SYDNEY (Standard&Poor's) April 14, 2014--Standard&Poor's Ratings Services said today that its ratings on Bank of Queensland Ltd. (BoQ, A-/Stable/A-2) are unchanged following the bank's announcement of: Its acquisition of Investec Bank (Australia) Ltd.'s (Investec, not rated) specialist finance and leasing businesses for A$440 million; and Its half-year results for the period ending Feb. 28, 2014. We believe the acquisition would largely have a neutral impact on BoQ's capital, and that it is in line with our expectations for a "very strong" capital and earnings assessment for BoQ. We note that the acquisition would be funded through an A$400 million, fully underwritten, accelerated renounceable entitlement share offer; the value of the acquisition's goodwill is approximately A$210 million.
