Dominant market position in the Australian and New Zealand retail and commercial banking sectors Conservative risk appetite, backed by a sound risk-management framework Highly likely to receive timely financial support from the Australian government, if needed Material reliance on domestic and offshore wholesale borrowings Our ratings on Australia and New Zealand Banking Group Ltd. (ANZ; AA-/Stable/A-1+) are likely to remain unchanged in the next two years. We believe that the bank's creditworthiness should be supported at its current level by capital raisings earlier this year. We expect that ANZ will maintain its conservative risk appetite, despite increasing regulatory capital requirements potentially placing pressure on the return on equity. Additionally, we expect that the Australian government's highly supportive stance towards the
