Summary: MLC Ltd. Nov 07

Standard & Poors, November 2007

Abstract
The 'AA' financial strength rating on MLC Ltd. (MLC) reflects the company's core position in the wealth management group of National Australia Bank Ltd. (NAB; AA/Stable/A-1+), Australia's largest financial institution. On a stand-alone basis, MLC's credit profile is strong, based on a strong local franchise in life insurance and wealth management businesses. Standard & Poor's Ratings Services expects MLC to maintain its robust capital adequacy, and believes that continued very strong growth in Australia's wealth management market will benefit MLC. Moderating its resilient capabilities is MLC's exposure to highly competitive markets, and relatively low earnings base. MLC is a leading provider of insurance, superannuation, and wealth management services, with operations based predominantly within Australia. At June 30, 2007, MLC had...

Companies mentioned in this report are: MLC Ltd.,National Australia Bank Ltd.,MLC Lifetime Co. Ltd.,National Wealth Management Holdings Ltd.
Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

MLC Ltd.,National Australia Bank Ltd.,MLC Lifetime Co. Ltd.,National Wealth Management Holdings Ltd.

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