Dominant market position in the Australian and New Zealand retail and commercial banking sectors Large, stable New Zealand banking franchise Repeatable, good-quality core earnings, and improving asset quality, by international standards Potential recipient of extraordinary Australian government support in the unlikely event it were required Reliant on domestic and offshore wholesale funding to supplement deposit-funding sources Smaller funds-management business compared to its three major Australian competitors Our ratings on Australia and New Zealand Banking Group Ltd. (ANZ) reflect the anchor stand-alone credit profile (SACP) for a bank operating mainly in Australia; plus the bank's "strong" business position, its "adequate" capital and earnings, risk position, and liquidity; "average" funding; and potential government support. Our bank criteria use the BICRA economic risk
