The ratings assigned to Westpac Banking Corp. (Westpac) reflect the bank's robust revenue streams, solid cost containment, and low-risk loan book compared with domestic peers'. The bank's strong business franchise in its core markets of Australia and New Zealand, together with its solid financial profile, also are positively reflected in the rating. Westpac's recent financial performance has benefited from strong growth across its core banking products and from its robust asset quality, despite the emergence of some larger corporate exposures in 2001. The high proportion of relatively low-risk mortgage loans in the loan portfolio, the bank's improving market share within its core markets, and its stable net interest spread in an increasingly competitive market leave Westpac well placed to further
