Moody's upgrades Westpac's long-term ratings

Moody's has upgraded several ratings for Westpac Banking Corporation, including its long-term issuer rating.

The changes, which were announced today, saw Westpac's adjusted baseline credit assessment, long-term issuer rating, and senior unsecured debt rating all receive upgrades.

However, there was no change to Moody's ratings for the bank's short-term debt.

The ratings actions were a result of Moody's application of its Advanced Loss Given Failure analysis to banks that are subject to operational resolution regimes.

Westpac's long-term bank deposits in both local and foreign currency also received higher ratings.

The bank's ratings outlook remains stable.