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Credit rating

Credit rating summary

Standard & Poor’s

Long-Term:  BBB+
Short-Term: A-2 
Outlook:       Positive

On 14 December 2022, Standard & Poor's Global Ratings affirmed its long-term counterparty credit rating at 'BBB+' and affirmed the short-term rating at 'A-2'outlook. Further to this, the positive outlook for BEN was affirmed.

The positive outlook reflects a positive trend for Australian banking industry risk (including BEN) on the back of growing systemwide customer deposits and falling offshore borrowing- both as a proportion of domestic customer loans.

S&P expect to raise the long-term issuer credit rating of BEN in the next two years if a view is formed that the Australian banking system’s net external borrowings were to remain sustainably below 20% of domestic customer loans.

Fitch Ratings

Long-Term:  A-
Short-Term: F2 
Outlook:      Stable

On 14 June 2023, Fitch Ratings affirmed Bendigo and Adelaide Bank Limited's (BEN) Long-Term Issuer Default Rating (IDR) at 'A-' with a Stable outlook and affirmed the Viability Rating (VR) at 'a-'.

Fitch expects BEN's asset-quality metrics to weaken over the next two years as higher interest rates and elevated inflation put pressure on some borrowers. Buffers built up by borrowers along with low unemployment mean a significant increase in stage 3 loans appears unlikely. Fitch’s base case forecasts the four-year average operating profit/risk-weighted assets (RWA) ratio to rise and remain above 1.5%. Rising rates and loan growth above system should see net interest margin expand over the next two years, but it may be partly offset by intense competition in both lending and funding markets.

Further, Fitch expects BEN's common equity Tier 1 (CET1) ratio to remain around the 11.2% reported at end-March 2023. It expects BEN’s funding profile to remain stable over the next two years, maintaining most of the improvement in the loan/deposit ratio over the past two years.


Long-Term:  A3
Short-Term: P-2 
Outlook:       Stable

On 15 November 2021, Moody's affirmed the 'A3' long-term issuer and senior unsecured debt ratings of Bendigo and Adelaide Bank Limited. Moody's has also affirmed BEN's baseline credit assessment (BCA) of ‘baa1’ and short term rating of 'P-2'. The ratings outlook remain stable.

Moody's noted that BEN's ratings reflect the Bank's well-developed franchise centred around community banking, conservative management historically focused on low-risk lending, strong funding structure and good capital adequacy. Moody’s also noted BEN’s balance sheet buffers remain very strong as its asset profile is good with relatively low levels of nonperforming loans, but remains sensitive to the uncertainty of the pandemic in Australia.

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Postal address

The Bendigo Centre
PO Box 480
Bendigo VIC 3552

Registered head office

The Bendigo Centre
Bendigo VIC 3550

F: 03 5485 7668

Bendigo and Adelaide Bank acknowledges Aboriginal and Torres Strait Islander peoples as the First Peoples of this nation and the Traditional Custodians of the land where we live, learn and work. We pay our respects to Elders past and present as it is their knowledge and experience that holds the key to the success of future generations.

Bendigo and Adelaide Bank Limited, ABN 11 068 049 178 AFSL / Australian Credit Licence 237879. Any advice provided on this website is of a general nature only and does not take into account your personal needs, objectives and financial circumstances. You should consider whether it is appropriate for your situation. Information on this page can change without notice to you.
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