Following a review of Bank of Queensland (BOQ) under Standard&Poor's revised bank criteria (published Nov. 9, 2011), we have lowered our long-term issuer credit rating on BOQ to 'BBB' from 'BBB+'. The short-term rating is affirmed at 'A-2'. The outlook is stable. Our ratings on BOQ reflect the anchor SACP for a bank operating only in Australia; plus BOQ's moderate business position, adequate capital and earnings, adequate risk position, below average funding, and adequate liquidity. The stable outlook reflects our view that BOQ will improve its key asset-quality metrics in the short-to-medium term, reducing the prospect of downward rating pressure on our assessment of its risk position. On Dec. 6, 2011, Standard&Poor's Ratings Services lowered its
