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PLEASE READ AND SCROLL DOWN!

 

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Rating Action:

MOODY'S LOWERS LONG-TERM AND SHORT-TERM DEPOSIT RATINGS OF BANKERS TRUST AUSTRALIA LTD .(BTAL) TO A3 AND PRIME-2 FROM A1 AND PRIME-1 RESPECTIVELY, REFLECTING CHANGE IN OWNERSHIP. BTAL SUBORDINATED DEBT IS CONFIRMED AT A2, REFLECTING ASSUMPTION BY BANKERS

01 Sep 1999
MOODY'S LOWERS LONG-TERM AND SHORT-TERM DEPOSIT RATINGS OF BANKERS TRUST AUSTRALIA LTD .(BTAL) TO A3 AND PRIME-2 FROM A1 AND PRIME-1 RESPECTIVELY, REFLECTING CHANGE IN OWNERSHIP. BTAL SUBORDINATED DEBT IS CONFIRMED AT A2, REFLECTING ASSUMPTION BY BANKERS Moody's Investors Service today lowered the long-term and short-term deposit ratings of Bankers Trust Australia Ltd. (BTAL) to A3/Prime-2 from A1/Prime-1 respectively as well as the Bank Financial Strength rating to C from C+. These downgrades reflect the assumption of these obligations by Macquarie Bank Ltd, which is rated A3/Prime-2/C for long-term deposits, short-term deposits and bank financial strength respectively.

The rating on the subordinated debt of BTAL has been confirmed at A2, since these outstanding debts have been assumed by Bankers Trust Company (BTCo), which is rated A2 for subordinated debt.

The rating changes conclude a review process that was initiated in November 1998, after Deutsche Bank AG's (DB) announcement that it would acquire Bankers Trust Corporation and its subsidiaries. BTAL's ratings review was changed to direction uncertain in May 1999, when DB announced plans to sell all of the Australian operations of Bankers Trust.

Subsequently, in a three-way transaction, Deutsche Bank sold the Australian operations of Bankers Trust, consisting of asset management and investment banking businesses, to the Principal Financial Group. At the same time, Principal Financial Group retained the asset management businesses, and sold the investment banking business, including the BTAL legal entity, to Macquarie Bank Limited.

As part of the three-way transaction, BTCo has assumed the subordinated debt obligations of BTAL, by legally substituting itself as issuer of its outstanding BTAL subordinated notes. With effect from August 31, 1999, BTCo has replaced BTAL as the obligor on the subordinated notes and the notes have been assigned BTCo's subordinated debt rating of A2.

The new ratings assigned to BTAL reflect Macquarie Bank Ltd.'s ratings (A3/C/P-2), the acquiring bank and new obligor.

The following ratings have been lowered:

Bankers Trust Australia Ltd. - long-term bank deposits and issuer rating to A3 from A1; bank financial strength rating to C from C+; short-term bank deposits and Commercial Paper Program to Prime-2 from Prime-1.

The following rating has been confirmed:

Subordinated Step Up Notes of Bankers Trust Australia Ltd., assumed by Bankers Trust Company, at A2.

No Related Data.
© 2020 Moody's Corporation, Moody's Investors Service, Inc., Moody's Analytics, Inc. and/or their licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND/OR ITS CREDIT RATINGS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MATERIALS, PRODUCTS, SERVICES AND INFORMATION PUBLISHED BY MOODY'S (COLLECTIVELY, "PUBLICATIONS") MAY INCLUDE SUCH  CURRENT OPINIONS. MOODY'S INVESTORS SERVICE DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY'S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY'S INVESTORS SERVICE CREDIT RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS, NON-CREDIT ASSESSMENTS ("ASSESSMENTS"), AND  OTHER OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY'S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY'S ANALYTICS, INC. AND/OR ITS AFFILIATES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND  PUBLICATIONS DO NOT COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS, ASSESSMENTS AND OTHER OPINIONS AND PUBLISHES  ITS PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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