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As part of a downgrade of 23 Australian financial institutions, IMB Ltd acknowledges Standard & Poor’s (S&P) decision to lower its long term credit rating from ‘BBB+’ to ‘BBB’. The outlook applied by S&P to this rating is ‘Stable’.

In S&P’s view, economic imbalances in Australia have increased due to strong growth in private sector debt and residential housing prices, which has exposed financial institutions in Australia to greater economic risks.  In its announcement of this change, S&P also indicated that notwithstanding its view that the risk of a downside scenario and its impact have increased, it considers the outlook for Australian banks remains relatively stable by global standards.

There was no change to IMB’s short-term rating of ‘A-2’.

 

22 May 2017

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Why choose IMB Bank?

Established in 1880, IMB has been helping people achieve their financial goals for 138 years. IMB offers a full range of banking solutions including home and personal lending, savings and transaction accounts, term deposits, business banking, financial planning and can arrange a wide range of insurance and travel products.

IMB has a growing branch network throughout the Illawarra, Sydney, NSW South Coast, the ACT and Melbourne. We have a lending specialist in every branch and a team of mobile lending specialists who will come to you. IMB members enjoy access to free automated phone and internet banking and a team of professionals who are just a phone call away at our locally based call centre.

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