Good business position in core geographic markets Strong asset quality Strong profitability Well-established risk-management capabilities High reliance on wholesale funds Moderate capitalization level Limited geographic diversity by international standards The ratings on Australia and New Zealand Banking Group Ltd. (ANZ) reflect the bank's good market positions in its core markets of Australia and New Zealand, strong asset quality by international standards, and strong profitability. Also supporting the rating is the bank's well-established risk-management capability. A key factor moderating the rating is the risk of ANZ's reliance on wholesale funding, which can negatively affect earnings and liquidity, given the current volatility in global financial markets. Other moderating factors include the bank's moderate capitalization and limited geographic diversity by international standards. Global
