G&C Mutual Ltd. (G&C) and Unity Bank Ltd. completed a merger today. Unity Bank Ltd. transferred all its assets and liabilities to G&C. The merged entity will be renamed Unity Bank Ltd. from July 1, 2025. The merger will solidify G&C's competitive position and does not materially alter our view of G&C's creditworthiness. We affirmed our 'BBB+' long-term and 'A-2' short-term ratings on G&C. The outlook is stable, reflecting the mutual bank's very strong capital and low credit losses amid Australia's sound economic prospects over the next two years. On March 7, 2025, S&P Global Ratings affirmed its 'BBB+' long-term and 'A-2' short-term issuer credit ratings on G&C Mutual Bank Ltd. The outlook on the long-term rating is stable. The
