Fitch conducts a reasonable investigation of the factual
Time Rating to ING Bank Australia Limited
(The following statement was released by the rating agency) SYDNEY, February 06 (Fitch) Fitch Ratings has assigned ING Bank (Australia) Limited (INGBA) an Issuer Default Rating (IDR) of ‚A’. The Outlook is Stable. At the same time, the agency has assigned INGBA a Viability Rating (VR) of ‚a ‚. A full list of rating actions is at the Canada Goose Coats On Sale end of this commentary. (ING, A+/Stable). Canada Goose Parka The Support Rating of ’1′ reflects the extremely high probability of institutional support from Canada Goose Outlet the parent should it be required. In Fitch’s view, INGBA has a strategically important role canada goose replica within the group. As of 31 December 2015, INGBA accounted for only 4% of ING’s total assets, Canada Goose Jackets indicating that the canada goose clearance sale parent would have canada goose store a strong ability to provide support. VIABILITY RATING canada goose coats INGBA’s risk appetite is a key driver of its Viability Rating, especially given the bank’s growth aspirations. INGBA’s loan book is skewed towards residential mortgages and the bank adopts a conservative risk appetite, broadly consistent with its domestic peers. INGBA’s management quality and risk framework benefit from being part of the ING Group. The agency believes the bank’s canada goose coats on sale appetite for risk and its risk controls will be cheap Canada Goose the key determinant of other factors such as asset quality, profitability and capitalisation through a cycle. INGBA’s capitalisation, as measured on both risk and un risk weighted Canada Goose sale ratios, is a rating strength relative to domestic peers and should remain so through the next 12 18 months, even though Fitch expects the bank’s capitalisation ratios to fall as a result of the bank’s growth plans. INGBA says that it has a flexible dividend policy, which should allow the bank to retain capital for growth if needed. INGBA’s asset quality ratios are broadly better than those of its domestic peers, although Fitch believes the bank’s growth aspirations could bring its asset quality measures buy canada goose jacket back towards those of its peers, canada goose outlet toronto factory particularly if loan growth is concentrated in non mortgage exposures. INGBA has modest market share, similar to other Australian regional bank peers, and the bank appears to have limited franchise uplift from being https://www.canadagoosejacket-outlet.ca part of the ING Group as ING had almost no operations in canada goose deals Australia outside of INGBA. INGBA has no branch network, instead distributing products through its online, call centre and third party channels, meaning its net interest margins lag peers’ but its overall profitability remain comparable due to the bank’s sector leading cost efficiency and similar funding profile, which is primarily deposit focused. RATING SENSITIVITIES IDRs, SENIOR DEBT AND SUPPORT RATING INGBA’s IDRs and Support Rating are sensitive to changes in the ability or propensity of ING to provide support. A change in ING’s ratings would likely trigger similar action on INGBA. The ratings may also be downgraded if Fitch no longer considered INGBA to be a strategically important subsidiary of buy canada goose jacket cheap ING. VIABILITY RATING A significant weakening in Canada Goose Online underwriting standards or risk controls would likely leave INGBA’s asset quality, profitability and capitalisation more susceptible to deterioration in a weaker operating environment and could result in a downgrade of the VR. An upgrade of the VR appears unlikely in the short to medium term as it would require a significantly stronger franchise, representing greater pricing power, without a material weakening of risk appetite. 25 Nov canada goose black friday sale 2016) here Additional Disclosures Dodd Frank Rating Information Disclosure Form here _id=1018650 Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction. The manner of Fitch’s factual investigation canada goose and the scope of the third party verification it obtains will vary depending on the nature of the rated security and its issuer, the requirements and practices in the jurisdiction in which the rated security is offered and sold and/or the issuer is located, the availability and nature of relevant public information, access to the management of the issuer and its advisers, the availability of pre existing third party verifications such as audit reports, agreed upon procedures letters, appraisals, actuarial reports, engineering reports, legal opinions and other reports provided by third parties, the availability of independent and competent third party verification sources with respect to the particular security or in the particular jurisdiction of the issuer, and a variety of other factors. Users of Fitch’s ratings and reports should understand that neither an enhanced factual investigation nor any third party verification can ensure that all of the information Fitch relies on in connection with a rating or a report will be accurate and complete. Ultimately, the issuer and its advisers are responsible for the accuracy of the information they provide to Fitch and to the market in offering documents and other reports. In issuing its ratings and its reports, Fitch must rely on the work of experts, including independent auditors with respect to financial statements and attorneys with respect to legal and tax matters. Further, ratings and forecasts of financial and other information are inherently forward looking and embody assumptions and predictions about future events that by their nature cannot be verified as facts. As a result, despite any verification of current facts, ratings and forecasts can be affected by future Canada Goose online events or conditions that were not anticipated at the time a rating or forecast was issued or affirmed. The information in this report is provided „as is” without any representation or warranty of any kind, and Fitch does not represent or warrant that the report or any of its contents will meet any of the requirements of a recipient of the report. A Fitch rating is an opinion as to the creditworthiness of a security. This opinion and reports made by Fitch are based on established criteria and methodologies that Fitch is continuously evaluating and updating. Therefore, ratings and reports are the collective work product of Fitch and no individual, or group of individuals, is solely responsible for a rating or a report. The rating does not address the risk of loss due to risks other than canadian goose jacket credit risk, unless such risk is specifically mentioned. 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