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.
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