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BULLETIN: NAB's Flexibility Restrained After APRA's Report into Currency Options Trading Mar 04
Standard & Poors, March 2004
Abstract
MELBOURNE (Standard & Poor's) March 24, 2004--Standard & Poor's Ratings Services said today that the sanctions imposed on National Australia Bank Ltd. (NAB) by Australian Prudential Regulation Authority (APRA) will have no immediate detrimental effect on the bank's credit profile. Accordingly, the ratings on NAB (AA-/Stable/A-1+) remain unchanged. The sanctions, however, will restrain the operational and strategic flexibility of the bank, as evidenced by NAB terminating its share buyback. Details of APRA's response reinforces the seriousness of the lapses in NAB's risk controls, highlighted in a recent independent report on its unauthorized foreign exchange trades. Standard & Poor's downgraded NAB to 'AA-' on March 12, 2004, and, despite the seriousness of the risk management weaknesses, does not currently envisage further...
Companies mentioned in this report are: National Australia Bank Ltd.
Action: Bulletin
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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