On May 10, 2002, Standard&Poor's affirmed its 'AA-' long-term and 'A-1+' short-term counterparty credit ratings on Westpac Banking Corp. following the announcement that the bank is to undertake the buyback of 50 million shares, equating to approximately A$825 million. The buyback will be funded largely from the profits on the sale of Australian Guarantee Corp (AGC). The outlook remains stable. The sale of AGC has a number of positive benefits for the organization, including a reduction in its risk profile, which will allow the bank to focus on lower-risk, higher-growth businesses consistent with its long-espoused strategy. The bank's capital ratios will benefit from a reduction in risk-weighted assets in conjunction with the staggered timing of the buyback, which
