| Details | |||
|---|---|---|---|
| Website | CBA Capital Australia | ||
| Credit Agency Name | Credit Rating | Outlook | |
| Corporate credit rating(s) | Standard & Poors (S&P) | AA | Stable |
| Moody's Investors Services | Aa2 | Stable | |
| Fitch Ratings | AA | Stable | |
| Description |
CBA Capital Australia is a special purpose vehicle whose only role is to issue redeemable preference shares ("RPS") and invest the proceeds in redeemable preference shares issued by CBA Capital Australia No 2. CBA Capital Australia No 2 will in turn invest in redeemable preference shares issued by Commonwealth Bank Notes, which are subordinated notes issued by the Commonwealth Bank of Australia ("CBA"). This is illustrated below
For these reasons, the business and financial position of CBA is relevant to holders of the RPS. The ultimate parent of CBA Capital is the CBA. CBA has no liability and does not provide a guarantee in respect of the RPS. However if either CAB Capital Australia or CBA Capital Australia No 2 have sufficient cash to make the required payments and fail to do so, CBA will make the the required payments to RPS holders. This obligation is subordinate to obligations to CBA' s depositors and unsubordinated creditors. The corporate credit rating(s) shown below are those of CBA. |
