Strong balance sheet position post the capital injection and increase in provisioning Good market position and brand in its Australian home state of Queensland Weaker business franchise strength outside its home state of Queensland Material reliance wholesale funding and securitization Our ratings on BoQ reflect the anchor stand-alone credit profile (SACP) for a financial institution operating only in Australia; plus BoQ's "moderate" business position, "strong" capital and earnings, "adequate" risk position, "below average" funding, and "adequate" liquidity. Our bank criteria use the Banking Industry Country Risk Assessment (BICRA) "economic risk" and "industry risk" scores to determine a bank's anchor SACP, the starting point in assigning an issuer credit rating. The anchor SACP for a bank operating only in Australia is
