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Bank of New Zealand Ltd. Sep 04
Standard & Poors, Sep 2004
Abstract
Core component of National Australia Bank Ltd. Good local franchise and brand in New Zealand Strong capitalization Very good asset quality and credit underwriting standards Large exposure concentrations Competitive banking environment in New Zealand. High reliance on short-term funding Susceptibility to any weakening or slowdown in operating environment, particularly in residential lending 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. (NAB; AA-/Stable/A-1+). The ratings on BNZ 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...
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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