Australia & New Zealand Banking Group Ltd http://www.alacrastore.com/company-snapshot/Australia_New_Zealand_Banking_Group_Ltd-1001441 Saturday, August 30, 2008 9:45:01 AM 1001441 Australia & New Zealand Banking Group Ltd en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/moodys/PR_161919_77560moodys/PR_161919_77560htmlGlobal Credit Research Rating Action ## AUG #### Rating Action: Australia and New Zealand Banking Grp. Ltd. Moody's assigns (P)Aa# to ANZ's Convertible Preference Shares Sydney, August ##, #### -- Moody's Investors Service has assigned...8/29/2008 4:37:59 AMhtmlAustralia and New Zealand Banking Grp. Ltd.Australia and New Zealand Banking Grp. Ltd.77560150.0000NewsRating ActionPR_161919_77560Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/666838spcred/666838normThe latest News from S&Pglobalstructured8/22/2008 4:29:15 AM100News666838AustraliaDiversified BanksEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsReal Estate CompaniesAsset-Backed Commercial PaperCommercial MBSResidential MBSNewsMELBOURNE (Standard&Poor's) Aug. 22, 2008--Standard&Poor's Ratings Services today said that its ratings on Australia and New Zealand Banking Group Ltd. (ANZ; AA/Stable/A-1+) and ANZ's subsidiaries are unchanged following the bank's review, which highlighted some limitations in the risk management of its securities lending. Given ANZ's involvement in recent events surrounding the securities lending business, the bank had initiated this review. Several remedial actions on the risk management issues, including a change in senior executives and a strengthening of risk management processes and procedures, are viewed as supportive of the ratings.AUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719EUROMIDAFRPACUSAANZ@AUNEWSGLOBISSSTRUCFICORPUTILABSCDORECABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/T1917128ccbn/T1917128norm...Thank you and good morning everybody. Firstly apologies for the delay. We've had a fair level of demand for the call and we wanted to make sure that we could accommodate as many callers as possible. I have with me in the room today Mike Smith, our CEO and Peter Marriott, our CFO. You should have two pieces of information with you that we released. One is the trading update media, the release itself and the other is the supporting pack of slides. With that welcome and I'll hand over to Mike. ... 8/4/2008 11:05:00 AMAustralia and New Zealand Banking Group Ltd.54.0000FinalAustralia and New Zealand Banking Group Ltd. Trading Update & Webcast TranscriptANZ.AX10:00am AESTTranscriptT1917128Credit & Investment ResearchThomson Street Eventshttp://www.alacrastore.com/storecontent/cs/72643cs/72643norm Euro Financial Movers: Summertime Blues The earnings season has not really provided negative surprises so far, but equally it has failed to allay fears about what lies ahead in #H## As the financial markets crisis extends into the...6553553868/4/2008 7:42:47 AM150The market struggles for direction as 1H08 earnings provide few clues about second half trends19243563591939178717892010388726431316YesD0Article11991664367corp186478161009540354660Financial Movers72643Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/moodys/PR_160155_807660593moodys/PR_160155_807660593htmlGlobal Credit Research Announcement ## JUL #### Announcement: ANZ National Bank Ltd Moody's maintains ANZ's ratings on increased provisions Approximately $## billion of debt affected Sydney, July ##, #### -- Moody's Investors Service...7/31/2008 1:06:56 AMhtmlANZ National Bank LtdAustralia and New Zealand Banking Grp. Ltd.ANZ National Bank Ltd; Australia and New Zealand Banking Grp. Ltd.80766059377560150.0000NewsAnnouncementPR_160155_807660593Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/427417_pr_framefitch/427417_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Australia & New Zealand Banking Group Ltd803596847/29/2008 10:16:26 AM0101010085Press ReleaseANZ427417_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/661998spcred/661998normThe latest News from S&Pstructuredglobal7/29/2008 4:27:00 AM100News661998AustraliaDiversified BanksUnited StatesEurope, Middle East, AfricaPacificStructured FinanceGlobal IssuersFinancial InstitutionsCorporationsUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsReal Estate CompaniesAsset-Backed Commercial PaperCommercial MBSResidential MBSNewsMELBOURNE (Standard&Poor's) July 29, 2008--Standard&Poor's Ratings Services today