Banking group MyState (ASX:MYS) has announced it has decided not to renew its Standard & Poor’s services and has requested the credit ratings to be withdrawn.
This includes the current issuer rating and associated ratings provided by S&P for the bank’s medium term note program.
The bank will retain its Moody’s rating with a stable outlook for its short-term debt and medium-term note program.
CEO and Managing Director Melos Sulicich said the decision to withdraw the rating came after a review of the organisation’s ongoing rating requirements and future funding plans.
He said the rating from S&P is no longer considered necessary by the company due to the current credit ratings applied to the bank and the nature of funding both now and into the future.
Shares in MyState (ASX:MYS) closed at 0.21 per cent lower to $4.78.