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Bank of New Zealand Ltd. Nov 02
Standard & Poors, Nov 2002
Abstract
The counterparty credit ratings on Bank of New Zealand Ltd. (BNZ) reflect its status as a wholly owned and integrated core subsidiary of National Australia Bank Ltd. (The National, AA/Negative/A-1+). The ratings also reflect the bank's sound stand-alone business and financial profile. The BNZ franchise and brand, as well as BNZ's extensive New Zealand distribution network, provide the bank with a platform from which to generate a sound level of earnings. The bank's loan portfolio remains dominated by personal lending at 42% as of March 2002, of which the vast majority is real estate mortgage lending. BNZ's second-largest core franchise is business lending at 31%, which is in line with The National's strength in the small to medium enterprise market....
Companies mentioned in this report are: Bank of New Zealand,National Australia Bank Ltd.,National Australia Funding (DE) Inc.,BNZ N.A. Inc.,MLC Ltd.,Homeside Lending Inc.,NAB Exchangeable Preferred Trust,MLC Lifetime Co. 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.
Research Type: Full Analysis
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