said that it had affirmed its ratings and stable outlook on Australia and New Zealand Banking Group Ltd. (ANZ; AA/Stable/A-1+) and ANZ's subsidiaries (see list). This follows the bank's announcement yesterday that a weak economic outlook had increased its total bad debt provisions for the second half of fiscal 2008 to about A$1.2 billion. "Although the increase in provisions represents a significant 44% of pretax profits (after bad debt provisions) and 7% of the bank's adjusted total equity for the half year ended March 2008, the rating affirmation reflects our expectation that there will not be a significant increase in ANZ's credit losses for the remainder of 2008,"AUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719USAEUROMIDAFRPACANZ@AUNEWSAUSNZL00182E00182GG0463Z40202010 402020 4020 4040101015 401010 4010 4040201040 402010 4020 40ANZ National Bank Ltd.UDC Finance Ltd.ANZ National (Int'l) Ltd.Esanda Finance Corp. Ltd.127480129127312177360916PACEMERGINGLATAMERICAAZB@NZ1058Z@AULLOY@LNUDCD@NZSTRUCGLOBISSFICORPUTILABSCDORECABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/661999spcred/661999normThe latest Research Update from S&Pstructuredglobal7/29/2008 4:27:00 AM175Research Update661999AustraliaDiversified BanksUnited StatesEurope, Middle East, AfricaPacificGlobal IssuersStructured FinanceFinancial InstitutionsCorporationsUtilitiesAsset-Backed SecuritiesCollateralized Debt ObligationsReal Estate CompaniesAsset-Backed Commercial PaperCommercial MBSResidential MBSResearch UpdateOn July 29, 2008, Standard&Poor's Ratings Services affirmed its ratings and stable outlook on Australia and New Zealand Banking Group Ltd. (ANZ; AA/Stable/A-1+) and ANZ's subsidiaries (see list). This follows the bank's announcement yesterday that a weak economic outlook had increased its total bad debt provisions for the second half of fiscal 2008 to about A$1.2 billion. Although the increase in provisions represents a significant 44% of pretax profits (after bad debt provisions) and 7% of the bank's adjusted total equity for the half year ended March 2008, the rating affirmation reflects our expectation that there will not be a significant increase in ANZ's credit losses for the remainder of 2008. Furthermore, this increase in provisions comes afterAUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719USAEUROMIDAFRPACANZ@AURESUPDNZLAUS00182E00182GG0463Z40201040 402010 4020 4040101015 401010 4010 4040202010 402020 4020 40ANZ National Bank Ltd.UDC Finance Ltd.ANZ National (Int'l) Ltd.Esanda Finance Corp. Ltd.127480129127312177360916PACEMERGINGLATAMERICA1058Z@AUUDCD@NZAZB@NZLLOY@LNGLOBISSSTRUCFICORPUTILABSCDORECABCPCMBSRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/fitch/426496_pr_framefitch/426496_pr_framehtmlFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.National Australia Bank, Ltd.Australia & New Zealand Banking Group LtdWestpac Banking CorporationCommonwealth Bank of Australia803596898035968580359686803596847/18/2008 10:20:00 AM0101010085Press ReleaseCBAANZWBCNAB426496_pr_frameCredit & Investment ResearchFitchResearchhttp://www.alacrastore.com/storecontent/spcred/78187spcred/78187normThe latest News from S&Pglobalstructuredpubfin7/18/2008 3:06:00 AM100News78187AustraliaDiversified BanksEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinancePublic FinanceUtilitiesCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSReal Estate CompaniesResidential MBSCollateralized Debt ObligationsNewsMELBOURNE -- Standard&Poor's CreditWire 9/10/96 -- Standard&Poor's today has raised its long- and short-term counterparty credit ratings for Australia&New Zealand Banking Group Ltd. (ANZ) and Westpac Banking Corp. (Westpac) to double-`A'-minus/`A-1+' from single-`A'-plus/`A-1'. Also upgraded to double-`A'-minus/`A-1+' from single-`A'-plus/`A-1' are the ratings assigned to Esanda Finance Corp. Ltd. (Esanda), ANZ Banking Group (New Zealand) Ltd. (ANZ(NZ)), Australian Guarantee Corp. Ltd. (AGC), Challenge Bank Ltd. (Challenge), and Trust Bank New Zealand Ltd. (TBNZ). At the same time, the rating outlooks for ANZ, Westpac, and related entities have been revised to stable from positive. The claims-paying ability rating on Westpac Life-NZ-Ltd. also has been raised to double-`A'-minus from single- `A'-plus. Australia&New Zealand Banking GroupAUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719EUROMIDAFRPACUSAANZ@AUNEWSAUSQ9743D96122B96122CQ9743E91621C961214Q9742XQ9742Y96121F9612E0Q9743AQ9743B40101010 