MLC Lifetime Co. Ltd. Nov 07
Standard & Poors, November 2007
Abstract
Core component of National Australia Bank Ltd.'s wealth management business Very strong credit profile of the sole customer, MLC Ltd. Supportive capital adequacy Reliance on a single customer Exposure to financial-market conditions The ratings on MLC Lifetime Co. Ltd. (MLC Lifetime; AA/Stable/--) reflect the company's core position in the wealth management group of National Australia Bank Ltd. (NAB; AA/Stable/A-1+), Australia's largest financial institution. On a stand-alone basis, MLC Lifetime's credit profile is robust, based on the expectation of continued very strong capitalization, and the very strong credit profile of its sole customer and sister company MLC Ltd. (MLC; AA/Stable/--). Moderating its resilient capabilities is MLC Lifetime's reliance on a single customer--who is exposed to highly competitive markets--and its relatively low...
Companies mentioned in this report are: MLC Lifetime Co. Ltd.,National Australia Bank Ltd.,MLC Ltd.,National Wealth Management Holdings 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
MLC Lifetime Co. Ltd.,National Australia Bank Ltd.,MLC Ltd.,National Wealth Management Holdings Ltd.
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