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Moody's assigns counterparty risk ratings to 24 Australian banks, branches

Moody's on June 15 assigned counterparty risk ratings to 24 Australian banks and their overseas branches.

The counterparty risk ratings assigned to the banks are in line with the counterparty risk assessments already assigned to them, the rating agency said.

The rating agency assigned Aa2/P-1 long- and short-term local- and foreign-currency counterparty risk ratings to Australia & New Zealand Banking Group Ltd. and its Hong Kong, New York and Singapore branches; Commonwealth Bank of Australia and its Hong Kong, New York and Singapore offices; National Australia Bank Ltd. and its Hong Kong and New York branches; and Westpac Banking Corp. and its Hong Kong, London and New York branches.

Bank of Queensland Ltd.; Citigroup Pty. Ltd.; Bendigo & Adelaide Bank Ltd. and Newcastle Permanent Building Society Ltd. were given long- and short-term local- and foreign-currency counterparty risk ratings of A2/P-1.

Moody's assigned AMP Bank Ltd. as well as Macquarie Bank Ltd. and its London and Singapore branches long- and short-term local- and foreign-currency counterparty risk ratings of A1/P-1.

Suncorp-Metway Ltd. and HSBC Bank Australia Ltd. were assigned long- and short-term local- and foreign-currency counterparty risk ratings of Aa3/P-1, while Auswide Bank Ltd. was given long- and short-term local- and foreign-currency counterparty risk ratings of Baa1/P-2.

The long- and short-term local- and foreign-currency counterparty risk ratings of A3/P-2 were assigned to Credit Union Australia Ltd.; Bank Australia Ltd.; G&C Mutual Bank Ltd.; Heritage Bank Ltd.; IMB Ltd.; Teachers Mutual Bank Ltd.; Members Banking Group Ltd.; Members Equity Bank Ltd.; MyState Bank Ltd.; People's Choice Credit Union; and Victoria Teachers Ltd.

The ratings reflect the rating agency's opinion of the banks' abilities to honor the uncollateralized portion of nondebt counterparty financial liabilities and expected financial losses if the liabilities are not honored.