S&P Raises BOQ Rating to BBB+ Stable A2

Friday, 08/06/2012

BOQ has welcomed Standard & Poor’s decision today to improve BOQ’s long term credit rating to BBB+ positive.  

Following an assessment of BOQ’s capital and earnings, the Bank has been taken off credit watch positive and given a stable outlook.  

In an announcement today, S&P said “The rating upgrade reflects a capital injection of  

A$450 million in May 2012 and increased comfort around BOQ’s future asset-quality position, particularly the reduced likelihood that material new loan loss provisions will be required against nonperforming loans. 

“The long-term issuer credit rating on Bank of Queensland Ltd. (BOQ) has been raised to ‘BBB+’ from ‘BBB’ and removed from CreditWatch with positive implications.  

“The short-term issuer credit rating is affirmed at ‘A-2’. The outlook is stable.”   

BOQ Managing Director and CEO Stuart Grimshaw said he welcomed S&P’s decision today. 

“This reinforces our message to the market and our customers that BOQ’s capital and business position is strong. 

“BOQ’s Core Tier 1 capital ratio is now at industry-leading levels.  

“We are excited about the future and look forward to growing our Bank’s market share alongside our valued retail and business customers, and shareholders.”