Robust asset quality Strong and diversified revenue streams Conservative underwriting standards Stiff competitive pressures Tightening interest margins On Nov. 8, 2006, Standard&Poor's Ratings Services placed its 'AA-' long-term rating on Westpac Banking Corp. (Westpac) on CreditWatch with positive implications. A progressive strengthening of Westpac's financial profile has contributed to the CreditWatch placement. The bank's financial profile has benefited from a number of measures including strong asset quality, improved operational efficiency, as well as improved diversity of earnings, and is well-placed to contend with a higher level of bad debts should there be a moderation in the credit cycle. Continued improvements in Westpac's securitization capabilities have assisted with balance-sheet management flexibility, including credit risk and capital management, as well
