Strong business position in core geographic markets Strong asset quality by international standards Sound profitability track record High reliance on wholesale funds An increase in credit losses that is materially beyond our current expectations. The rating is likely to be reviewed if our expectations of credit losses moved to a level closer to the current downside scenario from the current base-case scenario outlined in our stress test article. Based on our stress test criteria, and under our base-case loss rate assumptions, we estimate ANZ's annual new loan loss provisions to remain at about 0.8% of customer loans in the medium term. The provisions are estimated to be about 1.3% under the downside case. Credit losses could significantly rise due to
