MELBOURNE (Standard&Poor's) March 18, 2004--Standard&Poor's Ratings Services said today that the ratings assigned to the securitization transactions in which National Australia Bank Ltd. (NAB) provide financial and/or operational support are unaffected by the lowering of the rating on NAB to 'AA-' from 'AA' on March 12, 2004. This primarily reflects the fact that the 'A-1+' short-term rating on NAB remains unchanged.