MELBOURNE (Standard&Poor's) Nov. 13, 2002--Standard&Poor's Ratings Services said today it has assigned its long-term single-'A'-minus rating to Westpac Banking Corp.'s fixed-interest resettable trust security hybrid issue (FIRsTS). The issue is expected to be for a minimum amount of A$600 million, with provisions made to accept a further A$100 million. The single-'A'-minus rating, which is notched down three levels from the bank's double-'A'-minus long-term counterparty credit rating, reflects the subordinated nature of the instrument, the equity-like discretionary payment terms, and the tight definition of distributable profits used by the Australian Prudential Regulation Authority (APRA). Under the APRA definition, Australian financial services companies can make interest payments only out of current years profits, rather than retained earnings, except
