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Bond Market News
ASB Bank Upgraded to AA- by Fitch
March 10, 2026
ASB Bank was upgraded by a notch to AA- from A+ by Fitch. The upgrade follows the recent improvement in the Viability Rating of its parent, Commonwealth Bank of Australia (CBA), reflecting Fitch’s view of a very high likelihood of parental support if required. Fitch considers ASB an integral part of the CBA group, making a sale unlikely due to the reputational and franchise risks to the parent. Strong regulatory cooperation between Australia and New Zealand further supports the expectation of timely support. Last week, CBA was upgraded to AA by Fitch, citing the bank’s strong and sustainable earnings profile, supported by its leading retail franchise, advanced technology platforms, and strong profitability compared with domestic peers. Fitch noted that future downgrades could occur if CBA’s viability rating is lowered, if ASB’s strategic importance to CBA declines, or if cross-border regulatory cooperation weakens, although Fitch views these scenarios as unlikely.
ASB’s bonds were stable. For instance, the 5.346% 2026s traded at 100.3, yielding 4.0%.
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