On Feb. 22, 2007, Standard&Poor's Ratings Services raised its long-term issuer credit rating on Australia-based major bank, Westpac Banking Corp. (Westpac) and core subsidiaries to 'AA' from 'AA-'. The short-term issuer credit rating was affirmed at 'A-1+'. The ratings were removed from CreditWatch with positive implications, where they were placed on Nov. 8, 2006. The outlook is stable. A progressive structural strengthening of Westpac's financial profile and risk management has contributed to the upgrade. The bank is committed to the Basel II accreditation process and is already leveraging increased information derived from this process. Continued investments in risk management capabilities have improved the bank's operational management and its ability to address potential problems. The bank's financial profile has
