Bendigo Bank welcomes credit rating upgrade

A decision by Standard & Poor's to upgrade Bendigo Bank's credit rating to BBB long term and A-2 short term has been welcomed by Bendigo Bank.

Chief Financial Officer Craig Langford said the rating upgrade was confirmation of Bendigo Bank's business model and reflected confidence in the bank's long-term strategy.

The rating upgrade reflects Bendigo Bank's capabilities in terms of developing our commercial and business banking market sectors, in addition to our traditional personal banking focus.

The acquisition of the Queensland-based First Australian Building Society in October 2000 was a significant factor in recent growth, resulting not only in the diversification of the company's asset base, but also in the geographic expansion of the company.

"We're investing in taking measures to help improve markets that the bank services through our Community Bank and telecommunication models," Mr Langford said.

"Bendigo Bank is investing in our long-term sustainability by helping to improve the markets that we service.

"We acknowledge that we have made significant strides over the past few years but we understand that we have to keep improving our performance ratios.

"This is a small but welcome step and acknowledgement that we are heading in the right direction."