SYDNEY (Standard&Poor's) April 12, 2013--Standard&Poor's Ratings Services said today that its ratings on Bank of Queensland Ltd. (BoQ, BBB+/Stable/A-2) are unchanged following the bank's announcement that it will fully acquire Virgin Money (Australia) Pty Ltd. (VMA) from the Virgin Group (not rated). We consider that the VMA acquisition would have a mild solidifying effect on BoQ's "moderate" business position. In addition, we believe the acquisition would not have a material impact on our current capital and earnings assessment for BoQ. We note that BoQ projects that VMA, which to date is in a loss-making position, would become earnings accretive during the second full year of ownership. Assisting BoQ to manage integration risks would be that VMA
