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Bank of Queensland Limited (ASX:BOQ) has had its credit rating downgraded by Standard & Poor’s.
The Brisbane-based regional lender’s long-term issuer credit rating has been cut by one notch from BB+ to BBB.
S&P says the bank’s funding profile is assessed as being “below average” due to the market dominance of the major banks in Australia.
The downgrade comes just one week after the ratings agency downgraded the Big Four banks in Australia: ANZ Banking Group (ASX:ANZ), Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corporation (ASX:WBC) and National Australia Bank Limited (ASX:NAB), also by one notch from AA to AA-.
Bank of Queensland became the first bank to pass the Reserve Bank of Australia’s rate cut onto its customers yesterday by lowering its standard variable rate home loans by 25 basis points to 7.36 per cent.
In the 2011 financial year Bank of Queensland’s net profit fell 13 per cent to $159 million.
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Last
$32.99 |
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Mkt cap ! $98.42B | |||
| Open | High | Low | Value | Volume |
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