MELBOURNE (Standard&Poor's) Aug. 13, 2003--Standard&Poor's Ratings Services said today that it has assigned its 'A-' long-term rating to the US$750 million trust preferred security issued by Westpac Banking Corp. (Westpac; AA-/Stable/A-1+). The underlying New Zealand dollar-denominated convertible debentures were issued by Westpac's New Zealand branch. The debentures convert into perpetual noncumulative preference shares of Westpac when specified trigger events occur, supporting their ability to absorb losses and regulatory treatment as Tier 1 equity. Although a number of trusts exist within the securities structure, Westpac guarantees payment on the security when a payment has been made on the convertible debenture. "The rating differential between Westpac's trust preferred security and the bank's senior debt reflects the equity-like characteristics,
