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Summary: ANZ National Bank Ltd. Sep 10

  • ID: 2203546
  • September 2010
  • Standard & Poors

FEATURED COMPANIES

  • ANZ Bank New Zealand Ltd.
  • ASB Bank Ltd.
  • Bank of New Zealand
  • Westpac New Zealand Ltd.
  • MORE

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

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Note: Product cover images may vary from those shown

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

Note: Product cover images may vary from those shown
Note: Product cover images may vary from those shown

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