S&P Global Ratings has upgraded Westpac's stand-alone credit profile by one notch to A+, citing a reduction in industry-wide risks for Australian banks.

The upgrade also applies to Westpac's additional Tier 1 and Tier 2 rated capital instruments.

Similarly, Westpac New Zealand's (WNZL) rated Tier 2 capital instruments have been upgraded, reflecting the improved stand-alone creditworthiness of Westpac.

There were no changes to the issuer credit rating of either Westpac or WNZL, and the ratings outlook for both entities remains stable.

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