S&P Places BOQ on Credit Watch Positive

Friday, 24/02/2012

BOQ has welcomed Standard and Poor’s decision to place BOQ’s long-term rating on Credit Watch Positive following an update of its assessment of BOQ’s capital and earnings. 

In an announcement today, S&P stated “We consider that our assessment of Bank of Queensland’s future capitalisation and earnings may support a higher rating.” 

BOQ Managing Director and CEO Stuart Grimshaw said he welcomed S&P’s decision so soon after it downgraded the Bank’s rating to BBB in November last year. 

“BOQ has always maintained confidence in its position as a well capitalised Australian Bank with a strong funding and liquidity position. 

“I welcome S&P announcing its commitment to reassess our capital management initiatives and earnings position,” he said. 

S&P expects to resolve the CreditWatch within the next 90 days.