BAB's okay 20 July 2009 4:34PM Philip Bayley Bendigo and Adelaide Bank's exposure to investors in the collapsed MIS company, Great Southern Limited, has been the subject of much comment in the media. Fitch took the step of affirming the 'BBB+/F2' issuer default and 'B/C' individual ratings assigned to the bank last week, noting that the A$580 million of outstanding loans were made to 8000 generally high net worth individuals and are full recourse. And while a small number of borrowers may be considering mounting a legal challenge to their loan repayment obligations, the bank has clarified its legal rights to seek full recourse. Moreover, the amount at risk is modest relative to the overall exposure at this time, said Fitch.