Moody's assigns first-time ratings to MyState Limited
Rating Action: Moody's assigns first-time ratings to MyState Limited. Global Credit Research- 29 Jun 2020. Sydney, June 29, 2020-- Moody's Investors Service has assigned first-time long-term issuer and short-term issuer ratings of Baa2 and Prime-2 to MyState Limited, a holding company for MyState Bank Limited-- a banking operation-- and TPT Wealth Limited-- a wealth management trustee company.MyState is a provider of banking, trustee and wealth management products and services through its wholly-owned subsidiaries MyState Bank Limited and Tasmanian Perpetual Trustees Limited. The banking division's product offerings include lending, encompassing home loans, personal, overdraft, line of credit and commercial products; transactional savings accounts and fixed term deposits; and insurance products. The wealth management division is a provider of funds management, financial planning and trustee services. It operates predominantly within Tasmania. As of June 30 2016, Co. had total assets of A$4.42 billion and total deposits of A$3.26 billion.
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