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Bank of New Zealand Ltd. Oct 01
Standard & Poors, Oct 2001
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/Stable/A-1+). The ratings also reflect the bank's sound stand-alone business and financial profile. The BNZ franchise and brand, and extensive New Zealand network, provide the bank with a platform from which to generate a solid level of earnings. The loan portfolio is dominated by personal lending at 39%, 87% of which is real estate mortgage lending. The second-largest core franchise is business lending despite its reduction to 30% of lending from 32% in fiscal 1998. Asset quality continues to be very strong by international standards. BNZ's total nonperforming assets account for...
Companies mentioned in this report are: Bank of New Zealand,National Australia Bank 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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