MELBOURNE (Standard&Poor's CreditWire) April 28, 2000--Standard&Poor's today affirmed its double-'A'-minus/'A-1'-plus counterparty credit ratings on the Australia and New Zealand Banking Group Ltd. (ANZ) and associated entities following the announcement of the sale of its ANZ Grindlays operation and a A$1 billion on market share buyback (see list below). The rating outlook remains stable. Grindlays is to be acquired by Standard Chartered PLC forA$2.2 billion. The divestment of the Middle East and South Asian-based operations follows a number of similar initiatives over the past two years that have seen ANZ refocus on its core domestic markets, significantly reducing its risk profile and earnings volatility. The A$1 billion capital buyback will not materially impact the bank's capital position,
