banking Corp.'s (Westpac; AA-/Stable/A-1+) recent divestments underpin the bank's ability to undertake a share buyback while maintaining a strong capital position, S&P Global Ratings said today. The bank, one of the four major Australian lenders, announced during its fiscal 2021 (year ended Sept. 30) results presentation today that it is undertaking an off-market share buyback of up to A$3.5 billion, in addition to a dividend payout of A$2.2 billion for the second half. Westpac's capital levels will remain strong. As a result of the buyback, Westpac's common equity tier 1 (CET1) ratio will fall by 80 basis points from 12.3% as of Sept. 20, 2021. This remains
