Australian financial group MyState Bank (ASX:MYS) announces Moody’s Investor Services (Moody’s) has affirmed the issuer credit rating of ‘Baa3/P3’ (long-term/short-term) for the company and ‘Baa2/P2’ (long-term/short-term) for its wholly owned subsidiary MyState Bank.
The company says the issuing of the ratings come following Moody’s annual review, in which the bond credit rating business noted the Baa2 rating given to MyState Banks reflects the bank’s ‘focus on owner occupier residential loans with principal and interest repayments that has supported its very good asset quality and will help it weather the strain of high inflation and rising interest rates’.
Adding on, the company reports the review also highlighted the bank’s continued diversification of its home loan book, which represents the sound management of its capital relative to asset risks and liquidity position.
“The Moody’s investment grade issuer credit rating for MyState Bank continues to provide support for our growth strategy”
Commenting on the credit ratings, MyState Managing Director Brett Morgan said: “Moody’s confirmation that MyState and MyState Bank issuer ratings remain unchanged, following their annual review process, confirms our strategy of growing in lower risk segments of the home loan market. The Moody’s investment grade issuer credit rating for MyState Bank continues to provide support for our growth strategy and the very strong and broad investor support for our wholesale funding programs.”
MyState is an ASX-listed, non-operating holding company of the diversified financial services Group consisting of MyState Bank and TPT Wealth, a trustee and wealth management company. The company’s subsidiary, MyState Bank is regulated by the Australian Prudential Regulatory Authority and currently holds an Australian Financial Services Licence, which is issued by the Australian Securities and Investments Commission, alongside TPT Wealth.