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BANK of Queensland (ASX: BOQ) has had its long-term credit rating upgraded to ‘A-’ from ‘BBB+’ by data and analysis group Standard & Poor’s.
It’s the first time BOQ has held an ‘A’ category long-term credit rating and comes after two years of hard work by the bank to rebuild its business fundamentals and set a foundation for growth.
CEO Stuart Grimshaw (pictured) says a higher credit rating is important in the competitive banking market.
“This is a significant development for BOQ as it increases the range of funding opportunities available to us and, over time, will lower out cost of funding,” he says.
“S&P’s decision to upgrade our credit rating is strong validation of our business strength, strategic direction and ability to address legacy issues.
“Our balance sheet and capital position in robust, we have controlled costs and our risk management framework has been completely overhauled, which has helped to improve asset quality.”
There was no change to BOQ’s short-term rating, which was affirmed at ‘A-2’.
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