Highly likely to receive timely financial support from the Australian government, if needed. Strong market position in the Australian and New Zealand retail and commercial banking sectors. Conservative risk appetite, backed by a sound risk-management framework. Material dependence on domestic and offshore wholesale borrowing. Exposed to risks from rising house prices, high private sector debt, and an uncertain global economic outlook. The negative outlook on Australia and New Zealand Banking Group Ltd. (ANZ) mirrors that on the sovereign rating on Australia (AAA/Negative/A-1+). There is a one-in-three likelihood that we will lower our long-term and short-term ratings on the bank in the next two years. We expect that ANZ's earnings in the next two years will remain sufficient to absorb the
