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S&P rates Bank of Australia securities BBB-
Standard & Poor's said it assigned its BBB- issue credit rating to the proposed perpetual exchangeable resaleable listed securities to be issued by Commonwealth Bank of Australia.
The securities are rated four notches below the bank's stand-alone credit profile.
S&P said the proposed securities have an intermediate equity content. Further, the agency said the securities are likely to meet The Australian Prudential Regulatory Authority's requirements for inclusion as Basel III Additional Tier I capital.
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