MELBOURNE (Standard&Poor's) April 10, 2003--Standard&Poor's Ratings Services said today that Australia and New Zealand Banking Group's (ANZ; AA-/Stable/A-1+) counterparty credit ratings are unaffected by the announcement of ANZ's possible equity investment in Thai Military Bank (TMB). Indications are that the possible investment, which is earmarked as a 10%-20% shareholding, is considered manageable within the context of the bank's current business profile and balance sheet. It is anticipated that ANZ's core strategy will remain focused on its Australian and New Zealand home markets. Sound execution of its core strategy over recent years has resulted in a solidification of ANZ's 'AA-' rating. Over the medium term, Standard&Poor's will continue to monitor the impact of investments in
