S&P upgrades ratings for WBC and WNZL

S&P Global Ratings (S&P) upgrades certain ratings for Westpac Banking Corporation (Westpac) and Westpac New Zealand Limited (WNZL) Today S&P upgraded the stand-alone credit profile of Westpac by one notch to 'a+' from 'a' to reflect its assessment that industry-wide risks for Australian banks have reduced. There is no change to the issuer credit rating of either Westpac or WNZL, and the ratings outlook for both entities remains stable. Westpac's Additional Tier 1 and Tier 2 rated capital instruments received a one notch upgrade. WNZL's rated Tier 2 capital instruments have also been upgraded by one notch, reflecting the improved stand-alone creditworthiness of Westpac. -ENDS- Authorised for Release by: Imelda Sheerin Acting Head of Governance Operations and Company Secretariat imelda.sheerin@westpac.co.nz For Media Enquiries, please contact: Max Bania Senior Manager External Communications Max.Bania@westpac.co.nz End CA:00428995 For:WNZ Type:CREDIT Time:2024-04-03 17:28:38