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Bank of New Zealand Sep 10
Standard & Poors, Sep 2010
Abstract
Ownership by National Australia Bank Ltd. Strong local franchise and brand image Asset quality likely to remain strong despite an increase in nonperforming assets to customer loans, and challenges in the operating environment Low-risk traditional retail and commercial banking model Significant dependence on wholesale offshore funding, which could disrupt funding access Modest earnings relative to the rating The counterparty credit ratings on Bank of New Zealand (BNZ; AA/Stable/A-l+) reflect the bank's status as a wholly owned and integrated core subsidiary of National Australia Bank Ltd. (NAB; AA/Stable/A-1+). The ratings on BNZ are equalized with those on its parent because the bank is considered a 'core' subsidiary of NAB, under Standard & Poor's Ratings Services' criteria for rating group entities. We...
Companies mentioned in this report are: Bank of New Zealand,National Australia Bank Ltd.,ASB Bank Ltd.,MLC Ltd.,ANZ National Bank Ltd.,WM Life Australia 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,Westpac New Zealand Ltd.,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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