Strong business position in core geographic markets Very strong asset quality by international standards Sound profitability track record Low-risk traditional retail and commercial banking model Significant dependence on wholesale offshore funding, which could cause a disruption to funding access The 'AA' issuer credit rating on Australia-based major bank Australia and New Zealand Banking Group Ltd. (ANZ) is affirmed, reflecting our expectation that ANZ will remain among the strongest banks globally based on key earnings metrics, earnings stability, and asset quality. The ratings on ANZ continue to reflect its strong market positions in its key markets of Australia and New Zealand. A key factor underpinning our affirmation of the 'AA' rating is our expectation that ANZ's credit loss experience will remain
