...November 23, 2023 SYDNEY (S&P Global Ratings) Nov. 23, 2023--S&P Global Ratings today assigned its '###-' long-term issue rating to Westpac Banking Corp.'s (##-/Stable/A-1+) Capital Notes 10 (CN10). To arrive at the rating on CN10, we deduct four notches from the 'a' stand-alone credit profile of Westpac, reflecting the following factors: - One notch for the notes' subordinated status; - Two notches for 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 the notes into ordinary shares or write them off if a nonviability trigger event occurred. We have assessed the proposed issue as having intermediate equity content, reflecting our view that the notes would be able to absorb losses or conserve cash, if needed, through nonpayment of coupons, conversion into common equity, or principal write-down, without causing a default or windup of the bank. In addition, we expect CN10 or its equivalent...
