Moody’s upgrades ratings for Westpac Banking Corporation

ASX
Release

6 March 2024

Moody’s upgrades ratings for Westpac Banking Corporation
Today Moody’s Investors Service (Moody’s) upgraded its ratings for Westpac Banking
Corporation.
The changes to Westpac’s ratings are summarised below:
Previous rating New rating
Adjusted Baseline Credit Assessment a2 a2
Long Term Issuer Rating Aa3 Aa2
Senior Unsecured debt Aa3 Aa2
Subordinated debt Baa1 (hyb) A3 (hyb)
Long term bank deposits (local currency) Aa3 Aa1
Long term bank deposits (foreign currency) Aa3 Aa2
The outlook for the bank’s ratings remain stable.
There is no change to Moody’s ratings for Westpac’s short term debt.
The ratings actions resulted from the application of Moody’s Advanced Loss Given
Failure (LGF) analysis. Moody’s applied their Advanced LGF analysis to banks that are
subject to operational resolution regimes, which for certain Australian banks is the
Australian Prudential Regulation Authority’s loss-absorbing capacity framework that will
come into effect from 1 January 2026.
The analysis assesses the potential impact of a bank's failure on its various debt classes
and deposits, taking into account the subordination of more junior liabilities and the
volume of each class of liabilities.

For further information:

Hayden Cooper Jacqueline Boddy
Group Head of Media Relations Head of Debt Investor Relations
0402 393 619 0448 064 012

This document has been authorised for release by Tim Hartin, Company Secretary.
Level 18, 275 Kent Street
Sydney, NSW, 2000