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Bank of New Zealand Ltd. Dec 07
Standard & Poors, Dec 2007
Abstract
Ownership by National Australia Bank Ltd. Good local franchise and brand image in New Zealand Well-diversified loan portfolio and strong asset quality Good capital adequacy Highly competitive operating and economic environment Relatively large single-customer exposures Greater reliance on wholesale funding The counterparty credit ratings on Bank of New Zealand Ltd. (BNZ) benefit from the bank's status as a wholly owned and integrated core subsidiary of National Australia Bank Ltd. (NAB; AA/Stable/A-1+). On a stand-alone basis, the ratings reflect BNZ's good local franchise and extensive distribution platform throughout New Zealand. Other strengths include the well-diversified loan portfolio, which has demonstrated low charge-offs, strong asset quality, and good capital adequacy. Moderating factors include an increasingly competitive operating environment that will challenge BNZ's...
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.,NAB Exchangeable Preferred Trust,MLC Lifetime Co. Ltd.,Clydesdale Bank PLC,BNZ International Funding Ltd.,National Wealth Management Holdings Ltd.,National Capital Trust III,National Capital Instruments [Euro] LLC 2
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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