401010 4010 40Westpac Banking Corp.104375ASIAUSAEUROMIDAFRPACWBC@AUGLOBISSSTRUCPUBFINUTILCORPFIABCPABSCMBSRECRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/76367spcred/76367normThe latest News from S&Pstructuredglobalpubfin7/8/2008 2:59:00 AM100News76367AustraliaDiversified BanksEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinancePublic FinanceReal Estate CompaniesResidential MBSUtilitiesCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSCollateralized Debt ObligationsNewsLONDON -- Standard&Poor's CreditWire 01/18/96 -- Standard&Poor's affirms its long- and short-term counterparty ratings of single-`A'- plus/`A-1' for Australia&New Zealand Banking Group Ltd. (ANZ), double- `A'/`A-1'-plus for National Australia Bank Ltd. (NAB), and single-`A'- plus/`A-1' for Westpac Banking Corp. (Westpac). At the same time, the triple-`A' local currency and double-`A' foreign currency long-term and the `A-1'-plus short-term counterparty ratings for Commonwealth Bank of Australia (CBA) are also affirmed (See list). The rating outlooks are affirmed for ANZ and Westpac at positive, and for CBA and NAB at stable. National Australia Bank Ltd.'s (NAB) double-`A'/`A-1'-plus ratings reflect the bank's strong and diversified core business base, strong capitalization, and superior profitability. NAB's recent growth strategy, whichAUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719EUROMIDAFRPACUSAANZ@AUNEWSAUS20271F20271H6325256351929612E0Q9742X20271G91621C96121FQ2692UQ9742YQ9743E2027A063252G961214Q6534XQ9743AQ9743BQ9743D13053420271220271L63252M63254*6325C06325C196122B96122CQ2694HQ2694JQ2694K40101010 401010 4010 40National Australia Bank Ltd.Westpac Banking Corp.Commonwealth Bank of Australia101603104375104484ASIAEUROMIDAFRPACUSANAB@AUWBC@AUCBA@AUGLOBISSSTRUCPUBFINRECRMBSUTILCORPFIABCPABSCMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/76372spcred/76372normThe latest News from S&Pglobalstructuredpubfin7/8/2008 2:59:00 AM100News76372AustraliaDiversified BanksEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinancePublic FinanceUtilitiesCorporationsFinancial InstitutionsAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSReal Estate CompaniesResidential MBSCollateralized Debt ObligationsNewsLONDON -- Standard&Poor's CreditWire 01/18/96 -- Standard&Poor's affirms its long- and short-term counterparty ratings of single-`A'- plus/`A-1' for Australia&New Zealand Banking Group Ltd. (ANZ), double- `A'/`A-1'-plus for National Australia Bank Ltd. (NAB), and single-`A'- plus/`A-1' for Westpac Banking Corp. (Westpac). At the same time, the triple-`A' local currency and double-`A' foreign currency long-term and the `A-1'-plus short-term counterparty ratings for Commonwealth Bank of Australia (CBA) are also affirmed (See list). The rating outlooks are affirmed for ANZ and Westpac at positive, and for CBA and NAB at stable. Competition in Australian banking continues to heighten with pressures being felt on both sides of the balance sheet. Non-bank financial institutions are making inroads into retailAUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719EUROMIDAFRPACUSAANZ@AUNEWSAUS1305346325C063519296122B96122C9612E0Q2694JQ2694KQ9742XQ9743AQ9743D20271220271L2027A063252G63252M961214Q2692UQ9742YQ9743B20271G20271H63252563254*6325C191621C96121FQ2694H20271FQ6534XQ9743E40101010 401010 4010 40National Australia Bank Ltd.Westpac Banking Corp.Commonwealth Bank of Australia101603104375104484ASIAEUROMIDAFRUSAPACNAB@AUWBC@AUCBA@AUGLOBISSSTRUCPUBFINUTILCORPFIABCPABSCMBSRECRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/511673spcred/511673normThe latest Full Report from S&Pglobalstructured7/8/2008 2:57:00 AM400Full Report511673AustraliaDiversified BanksEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinanceCorporationsFinancial InstitutionsUtilitiesAsset-Backed Commercial PaperAsset-Backed SecuritiesCollateralized Debt ObligationsCommercial MBSReal Estate CompaniesResidential MBSFull ReportStrong business position in core geographic markets of Australia and New Zealand Very strong asset quality by international standard Solid and sustainable earnings profile Well-established risk-management capabilities Moderate capitalization level The ratings on Australia-based major bank Australia and New Zealand Banking Group Ltd. (ANZ) reflect its strong and well-entrenched market position in its core markets of Australia and New Zealand, solid