MELBOURNE -- Standard&Poor's CreditWire 6/23/97 -- Standard&Poor's today has assigned its double-'A'-minus rating to the senior obligations and single-'A'-plus rating to the subordinated debt under Westpac Banking Corp.'s US$5 billion Euro medium-term note program. The ratings outlook is stable. The program will serve as Westpac's flagship Euro debt issuance vehicle and represents a key component of its strategy to establish an international and domestic wholesale funding infrastructure. Funding proceeds from the program will be used to satisfy general financing requirements of the bank. Westpac's ratings reflect its strong market position, improved asset quality, and satisfactory underlying performance and capitalization. During the past three years, Westpac has sufficiently revamped its management, business development, and control systems to
