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Bank of New Zealand Aug 09
Standard & Poors, Aug 2009
Abstract
Ownership by National Australia Bank Ltd. Good local franchise and brand image in a highly competitive New Zealand banking market Asset quality expected to remain strong despite weak macroeconomic conditions Significant reliance on wholesale funding BNZ's stand-alone credit profile currently faces some pressure due to deteriorating asset quality, high reliance on wholesale funding, and an expected fall in profitability as loan growth slows and provisioning increases. Overall, capital flexibility is supported by NAB's ownership and Standard & Poor's view that NAB would provide sufficient capital to support the ongoing operations of BNZ, as and when required. Credit Stress Testing Asia-Pacific Banks, June 16, 2009 Group Methodology For Financial Services Companies, March 19, 2004 Financial Institutions Criteria: Bank Rating Analysis Methodology...
Companies mentioned in this report are: Bank of New Zealand,National Australia Bank Ltd.,MLC Ltd.,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,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
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