Summary: ANZ National Bank Ltd. Sep 10

Standard & Poors, September 2010

Abstract
The counterparty credit ratings on New Zealand-based ANZ National Bank Ltd. (ANBL; AA/Stable/A-1+) reflect the bank's ownership by, and high level of integration with, its ultimate parent, the Australia and New Zealand Banking Group Ltd. (ANZ group; AA/Stable/A-1+). The ratings on ANBL are equalized with those on its parent because the bank is considered a "core" subsidiary of the ANZ group under Standard & Poor's Ratings Services' criteria for rating group entities. We consider ANBL's stand-alone credit profile to be strong, reflected in its strong market position and financial profile and underpinned by its leading market position, robust asset quality, and low-risk traditional retail and commercial banking model. However, ANBL's heavy reliance on wholesale funding and modest earnings relative to...

Companies mentioned in this report are:
- ANZ Bank New Zealand Ltd.
- Australia and New Zealand Banking Group Ltd.
- Bank of New Zealand
- ASB Bank Ltd.
- Westpac New Zealand 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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- ANZ Bank New Zealand Ltd.
- Australia and New Zealand Banking Group Ltd.
- Bank of New Zealand
- ASB Bank Ltd.
- Westpac New Zealand Ltd.

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