Bank of New Zealand Dec 11

Standard & Poors, December 2011

Abstract
Strong business position in New Zealand retail and commercial banking Core banking subsidiary to, and expected beneficiary of ongoing and extraordinary support from, its highly-rated parent institution, National Australia Bank Ltd. Potential recipient of extraordinary government support in the unlikely event it were required Material reliance on domestic and offshore wholesale funding sources Standard & Poor's risk-adjusted capital ratio currently compares least-favorably to its three major domestic peers Subdued outlook for retail and business credit growth in its New Zealand home markets Our ratings on Bank of New Zealand (BNZ) reflect the anchor standalone credit profile (SACP) for a bank mainly operating in New Zealand; the bank's "strong" business position, "adequate" capital and earnings, risk position, and liquidity; "average" funding;...

Companies mentioned in this report are:
- Bank of New Zealand
- National Australia Bank Ltd.
- MLC Ltd.
- Clydesdale Bank PLC
- BNZ International Funding Ltd.
- National Wealth Management Holdings Ltd.
- National Capital Trust III
- National Capital Instruments [Euro] LLC 2
- BNZ Income Securities Ltd.
- BNZ Income Securities 2 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

- Bank of New Zealand
- National Australia Bank Ltd.
- MLC Ltd.
- Clydesdale Bank PLC
- BNZ International Funding Ltd.
- National Wealth Management Holdings Ltd.
- National Capital Trust III
- National Capital Instruments [Euro] LLC 2
- BNZ Income Securities Ltd.
- BNZ Income Securities 2 Ltd.

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