Dominant market position in retail and commercial banking Operations are primarily centered in the relatively low-risk Australian and New Zealand banking sectors Good-quality earnings Potential recipient of extraordinary government support in the unlikely event it were required Material reliance on domestic and offshore wholesale funding The effects on ANZ's future credit-standing associated with its Asian regional expansion strategy are unclear Relatively subdued outlook for retail and business credit growth in home markets Our ratings on Australia and New Zealand Banking Group Ltd. (ANZ) reflect the anchor stand-alone credit profile (SACP) for a bank operating mainly in Australia; plus the bank's "strong" business position, its "adequate" capital and earnings, risk position, and liquidity; "average" funding; and potential government support. Our bank
