Westpac Gets Triple-A Rating For New Derivatives Trading Unit

Westpac Banking Corporation in Sydney has set up a derivatives trading subsidiary, called Westpac Derivative Products (WDP). Its derivatives contracts include a wide range of products, including currency options, cross-currency swaps and interest rate option transactions, sources say.

The unit has received a AAAt financial programs rating from U.S. credit rating agency Standard & Poor's Corp. and a prospective Aaa counterparty rating from Moody's Investors Service Inc. for transactions in both