MELBOURNE (Standard&Poor's) June 30, 2008--Standard&Poor's Ratings Services today said that its ratings on National Australia Bank Ltd. (NAB; AA/Stable/A-1+) are supported by NAB's announcement that it has received accreditation under the Basel II Advanced Internal Ratings Based (IRB) approach for credit risk. This accreditation by Australian Prudential Regulation Authority (APRA) is in line with Standard&Poor's expectations and is for the bank's Australian, New Zealand, and nabCapital operations, effective from July 1, 2008. Standard&Poor's also expects that during 2008 the bank will receive APRA accreditation to utilize the advanced approach for calculating interest rate risk in the banking book under Basel II. We note that the group also expects to eventually receive the
