Standard and Poor's kept its 'BBB' long-term counterparty credit rating for Bank of Queensland on CreditWatch with positive implications. This is following BOQ's announcement of a A$450 million equity issue and impairment expense of A$328 million as the equity issue counterbalances significantly higher loan-loss provisions. We expect to remove it from CreditWatch after further discussions with the bank about its asset quality review as well as a review and update of other matters related to its business profile. On Mar. 26, 2012, Standard&Poor's Ratings Services kept its 'BBB' long-term counterparty credit rating for Bank of Queensland Ltd. (BoQ) on CreditWatch with positive implications. The 'A-2' short-term rating is unaffected. Our ratings on BoQ are unaffected by the bank's
