Heritage tells S&P where to take its rating

Standard & Poor's has dropped its credit rating on Heritage Bank, a step taken, S&P said, in boilerplate language, "at the request of the issuer".

In December, S&P downgraded the long-term credit rating of Heritage to BBB-, from BBB, a step Heritage described in its half-year profit review as being "inexplicable".

Moody's Investors Service rates the long-term debt of Heritage at A3.

During the last month, Australia Ratings assigned a credit rating of BBB+ to Heritage, while Fitch Ratings also assigned a long-term rating of BBB+.