Shares in Bendigo and Adelaide Bank Limited (ASX:BEN) have firmed on news Standard & Poor’s has upgraded the bank’s credit rating.
S&P has raised the bank’s long term stand alone rating from BBB+ to A-.
Bendigo and Adelaide Bank has welcomed the move, advising that it is now rated ‘A’ by all three of the world’s leading credit rating agencies.
Managing director Mike Hirst says while funding is challenging all banks globally, the upgrade will enable the bank to access funding otherwise denied to it.
Shares in Bendigo and Adelaide Bank were 0.86 per cent higher in morning trade at $9.42.
Bendigo and Adelaide Bank increased its net profit by 41 per cent to $347 million in the 2011 financial year.
