11 November 2020 – Australian Unity Bonds AFFIRMED BBB+ Rating
Australia Ratings Analytics (Australia Ratings) has reviewed the Australian Unity Bonds, AYUHC and AYUHD (the Bonds), and has affirmed the
rating for both as BBB+, with a Product Complexity Rating of GREEN.
The rating of BBB+ reflects the assessed credit quality of both their issuer, Australian Unity Limited (AUL), and the wider Australian Unity Group (AU). The designation of a GREEN Product Complexity Indicator indicates that the terms and conditions of the notes are simple and straightforward, with a very low level of complexity.
Interest payments for the Bonds are compulsory and not deferrable by AUL. The Bonds may be redeemed early by Australian Unity in certain circumstances.
Australia Ratings’ analyst, Chris Cudsi, says “the rating reflects the conservative capital buffers maintained by Australian Unity, as well
as the issuer’s increasingly diverse business profile”. He added, “the rating will come under pressure if profitability or gearing metrics
deteriorate from levels reported in the 2020 financial year”.
FOR MORE INFORMATION, CONTACT:
Chris Cudsi, Director
chris.cudsi@australiaratings.com 03 8080 6684
MORE INFORMATION ABOUT OUR CREDIT RATING PROCESS & DEFINITIONS:
Available on our website.
