...MELBOURNE (S&P Global Ratings) Nov. 12, 2018--S&P Global Ratings today said it has assigned its '##+' issue credit rating to Westpac Banking Corp.'s (Westpac; ##-/Negative/A-1+) proposed Westpac Capital Notes 6 (WCN6). We rate WCN6 four notches below Westpac's stand-alone credit profile (SACP) of 'a-'. The starting point of the SACP reflects our view that it is unlikely that the Australian government's support for Westpac and other Australian banks--if needed--would extend to the hybrid capital instruments issued by the banks. To arrive at the rating on WCN6, we deduct four notches off Westpac's SACP reflecting the following factors: + We deduct one notch for WCN6's subordinated status; + Two notches for the risk of partial or untimely payment; and + One notch for a nonviability contingent capital feature that would require Westpac to convert all or a proportion of WCN6 into ordinary shares or write them off, if a nonviability trigger event occurred. We have assessed the proposed issue...
