S&P Global Ratings has upgraded the Tier 2 and Additional Tier 1 capital instruments of Australia and New Zealand Banking Group (ANZ).
The upgrade, which was announced on April 3 2024, saw ANZ's Tier 2 rating increase from A- to A, while its Additional Tier 1 rating was upgraded from BBB to BBB+.
S&P also reaffirmed ANZ's 'Stable' outlook.
The ratings agency attributed the upgrade to the continued strengthening of institutional and governance standards in the Australian banking sector, as well as the simplified business models and advances in risk management.
The improvement in ANZ's stand-alone credit profile did not result in any changes to its issuer credit rating and senior unsecured debt ratings of AA-.
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