An ASX-listed bank has confirmed that Standard and Poor's has affirmed its BBB rating, improving its outlook from stable to positive.
According to Standard and Poor's, the revised outlook reflects MyState Bank’s improving asset quality.
The ‘BBB’ long-term credit rating on MyState Bank reflects the bank’s strong capital position and its focus on low-risk residential mortgages.
MyState Bank Limited trades through its banking brands MyState Bank and The Rock.
"We are very pleased that Standard and Poor's has improved its outlook for MyState Bank while affirming its rating,” MyState managing director Melos Sulicich said.
“We have prudently increased our loan book while maintaining high loan quality, changing our product offerings to minimise risk.
“Credit quality remains a cornerstone of our business as we continue to diversify our asset base.”
[Related: MyState launches fourth RMBS issue]