This report does not constitute a rating action. MELBOURNE (S&P Global Ratings) Nov. 2, 2026--Sound asset quality, capital, provisioning, and earnings position Westpac Banking Corp. well to withstand economic and competitive strains. We project Westpac's credit losses will remain low by international standards, and its balance sheet will remain strong. Westpac today reported a solid full year 2026 performance that remains resilient across key rating factors. Our current base case is for no rating change for Westpac (AA-/Stable/A-1+) over the next 12 to 24 months. This takes into account mounting challenges facing Westpac and other Australian major banks. These include: The negative effect on banks'borrowers, and, in turn, banks'asset quality, from four 25 basis point (bps) increases in
