Moody’s Investors Service has lowered the long-term issuer rating of MyState Ltd one notch from Baa2 to Baa3 and the short-term issuer rating from P-2 to P-3. MyState Bank’s long-term issuer rating was lowered from Baa1 to Baa2, while its short-term issuer rating was unchanged at P-2. Moody’s said the ratings outlook for MyState Ltd and MyState Bank is stable.

 

Change Financial has completed its acquisition of the Australian and New Zealand businesses of failed German payments processing business Wirecard. The business has 120 customers in 35 countries and produced A$15.4 million of revenue in 2019/20. The deal is worth $7.8 million.

 

The Australian Office of Financial Management will not restart the Australian Business Securitisation Fund this year and said the next call for investment proposals would be January 2021 at the earliest. The AOFM put the ABSF on ice in July, citing challenging conditions in the securitisation market and delays in creating a data template for the scheme. This week it said market conditions had improved but “are not fully recovered.”