Strong market position in the Australian and New Zealand retail and commercial banking sectors. Capitalization and earnings supports credit profile in COVID-19 outbreak. Highly likely to receive timely financial support from the Australian government, if needed. Material dependence on domestic and offshore wholesale borrowing. Exposed to risks from falling house prices, rising unemployment, weakening economy due to COVID-19, and high private sector debt. The negative outlook on Australia and New Zealand Banking Group Ltd. (ANZ) mirrors that on the Australian sovereign (AAA/Negative/A-1+), and reflects a one-in-three likelihood that we will lower our long-term rating on the bank in the next two years. In our base case, we expect that despite a significant fall in interest and fee income, ANZ's earnings