and sustainable core earnings profile, very strong asset quality, and well-established risk-management capabilities. These strengths are lessened by the bank's moderate capitalization and execution risk in its Asia-Pacific ventures. ANZ's entrenched market position in its core geographic market of Australia and New Zealand underpins the ratings on the bank. ANZ is one of Australia's major commercial banks, with balance-sheetAUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719EUROMIDAFRPACUSAANZ@AUFULLUSANZLAUS00182400181S00181R00182E00182G001823G0463Z40201040 402010 4020 4040202010 402020 4020 4040101015 401010 4010 40ANZ (DE) Inc.Esanda Finance Corp. Ltd.ANZ National Bank Ltd.ANZ National (Int'l) Ltd.ANZ Exchangeable Preferred TrustUDC Finance Ltd.102702127480129127312177328065360916PACUSAEMERGINGLATAMERICA2386Z1058Z@AUAZB@NZLLOY@LN1453Z@AUUDCD@NZGLOBISSSTRUCCORPFIUTILABCPABSCDOCMBSRECRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/563272spcred/563272normThe latest Research Update from S&Pglobalstructured7/8/2008 2:57:00 AM175Research Update563272AustraliaDiversified BanksEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinanceAsset-Backed SecuritiesCollateralized Debt ObligationsCommercial MBSReal Estate CompaniesResidential MBSCorporationsFinancial InstitutionsUtilitiesAsset-Backed Commercial PaperResearch UpdateOn Feb. 22, 2007, Standard&Poor's Ratings Services raised its long-term counterparty credit rating on Australia-based major bank, Australia and New Zealand Banking Group Ltd. (ANZ) and core subsidiaries to 'AA' from 'AA-'. The short-term counterparty credit rating is affirmed at 'A-1+'. The ratings were removed from CreditWatch with positive implications, where they were placed on Nov. 8, 2006. The outlook is stable. The upgrade reflects ANZ's strengthening financial profile--including solid asset quality by international standards--very strong track record of profitability; and to a lesser extent, improving diversity in earnings by sector. In addition, the bank has made positive progress to date on key elements of the Basel II framework. Supporting the rating is also the bank's good andAUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719EUROMIDAFRPACUSAANZ@AURESUPDNZLUSAAUSG0463Z00181R00181S00182E00182G40101015 401010 4010 4040202010 402020 4020 4040201040 402010 4020 40Esanda Finance Corp. Ltd.ANZ National Bank Ltd.ANZ National (Int'l) Ltd.UDC Finance Ltd.ANZ (DE) Inc.127480129127312177360916102702LATAMERICAUSAEMERGINGPAC1058Z@AUAZB@NZLLOY@LNUDCD@NZ2386ZGLOBISSSTRUCABSCDOCMBSRECRMBSCORPFIUTILABCPCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/509271spcred/509271normThe latest News from S&Pglobalstructuredpubfin7/8/2008 2:57:00 AM100News509271AustraliaDiversified BanksEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsAsset-Backed Commercial PaperAsset-Backed SecuritiesCollateralized Debt ObligationsCommercial MBSReal Estate CompaniesResidential MBSFinancial InstitutionsUtilitiesNewsMELBOURNE (Standard&Poor's) May 17, 2006--Standard&Poor's Ratings Services said today that it affirmed its 'AA-/A-1+' counterparty credit ratings on four major Australian banks: Australia and New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd., and Westpac Banking Corp. The outlook on each of the major banks remains stable. Standard&Poor's views the 'AA-' rating on each of the Australian major banks as solid, reflecting their strong business and financial characteristics. "We regard the four major banks in Australia among the strongest of all our domestically rated corporations," said Standard&Poor's credit analyst Craig Bennett, Financial Services Ratings. "Some aspects of their business profiles are weaker than several 'AA' category rated internationalAUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719EUROMIDAFRPACUSAANZ@AUNEWSAUS2027A063252G9612E0Q2694KQ9742XQ9742Y20271220271H63254*63519296121FQ9743AQ9743B20271G20271L63252M6325C191621C96122CQ2694HQ2694JQ9743D13053420271F6325256325C096121496122BQ2692UQ6534XQ9743E40101010 401010 4010 40National Australia Bank Ltd.Westpac Banking Corp.Commonwealth Bank of Australia101603104375104484EUROMIDAFRASIAPACUSANAB@AUWBC@AUCBA@AUGLOBISSSTRUCPUBFINCORPABCPABSCDOCMBSRECRMBSFIUTILCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/543671spcred/543671normThe latest News from S&Pglobalstructuredpubfin7/8/2008 2:57:00 AM100News543671AustraliaDiversified BanksEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinancePublic