The 'A+' financial strength and issuer credit ratings on AAI Ltd. (AAIL) are equalized with those on the core operating subsidiaries of Suncorp Group Ltd. (SGL), reflecting our view of its core and non-insulated status to the group under our group rating methodology. The ratings on the group reflect the very strong stand-alone credit profile (SACP) of its general insurance businesses (aa-), combined with the weaker SACPs of the group's life insurance operations (a-) and banking operations (bbb+). Our ratings on the group also reflect its "very strong" business risk profile and "strong" financial risk profile, on a consolidated basis. Although a key part of Suncorp's general insurance operations, AAI Ltd. does not have a rating higher than the group
