The counterparty credit ratings on Westpac Banking Corp. (Westpac) reflect the bank's diversified and robust revenue streams across Australia and New Zealand, solid financial profile, and good asset quality, compared with global peers'. Westpac's financial performance has benefited from the sector-wide strong domestic growth in housing lending and relatively benign credit environment, reflected in improved credit quality and 10% underlying pretax profit growth in the year to Sept. 30, 2003. Profit contribution, excluding significant items, from all key business sectors improved in 2003, with wealth management the strongest growth of 48% from a low base. Strong revenue growth was the main contributor to cash earnings growth of 10%, offset to a degree by ongoing expenses at 5% higher than last
