Bulletin: NAB Ratings Unchanged Following Half-Year Results

MELBOURNE (S&P Global Ratings) May 5, 2016--S&P Global Ratings today said that its ratings on National Australia Bank Ltd. (NAB; AA-/Stable/A-1+) and wholly owned New Zealand banking subsidiary Bank of New Zealand (AA-/Stable/A-1+) are unchanged following the release of NAB's half-year results. The key aspects of the results are broadly in line with our expectations. Similar to our ratings on other larger Australian banks, our ratings on NAB factor in our view that the Australian government remains highly likely to provide timely financial support for a systemically important bank, if needed. The ratings would come under pressure if, in our opinion, there were even a small shift in the government's supportiveness of the banking system; for example, if a move

...MELBOURNE (S&P Global Ratings) May 5, 2016--S&P Global Ratings today said that its ratings on National Australia Bank Ltd. (NAB; ##-/Stable/A-1+) and wholly owned New Zealand banking subsidiary Bank of New Zealand (##-/Stable/A-1+) are unchanged following the release of NAB's half-year results. The key aspects of the results are broadly in line with our expectations. Similar to our ratings on other larger Australian banks, our ratings on NAB factor in our view that the Australian government remains highly likely to provide timely financial support for a systemically important bank, if needed. The ratings would come under pressure if, in our opinion, there were even a small shift in the government's supportiveness of the banking system; for example, if a move to establish a framework for the bail-in of banks' senior debt or additional loss absorbing capital gathers momentum. Reflecting our relatively benign outlook on key economic indicators in Australia and New Zealand, we expect NAB's...

Bulletin