September 26, 2017 / 1:35 AM / in a year

Fitch Withdraws 68 CBA Issue Ratings; Adds 'emr' to One Other

(The following statement was released by the rating agency) SYDNEY, September 25 (Fitch) Fitch Ratings has withdrawn ratings on one Commonwealth Bank of Australia (CBA; AA-/Stable) issue and revised a rating on a further issue to assign an 'emr' suffix following the discovery of an error in the application of criteria with respect to these issues. The rating actions are as follows: A suffix of 'emr' has been assigned to the rating of the issue with an ISIN of XS0373997955 to reflect embedded market risk in determination of its coupon amounts. The rating on the issue with an ISIN number of XS0383179032 has been withdrawn because the issue is not principal-protected and, therefore, should not be rated according to Fitch's Global Bank Rating Criteria with respect to ratings of structured notes. In addition, Fitch has withdrawn ratings of 67 issues which have been called. The ISIN numbers of these issues are: XS0356203462 XS0254641763 XS0355982868 XS0470765107 XS0327655212 XS0313051798 XS0284265690 XS0284393260 XS0354091224 XS0345054034 XS0302731418 XS0304469090 XS0343648779 XS0302514400 XS0242574878 USQ26915CL29 XS0298687434 XS0329927494 XS0329927148 XS0211153043 XS0280689307 XS0433093589 XS0156149352 XS0293415161 XS0204796048 XS0345709900 XS0302886535 XS0366616661 XS0343214184 XS0371804088 XS0325913530 XS0208712298 XS0358821204 XS0338955692 XS0224300920 XS0310313464 XS0354398207 XS0205730822 XS0354374109 XS0339780222 XS0355566307 XS0281896133 XS0342510707 XS0234768439 XS0283215464 XS0283214491 XS0352656432 XS0352794316 XS0210014733 XS0225860096 XS0203922314 XS0231040832 XS0229880264 XS0364321017 XS0207211896 XS0292736930 XS0236081625 XS0332508273 XS0324798551 XS0357719219 XS0354558685 XS0432769643 XS0386714991 XS0434654736 XS0340174332 XS0430677376 XS0359658076 KEY RATING DRIVERS Fitch identified the error with respect to these issue ratings as part of a review of financial institution issue ratings assigned prior to changes to criteria relating to structured notes in 2010 and 2011. The review followed discovery of the error with respect to another issuer's issue ratings. The applicable criteria were revised in August 2010 to adopt 'emr' suffixes and in August 2011 to no longer assign ratings to issues that were not principal-protected. The bonds with 'AA-(emr)' ratings represent senior unsecured obligations of CBA and are aligned with the bank's Issuer Default Rating (IDR). CBA's Long-Term IDR is driven by its Viability Rating of 'aa-' and reflects its dominant franchise in Australia and New Zealand as well as increasing macroeconomic challenges. Please see <a href=" ">Fitch Affirms Australia's Four Major Banks, dated 6 March 2017 for further information. RATING SENSITIVITIES The issues for which the suffix of 'emr' has been assigned are sensitive to movements in CBA's Viability Rating. For more details see <a href="">Fitch Affirms Australia's Four Major Banks, dated 6 March 2017. Contact: Primary Analyst Tim Roche Senior Director +61 2 8256 0310 Fitch Australia Pty Ltd Level 15, 77 King St, Sydney NSW 2000 Secondary Analyst Jack Do Director +61 2 8256 0355 Committee Chairperson Jonathan Lee Senior Director +886 2 8175 7601 Media Relations: Leslie Tan, Singapore, Tel: +65 67 96 7234, Email: Additional information is available on Applicable Criteria Global Bank Rating Criteria (pub. 25 Nov 2016) here Additional Disclosures Solicitation Status here Endorsement Policy here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEB SITE AT WWW.FITCHRATINGS.COM. PUBLISHED RATINGS, CRITERIA, AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. 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