There is a one in three chance that the credit rating of Bendigo and Adelaide Bank could be lifted to A- from BBB+, Standard & Poor's said yesterday. S&P said it had raised the outlook on the regional bank to positive. S&P wrote that the long-term rating could be raised to A- if Bendigo's recent improvements in earnings were sustained over the medium-to long-term, and if its concentration on single-name lending exposures did not increase. It noted an improvement in Bendigo's margin and profits, but also pointed to its variable earnings, a result of Bendigo's "heavy dependence on interest rate income".