FinanceCorporationsFinancial InstitutionsUtilitiesAsset-Backed Commercial PaperAsset-Backed SecuritiesCollateralized Debt ObligationsCommercial MBSReal Estate CompaniesResidential MBSNewsMELBOURNE (Standard&Poor's) Nov. 8, 2006--Standard&Poor's Rating Services said today that it had placed its 'AA-' credit ratings on Australia and New Zealand Banking Group Ltd., Commonwealth Bank of Australia, National Australia Bank Ltd., and Westpac Banking Corp. on CreditWatch with positive implications. In addition, the ratings on the related entities of the four banks have been similarly placed. "A progressive strengthening of the financial profiles of the major banks have contributed to the CreditWatch placements," said Standard&Poor's credit analyst Craig Bennett, Financial Services Ratings. Each of the four major banks has announced a continued strong earnings momentum, as reflected in the recent financial results. The major banks' financial profiles have benefited from a numberAUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719EUROMIDAFRPACUSAANZ@AUNEWSGBRAUS20271L2027A06325C0961214Q2692UQ6534XQ9743BQ9743D20271F63252G91621C96121FG2344PQ2694JQ2694KQ9742XQ9742Y13053420271H63252596122CQ9743E20271220271G63252M63254*6325C163519296122B9612E0Q2694HQ9743A40101010 401010 4010 40National Australia Bank Ltd.Westpac Banking Corp.Commonwealth Bank of AustraliaClydesdale Bank PLC101603104375104484386821PACUSAASIAEUROMIDAFRNAB@AUWBC@AUCBA@AU1183Z@LNGLOBISSSTRUCPUBFINCORPFIUTILABCPABSCDOCMBSRECRMBSCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/420771spcred/420771normThe latest Summary from S&Pglobalstructured7/8/2008 2:56:43 AM175Summary420771AustraliaDiversified BanksEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinanceCorporationsFinancial InstitutionsUtilitiesAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSReal Estate CompaniesResidential MBSCollateralized Debt ObligationsSummaryThe ratings on Australia and New Zealand Banking Group Ltd. (ANZ) reflect its strong and well-entrenched market position in its core markets of Australia and New Zealand. The ratings also reflect the company's relatively moderate risk profile, characterized by a focus on consumer assets, and its solid and strengthening core earnings profile. Although ANZ's funding profile remains sound, the challenge for the bank has been to attract low-cost customer deposits in line with recent strong credit growth. This challenge is expected to have ongoing negative impacts on its net-interest margins, and the bank's overall funding mix. ANZ is one of Australia's four major commercial banks, with balance-sheet assets of A$259.3 billion at Sept. 30, 2004. Approximately 92% of assets relateAUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719EUROMIDAFRPACUSAANZ@AUSUMMARYAUSNZL40101015 401010 4010 4040201040 402010 4020 40Esanda Finance Corp. Ltd.ANZ National Bank Ltd.127480129127PACEMERGINGLATAMERICA1058Z@AUAZB@NZGLOBISSSTRUCCORPFIUTILABCPABSCMBSRECRMBSCDOCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/420773spcred/420773normThe latest Full Report from S&Pglobalstructured7/8/2008 2:56:43 AM400Full Report420773AustraliaDiversified BanksEurope, Middle East, AfricaPacificUnited StatesGlobal IssuersStructured FinanceCorporationsFinancial InstitutionsUtilitiesAsset-Backed Commercial PaperAsset-Backed SecuritiesCommercial MBSReal Estate CompaniesResidential MBSCollateralized Debt ObligationsFull ReportStrong business position in core geographic markets of Australia and New Zealand; Relatively moderate risk profile, supported by ongoing risk minimizing activities and a good risk-management framework; Solid and sustainable core earnings profile; and Well-regarded management team. Growing funding pressures associated with low-cost customer deposits, which are increasing more slowly than loans; Signs of tightening net interest margins; and Ongoing challenges associated with the operating performance and integration of New Zealand operations. The ratings on Australia and New Zealand Banking Group Ltd. (ANZ) reflect its strong and well-entrenched market position in its core markets of Australia and New Zealand. The ratings also reflect the company's relatively moderate risk profile, characterized by a focus on consumer assets, and its solid andAUS00182205252XU0019VQ0954N052528Q0954P40101010 401010 4010 40Australia and New Zealand Banking Group Ltd.102719EUROMIDAFRPAC