Local ratings withdrawn for Mega International 22 February 2010 5:54PM Philip Bayley S&P withdrew its 'A/Stable/A-1' credit ratings on the Sydney branch Mega International Commercial Bank Co and those assigned to its A$600 million MTN program, last week. Presumably, the ratings were withdrawn for business reasons, that is, the client will no longer pay the fee. Mega's Sydney Branch has issued only two bonds in the domestic market. It first issued A$350 million one year FRN in November 2006 and then rolled that over for another year. It has not been seen in the market since.Perhaps Mega is beginning to wind down its business in Australia. Mega's banking authority is ringed with conditions from the Australian Prudential Regulation Authority introduced six months ago.The conditions on Mega's banking licence followed the detection by Austrac of Mega as a conduit for extensive money laundering activities.