Moody’s upgrades ratings for ASB Bank Limited

ASB Bank Limited (ASB) announces Moody's Ratings (Moody’s) has upgraded certain of ASB’s ratings. This follows the announcement made by ASB on 8 March 2024 that Moody’s had placed components of ASB’s long term credit rating on review for upgrade. Moody’s has upgraded ASB’s Long-term issuer rating from A1 to Aa3, and Senior unsecured rating from A1 to Aa3. The announcement of upgrade reflects the one-notch upgrade in the baseline credit assessment of ASB’s ultimate parent, Commonwealth Bank of Australia, as announced on 27 May 2024, resulting in a one-notch upgrade of ASB’s adjusted baseline credit assessment. Following the upgrade, Moody’s have set the outlook for ASB’s ratings as stable. For a list of all the ratings actions on ASB, refer to Moody’s press release published 29 May 2024 titled “Moody’s Ratings has upgraded ASB to Aa3, outlook stable”. ENDS Released by: Steve Lucas, General Manager, Treasury ASB Bank Limited funding@asb.co.nz