MOODY'S ASSIGNS A1 RATING FOR LONG-TERM DEPOSITS AND C+ BANK FINANCIAL STRENGTH RATING TO BANKERS TRUST AUSTRALIA
Sydney, 03-08-96 -- Moody's Investors Service assigned an A1 rating to Bankers Trust Australia Limited (BT Australia) for long-term foreign currency deposits and counterparty obligations, as well as a C+ bank financial strength rating. Moody's had previously assigned a Prime-1 rating to the bank for short-term foreign currency deposits and commercial paper. BT Australia is indirectly wholly owned by Bankers Trust Company (rated A1 for deposits), but is not guaranteed.
Moody's said that BT Australia's long-term deposit and bank financial strength ratings reflect the bank's position as the best and most consistent performer within the consolidated Bankers Trust organization over the past several years. The Australian bank's two major business lines are wholesale banking and funds management. As with its parent, the wholesale bank carefully controls credit risk, and its loans and investments are concentrated in highly rated companies. BT Australia's asset quality is quite strong as compared to the major Australian commercial banks. The bank is, however, relatively more active in derivatives, foreign exchange, and money markets than is its local peers, both for clients and in proprietary trading. Weaker trading results, as well as soft customer demand in foreign exchange and derivatives products, had a marginally negative impact on wholesale performance in 1995. Moody's noted that BT Australia has been particularly successful in domestic funds management, with A$29 billion of funds under management. Recent trends reflect general fee pressure because of lower returns on invested funds, as well as slower growth in retail funds managed. Despite a lower contribution, this area remains a significant and predictable contributor to BT Australia's bottom line results.
Moody's added that BT Australia's recent performance has not suffered noticeably from adverse developments related to its parent, although general market weakness -- as in the derivatives business -- has softened results. The bank continues to be an important part of the parent company's long-term business mix.
The following ratings were assigned:
Bankers Trust Australia Limited -- A1 for long-term foreign currency deposits, counterparty rating of A1, and bank financial strength rating of C+.
The following ratings were confirmed:
Bankers Trust Australia Limited -- the Prime-1 for short-term foreign currency deposits, and the Prime-1 rating for commercial paper.
Bankers Trust Australia Limited is a A$7 billion chartered bank, headquartered in Sydney, Australia. It is indirectly wholly owned by Bankers Trust Company, New York, but is not guaranteed by that entity.
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