MELBOURNE (Standard&Poor's) Aug. 26, 2002--Standard&Poor's Ratings Service has today affirmed the 'double-'A'-minus/A-1-plus' issuer credit ratings on Westpac Banking Corp. following the announcement that Westpac plans to acquire BT Financial Group's (BT) wrap product, New Zealand funds management, corporate superannuation, and margin-lending businesses, as well as a portion of BT's investment management business for A$900 million. The outlook on the rating remains stable. This acquisition provides Westpac with a robust platform to improve its wealth-management offerings, especially in the area of wrap platforms, and increase levels of funds under management in a market segment where critical mass is important. The performance of BT's retail funds under management business has been disappointing in recent times. However, Standard&
