MELBOURNE (Standard&Poor's) May 10, 2002--Standard&Poor's said today it has affirmed its double-'A'-minus long-term and 'A-1'-plus short-term counterparty credit ratings on Westpac Banking Corp. and its subsidiaries following the announcement that the bank is to undertake the buyback of 50 million shares. The outlook remains stable. The buyback will be funded largely from the A$750 million profit on the sale of Australian Guarantee Corp. (AGC). "While the buyback is expected to total A$825 million, Westpac's major capital ratios remain within the tolerance of the ratings," said Jason Hill, associate director, Financial Services Ratings. "Westpac's capital ratios will benefit from a reduction in risk-weighted assets in conjunction with the staggered timing of the buyback, which is expected to
