Strong business position in core geographic markets Strong asset quality by international standards Very strong track record of profitability Well-established risk-management capabilities Moderate capitalization level Limited geographic diversity Higher reliance on wholesale funds relative to international peers The ratings on Australia and New Zealand Banking Group Ltd. (ANZ) reflect the bank's strengthening financial profile, which includes its strong asset quality by international standards and very strong track record of profitability. In addition, the bank has made positive progress to date on key elements of the Basel II framework. Supporting the rating is also the bank's good and well-entrenched market position in its core markets of Australia and New Zealand, and its well-established risk-management capability. These strengths are offset by the
