Banking Industry Country Risk Assessment: Australia Oct 09

Standard & Poors, October 2009

Abstract
Nonperforming loans and credit losses likely to remain among the lowest globally Strong and stable regulatory regime Open and resilient economy that continues to outperform peers Supportive and financially strong government Current account imbalances and high household debt levels Standard & Poor's Ratings Services considers risk to Australia's banking system to be among the lowest compared with global peers. This is reflected in our Group 1 Bank Industry Country Risk Assessment (BICRA) ranking for Australia (out of 10, 1 is the strongest). Similarly ranked systems include Sweden, Finland, France, the Netherlands, and Canada. The Australian banking sector is dominated by four major banks: Australia and New Zealand Banking Group Ltd. (ANZ; AA/Stable/A-1+); Commonwealth Bank of Australia (CBA; AA/Stable/A-1+); National Australia...

Companies mentioned in this report are:
- Australia (Commonwealth of) (Unsolicited Ratings)
- National Australia Bank Ltd.
- Australia and New Zealand Banking Group Ltd.
- Westpac Banking Corp.
- Commonwealth Bank of Australia
- QBE Lenders' Mortgage Insurance Ltd.
- Genworth Financial Mortgage Insurance Pty Ltd.

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Australia (Commonwealth of) (Unsolicited Ratings)
- National Australia Bank Ltd.
- Australia and New Zealand Banking Group Ltd.
- Westpac Banking Corp.
- Commonwealth Bank of Australia
- QBE Lenders' Mortgage Insurance Ltd.
- Genworth Financial Mortgage Insurance Pty Ltd.

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